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From tax waivers to free hedges, RBI & govt join hands to boost Rupee
In a coordinated move, govt and RBI Friday rolled out a clutch of measures aimed at attracting foreign portfolio investors and non-resident funds to govt bonds and bank deposits. The strategy is as much about sentiment as it is about flows: signalling openness, easing friction, and offering a small subsidy from RBI in the form of free insurance cover to banks against rupee depreciation. As a result, the rupee gained by 84 paise to close at 94.95 compared with Thursday's close of 95.79 - its...
India holds rates, ramps up measures to support faltering rupee
India holds rates, ramps up measures to support faltering rupee MUMBAI, June 5 : The Reserve Bank of India held its policy rate steady on Friday and unveiled steps to pull in dollars, seeking to shore up an embattled rupee as the economy grapples with costly oil and foreign outflows. The measures include scrapping capital gains tax for foreign holders of government bonds, sweetening dollar deposit schemes for non-resident Indians, and subsidising hedging costs for offshore borrowing. The...
BJP counters Rahul's 'economic tsunami' warning amid Iran war: 'Stop selling panic'
NEW DELHI: Bharatiya Janata Party (BJP) on Thursday put up a strong counter against Rahul Gandhi's warning of an "economic tsunami" for India, dismissing it as "classic fear-mongering." The Lok Sabha leader of opposition had raised concerns over the escalating situation in the Middle East and its potential impact on India. Responding sharply, BJP IT cell chief Amit Malviya rejected Rahul's claims and argued that India is well-positioned to withstand any economic fallout from the Iran war.
Dalal Street outlook: What will guide market sentiments this week?
Dalal Street is set for a busy week as investors will be tracking domestic and global developments. The RBI's interest rate decision, key economic data releases, crude oil prices and the evolving US-Iran situation are expected to be the main factors driving market sentiment. Market participants will also keep a close watch on macroeconomic indicators, foreign investor activity and movements in the rupee against the US dollar for cues on the near-term outlook for equities.
RBI to fully absorb forex risks, inflows may see $50bn boost
MUMBAI: Reserve Bank of India has opened the dollar tap by taking on the currency risk itself to draw in overseas money, while nudging state-owned borrowers to look abroad for cheaper funds. RBI will not charge any premium for swapping dollars raised through foreign currency non-resident bank FCNR(B) deposits, effectively absorbing the entire forex risk and allowing banks to offer higher returns to NRIs. In addition, FCNR(B) deposits of three to five years will be exempt from the cash...
Can RBI shield rupee from further fall? Analysts expect up to $75 bn in fresh inflows
Reserve Bank of India's monetary policy measures are seen a coordinated attempt to shift market perception of rupee from depreciation concerns towards stronger capital inflows. SBI Research estimates that the measures could trigger at least $40 billion in inflows, potentially supporting the rupee towards the 92–93 levels. At the same time, Kotak Securities places the potential inflow impact higher, at $50–75 billion.
Rupee gains sharply as RBI unveils steps to attract foreign investors
Giving a major boost to the rupee, Reserve Bank of India (RBI) governor Sanjay Malhotra on Friday announced several steps to attract foreign capital at a time when the US-Iran conflict is putting pressure on India’s external sector resilience. The rupee gained 50 paise against the US dollar on Friday, strengthening to 95.24 after the RBI unveiled measures aimed at easing investment norms for foreign portfolio investors in government securities. Currency market participants said investor...
RBI keeps repo rate unchanged at 5.25%: What it means for real estate sector
The Reserve Bank of India hit the pause button on repo rate once again, keeping it unchanged at 5.25%. The move comes as inflation eased to 3.48% in April, comfortably below the RBI’s 4% target. With experts seeing little urgency for any near-term rate changes, the key question is what this steady policy stance means for India’s real estate market.
What all 30 MLB teams must do before the trade dea...
This season's MLB trade deadline -- Aug. 3 -- is a little later than usual. Still, it's not too early in the season to begin pondering how teams might approach it. As we do with Stock Watch each June, let's take a look at how all 30 clubs are grouped in terms of postseason outlook, and what needs to happen between now and then to clarify each team's deadline status.