India’s currency has stepped back from the brink once again. The rupee started taking a beating in morning trade—and fell below the 53 mark against the dollar. But it later recovered. By day’s end it stood at 52.88/90 compared to the dollar. That’s a little weaker than Friday’s close of about 52.72. On Thursday, RBI had put in place game-changing rules. These include banning re-booking of currency futures—and mandating that hedging involve actual delivery of currency.
And while the rupee continues to struggle, Indian markets have lost ground. With the economic outlook no better, investors continued to dump shares through the day. The Sensex dropped 112 points to 15,379. And the Nifty fell 38 to 4,613.
In other news, Fortis Healthcare India could take over group company Fortis Healthcare International by the end of this month. Fortis chairman Malvinder Singh has said his company was raising funds and would soon close the deal to buy the international firm. Back in November, it had agreed to buy Fortis International for $665 million. Malvinder Singh and his brother Shivinder, control Fortis India and completely own Fortis International.
And finally, it’s the end of an era. North Korea’s enigmatic dictator Kim Jong Il is dead. He is believed to have died on Saturday morning, and was apparently 69 years old. Kim took over the reigns of power in 1994 after his father’s death. He suppressed dissidents at home and went nuclear in 2006, alarming the region. Kin’s son, Kim Jong-Un, is likely to take over as North Korea’s next leader.