Business

The rupee opened on Friday with a marginal loss of 22 paise at 62.05 per dollar ahead of RBI policy against 61.78 on Thursday.

About 1103 shares have advanced, 1232 shares declined, and 132 shares are unchanged.

Meanwhile, the BSE benchmark index Sensex rose by 54.60 points, or 0.27 per cent, to 20,052.05 in early trade.

In the overseas market, gold fell more than 1 per cent to its lowest level in four weeks on Thursday.

About 1409 shares have advanced, 926 shares declined, and 160 shares are unchanged.

Chavan, in a maating with the new RBI Governer Raghuram Rajan said the banking sector needs to come forward to strengthen the cooperative sector.

After surging 739 points in the last two sessions, the Sensex rose by 1.53 per cent, to 19,270.06 as 20 stocks in the Sensex stocks closed with gains.

Reserve Bank of India Governor, Raghuram Rajan, on Wednesday announced a slew of proposals in his first day of office.

Data on Friday showed economic growth decelerated to 4.4 per cent in the April-June quarter, its slowest rate since the first three months of 2009.

The rupee had closed at 66.55 per dollar on Thursday, witnessing the biggest single day gain since January 1998.

To check the rupee's free fall, the RBI opened a special window to help the oil marketing companies meet their daily forex requirements.

Given the present fragile market sentiment, the underlying improvements in India's current account may go unnoticed, it said.

Tata Elxsi, a Bangalore-based Rs 622-crore design services firm, has taken a different route by setting up a business incubator.

In a further threat to the already-slowing economy, the RBI's efforts to shore up the currency by draining liquidity from financial markets is pushing up market interest rates.

The Supreme Court had on June 25 dismissed a PIL which had alleged that Ranbaxy manufactured and sold adulterated drugs.

Kingfisher Airlines owes about Rs 190 crore to the service tax department, of which Rs 127 crore is under litigation as of December 2012.