Rupee appreciates by 16 paise versus the dollar

At the Interbank Foreign Exchange, the domestic unit opened higher at 44.99/45.00 per dollar as against the overnight closing level of 45.06/07 per dollar and moved up further to 44.90 before quoting at 44.92/93 per dollar

Continuing on its gaining streak for the fifth straight day, the rupee rose by another 16 paise to Rs44.90 per US dollar in early trade today due to persistent selling of dollars by banks and exporters amid firm domestic equity markets, reports PTI.

At the Interbank Foreign Exchange, the domestic unit opened higher at 44.99/45.00 per dollar as against the overnight closing level of 45.06/07 per dollar and moved up further to 44.90 before quoting at 44.92/93 per dollar at 1030 hours.

It hovered in a range between Rs44.90 and Rs45.05 per dollar in morning deals.

Persistent selling of dollars by banks and exporters amid firm equity markets mainly boosted the rupee value against the dollar, a forex dealer said.

The Bombay Stock Exchange benchmark Sensex shot up by 122.44 points to 18,625.72 at 1015 hours.

Meanwhile, US crude futures rose yesterday on a weaker dollar as the euro strengthened on improved prospects that the European Union will cobble together a plan to deal with Greece's debt problems.

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Exports grow by 34.4% in April, imports up 14.1%

In April this year, crude oil imports grew by 7.7% to $10.10 billion from $9.40 billion in the same month last year. Non-oil imports also went up by 17.3% to $22.60 billion in the month under review from $19.30 billion in the same period of the last fiscal

India’s exports grew by 34.4% on an annual basis to $23.80 billion in the first month of the 2011-12 fiscal, maintaining the growth momentum of the previous fiscal.

Imports were up 14.1% at $32.80 billion in April year-on-year, leaving a trade gap of $8.9 billion, according to data released by the Commerce Ministry on Wednesday, reports PTI.

However, export growth was lower in April compared to the robust growth of 54% in March.

Indian commerce secretary Rahul Khullar has said though the growth in April was lower than March, it was not a big concern. “March is always a peak month, I am not worried,” he has said.

In April this year, crude oil imports grew by 7.7% to $10.10 billion from $9.40 billion in the same month last year. Non-oil imports also went up by 17.3% to $22.60 billion in the month under review from $19.30 billion in the same period of the last fiscal.

The country’s total merchandise exports aggregated $246 billion in the previous fiscal, growing by an impressive 37.55 percent.

Imports in the 2010-11 fiscal stood at $350 billion, down by 21.6%, and the trade deficit was $104 billion.

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Indian appointed to lead UN’s Change Management Team

Atul Khare will head the panel which will suggest reforms to make the UN work more efficiently

United Nations (UN) chief Ban Ki-moon has appointed Atul Khare of India as head of its Change Management Team (CMT), tasked with suggesting reforms to make the global organisation work more efficiently.

Mr Khare, who has also served as the assistant secretary-general for UN Peacekeeping Operations, will lead the CMT which will guide the implementation of a forward-looking reform agenda, the UN said in a statement, reports PTI.

The agenda includes “formulation of a comprehensive plan to streamline processes, increase accountability and improve the effectiveness and efficiency of the organisation in the delivery of its mandates.”

“The establishment of the CMT is a further step in the efforts of the Secretary-General to strengthen the United Nations as it is called on to play an increasingly prominent role in a period of rapid change and financial constraint and build a management culture focused on excellence and result,” it said.

Mr Khare has also served as the Special Representative of the Secretary-General for Timor-Leste and Head of the UN Integrated Mission in Timor-Leste from December 2006 to December 2009.

During his stint with the Indian Foreign Service, Mr Khare served in France, Mauritius, Senegal, Thailand and the United Kingdom, as well as the Mission of India to the United Nations in New York.

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