Tax Tangle

Employees of Indian software company Infosys walk past Infosys logos at their campus in the Electronic City area in Bangalore September 4, 2012. REUTERS/Vivek Prakash/Files

Infosys to challenge new tax demand

Infosys Ltd, India's No. 2 software services exporter, said on Monday it would challenge a 5.77 billion rupees income tax demand raised by Indian authorities earlier this month.  Full Article 

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Rupee at day's low on oil demand

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A shopkeeper poses for a picture as he counts Indian currency notes at his shop in Jammu May 16, 2012. REUTERS/Mukesh Gupta/Files

A shopkeeper poses for a picture as he counts Indian currency notes at his shop in Jammu May 16, 2012.

Credit: Reuters/Mukesh Gupta/Files

Tue Jun 26, 2012 12:54pm IST

Reuters Market Eye - Rupee at day's lows on continued month-end demand from oil refiners; pair at 57.14 vs 57.01/02 previous close.

Trader says some foreign banks have been on sell side, keeping gains in the pair capped.

"Oilers are still asking around for quotes, so difficult to say whether the proposal to keep half of demand to a single state-run bank has been implemented," says dealer.

Reserve Bank of India has discussed with state-run oil firms steering 50 percent of their dollar purchases via a single state-owned bank to smoothen volatility in the rupee, though no decision has been made, two oil executives said on Friday.

Dealers will watch for RBI intervention if pair makes bid towards record high of 57.32 hit on Friday.
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