FPI holding: Federal Bank under RBI watch

RbinoteReserve Bank will monitor foreign shareholding in Federal Bank so that it does not cross the upper limit of 74 per cent, reported PTI. The board of the company has passed a resolution to hike the limit of foreign investment to up to 74 per cent, RBI said. Earlier, foreign investment in Federal Bank was 49 per cent.

“The increase is subject to regulation 5(2) and 5 (2A) of Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000…As amended from time to time, and the onus of compliance with the limits prescribed for the company is on the company,” RBI said.

FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS. RBI monitors ceilings on FII/NRI/PIO investments in Indian companies on a daily basis. It has fixed the cut-off points two percentage points lower than the actual ceiling.

Indian rupee opens lower at 64.35 per dollar

100-rupees-noteThe Indian rupee opened marginally lower at 64.35 per dollar on Wednesday versus 64.32 yesterday.

Pramit Brahmbhatt of Veracity has neutral stance on rupee and 64.20 can be considered as resistance with a trading range for the spot USD-INR pair seen at 64.20-64.40.

Dhawal Dalal of Edelweiss Asset Management expects some consolidation at the current level before bond prices trend up eventually and trade between 6.45-6.50 percent in the near term.

Dollar index is nearly flat against a basket of major currencies as the greenback weakened and yields lowered on dimmed prospects for US healthcare reform.Against the yen, the USD is at the lowest level in almost three weeks, while the euro is at its strongest against the dollar since May 2016.

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