MUMBAI: The Indian rupee weakened by about four paise against the US greenback on corporate dollar demand at the interbank foreign exchane (forex) market today. Opening nearly steady at 43.22/24, the rupee came under pressure on good dollar buying by corporates and banks at the relatively lower level, and gradually moved down to close at 43.28, about four paise lower from the previous day's close of 43.24. Dealers attributed the fall of the rupee to Monday's New York holiday, which triggered today's dollar demand.

Bullion prices fall on UK gold sale

MUMBAI: The precious metals suffered a setback following a report that Britain sold gold about five tonnes from their treasury account at the rate of $ 386 per ounce coupled with lack of fresh buying support from local dealers at the local bullion market today. Prices of gold biscuit declined by Rs 100 to Rs 48,500 per ten tola on sustained heavy sellling pressure by local stck holders induced by weak global andupcountry advices. Similarly standard mint and 22 carat prices also dropped by Rs ten each to Rs 4140 and Rs 3830 per ten gm respectively in sympathy.

While silver .999 and raw varieties also eased modestly by Rs 25 and Rs 20 to Rs 8105 and Rs 7960 per kg respectively on scattered offloading by stockists while demand was slack at the previous higher leveks. The business volume was very thin, a leading trader said.

Subex Systems announces IPO

MUMBAI: Bangalore-based software firm Subex Systems on Tuesday announced its initial public offering (IPO) of 9.71 lakh shares at a premium of Rs 65, aggregating Rs 7.28 crore which will open for subscription on July 19.

The objective of the issue is to part-finance its software development facilities in Bangalore as well as for setting up a subsidiary in the United States, Subex managing director Subhash Menon said.