Daijiworld Media Network – Mangalore (NR)

Mangalore, Sept 1:  A Reuters Dealing Terminal (RDT) was installed on August 31, at the premises of the Mangalore Refinery and Petrochemicals Ltd, MRPL, a subsidiary of ONGC, thereby enabling MRPL to execute a cutting-edge initiative on FOREX trading. With this initiative, MRPL now will be in a position to do real-time trading online for FOREX. This will minimize operational risks and MRPL will also be able to undertake direct tapping into the liquidity in the market.

According to the director of finance MRPL Lalit Kumar Gupta "We have crossed a new threshold in risk management, operational efficiency and effective implementation of the Foreign Exchange Risk Management Policy (FOREX policy) approved by the MRPL Board"., he informed after inaugurating the said online trading yesterday by making purchases worth USD 5 million, in which leading banks from public sector, private sector and international markets participated.

Gupta even appreciated and lauded the treasury and forex team of the Mumbai office for implementing the RDT system at MRPL in a record time. Also present on the occasion were Sriram Ramnarayan, business manager, Reuters, South Asia, Vanitha Kumar AVP (Mktg) and Bandhopadhyay, GM (Finance), Harendra Pandey, Manager (Finance).