Andhra Bank, an Indian lender, is likely to buy back its shares from investors, the Business Line reported, citing a bank official it didn’t identify. The bank sent a proposal to the Ministry of Finance and was awaiting approval, according to the report.
Vikas Babu, a foreign-exchange trader at state-owned Andhra Bank in Mumbai, comments on the outlook for India’s rupee. Three-month non-deliverable forwards for the currency declined 0.4 percent to 46.59 per dollar as of 10:15 a.m. in Mumbai, according to data compiled by Bloomberg. The spot rate was 46.15.