Business

The rupee had last touched 57.00 level against the dollar on June 28, 2012.

The RBI said it had extended the validity of in-principle approval for new banks to 18 months from one year.

Nasscom president Som Mittal said Murthy's guidance and strategic insights to his company and the industry would be valuable.

Dealers said dollar strengthening against other currencies in the global market also put pressure on the rupee.

It moved in a range of 55.64 and 55.76 in late morning deals before quoting 55.65 per dollar at 1100 hours.

People should rather switch to financial products, the Minister said and added the soon-to-be-luanched inflation indexed bonds is a very lucrative option.

Reacting to numbers, shares of L&T fell by 4.69 per cent to Rs 1,531.30 apiece on BSE at 1405 hrs.

iGATE in its statement said, "The board's decision was made as a result of an investigation by outside legal counsel."

Chidambaram discussed cooperation in various areas including investments, banking and finance, energy, aviation, travel and tourism.

The Boeing 787s or Dreamliners, claims to burn 20 per cent less fuel, leading to considerable savings on operational costs for airlines.

The fund is targeting an initial capitalisation of $100 million, JM Financial said in a statement.

The copper smelter was shut on March 30 after residents complained of emissions that led to breathing problems.

The rupee had gained three paise to close at 54.78 in previous session on rally in equities amid signs of massive capital inflows.

Air India will start the international flights on May 22, and all six of its Dreamliners would be ready for flying by the end of May.

After gaining over 400 points in past 3 sessions, the Sensex on Thursday declined by 51.14 points to close at 19,939.04.

The current upsurge was supported by stocks of FMCG, oil and gas and banking sectors, besides a rally in HDFC Ltd and Lupin Ltd on better earnings.