e government today said it will look at the possibility of further liberalisation of external commercial borrowing (ECB) norms to boost inflows from overseas. Talking to media on the sidelines of a function in New Delhi, Department of Economic Affairs Secretary Arvind Mayaram said the government has taken a few measures in connection with the external commercial borrowings during the last 10 days.

ECB refers to commercial loans in the form of bank loans, buyers' credit, suppliers' credit, securitised instruments availed of from non-resident lenders with a minimum average maturity of 3 years.

AIR correspondent reports that last month, the Finance Ministry had liberalised the norms for raising funds through ECBs by domestic firms, particularly those in the realty sector.
The High Level Committee on External Commercial Borrowings also permitted FIIs to invest up to five billion US dollars in rupee bonds within the overall corporate bond limit of 45 billion US dollars.

A pledge by European Central Bank president Mario Draghi to do whatever it takes to preserve the euro supported the single currency as well as crude prices in Asia today.

New York's main contract, light sweet crude for delivery in September, was up nine cents to 89.48 dollar a barrel and Brent North Sea crude for September delivery gained five cents to 105.31 dollar.

Draghi's rousing vow of support for the single European currency issued late yesterday inspired crude traders to enter the market again, analysts said.

Markets cheered after European Central Bank president Mario Draghi said that the ECB is ready, within its mandate, to do whatever its takes to preserve the euro. Draghi's statements helped boost the euro against the dollar, lending support to dollar-priced oil. 

The euro was trading at 1.2277 dollar in early Asia trade today from 1.2280 dollar in overnight trade. The single currency had climbed to a two-week high of 1.2330 dollar following Draghi's pledge