| Demystifying Interoperability
Information Systems are today seen as critical to government and business productivity and growth. One of the keys to success in the IT era is the seamless exchange of information across heterogeneous IT infrastructure. As systems connect to each other the issue of interoperability assumes increasing significance and is a top of mind issue for technical and business leaders and policy makers. This article attempts to demystify and clarify some of the grey areas around this subject. Imagine a hypothetical scenario of a business transferring funds from an overseas bank account to their supplier in India. The transfer takes place without the appropriate conversion between the foreign currency and Indian Rupees. Or a landlord, dealing with two different municipal departments, suddenly finding his property tax rates shooting through the roof because one departments system recorded the extent of his property in square meters whilst the other sent the value in square feet! Though these examples are hypothetical, they illustrate the consequences of IT systems failing to communicate or interoperate with each other.
Rupee gains 42 paise
The rupee on Tuesday ended at 43.0650/0750, up by nearly 42 paise compared to the previous close of 43.48. Treasury officials felt that there could have been suspected intervention by the central bank, but it may not have been in a sustained manner in a bid to control inflationary pressures. A senior treasury manager pointed out, "The stronger rupee could be more a result of FII inflows and sale of dollars by smaller exporters who had earlier parked their funds in the Exchange Earners' Foreign Currency (EEFC) accounts, in the hope of encashing these funds when the dollar grew stronger." Forward premia ended the day sharply higher, as the yield on the one-month contract closed at 10.44% (7.44%). Similarly, the yield on the six-month premia ended at 5.93% (4.40%), while that on the one-year premia closed at 4.56% (3.67%).
RBZ Withdraws Tobacco Growers' Forex Entitlement
THE Reserve Bank of Zimbabwe has with immediate effect scrapped the tobacco growers' 15 percent foreign currency entitlement held in Foreign Currency Accounts. It said in a circular this week if farmers want to retain this portion then they will have to buy foreign currency at the ruling interbank rate of US$ to Z$250. .
Aussie Shows Strength Across The Board Early Wednesday
(RTTNews) - The Australian dollar made advances against the other major counterparts during early trading Wednesday in New York. However, into the overnight hours, Aussie showed weakness to the Greenback, Euro and Loonie but reversed the loses completely soon after. French and Italian February CPI and the British economic data, which were released during the session helped Aussie to gain further versus Euro and Pound. The market now turns toward the Euro-Zone Q4 employment data followed by the US Q4 current account balance and the February import price index data at 8:30 am ET. Later in the day, Australia March consumer inflation expectation, February employment, unemployment, participation rate and the RBA foreign exchange transaction are expected. Overnight New York Wednesday, the Australian currency moved sideways to the Greenback.
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