Jun 15, 1999|
Kargil issue pounds Rupee to Rs 43.15
Failure of the talks between India and Pakistan on the Kargil issue on
Saturday led to a 11 paise fall in rupee value to Rs 43.15/16
`The failure of talks between both countries on Saturday is a clear
indication that the Kargil issue will remain unresolved for the next two
months at least', said the treasury head of a foreign bank. Initial
reports had indicated that the countries would sort the problem quickly.
However with both countries unable to arrive at a peaceful solution,
talks have reached a stalemate. Dealer have realised that the border
problem is not one which will be diffused quickly. `Earlier corporates
were sitting on the fence and waiting for the problem to blow over. They
have now started showing interest as they know the problem will not end
soon", said a dealer.
Both India and Pakistan, have started gearing up their armies for war.
Indian Prime Minister, Atal Behari Vaypayee, while visiting the army
personnel at the border, asked them to gear up for war. Pakistan has
sent out similar feelers to its units at the border.
Forward premiums also moved up during the day. While the one-year
premiums were up by 8 paise, August premiums were up by 2.5 paise. The
six-month annualised forward premium closed at 5.4%, up from Friday's
close of 5.1%
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