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MUMBAI: Investors need not worry about the immediate volatility in the exchange value of rupee vis-a-vis US dollar in the wake of China allowing yuan to appreciate against the American currency, RBI Deputy Governor Subir Gokarn said today. He based his optimism on hedging tools available. "In a scenario where the hedging opportunity is available and relatively accessible, I do not think we should worry on the short-term impact of volatility," he said. "Volatility per se is not the issue. The issue is per se whether investors have the means to hedge themselves against it," he said adding that the RBI has allowed currency futures for investors to hedge against risks.

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A gang of smugglers, thought to have been active for around 4 years and during which they are thought to have smuggled in excess of 30 million counterfeit Euro banknotes (mainly 20 and 50 Euro denominations), has been broken, with seven arrests made recently (5 in Lugo and 2 in Coruna). Other arrests, upto 20, have been made elsewhere including in Alicante, Murcia and Malaga.The counterfeit

Slovakia will become the 16th of the current 27 members of the European Union to adopt the Euro as its currency on 1 January 2009. The fixed conversion rate between the Euro (EUR) and the existing Slovak national currency (SKK) is €1 = 30.1260 SKK.The 15 EU countries currently using the Euro as their currency are: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy,

Two of the recent (2004) intake into the European Union, Cyprus and Malta, have adopted the Euro as their currency from midnight last night, taking the currency union from 13 to 15 of the 27 EU members. The fixed converion rates to the new currency are €1.71 for 1 Cyprus Pound, whereas a Maltese Lira is fixed at €2.34 . The Cypriot Euro coins will be inscribed in both Greek and Turkish and the