India Lets NRIs Leverage Deposits to Draw Dollars

India Lets NRIs Leverage Deposits to Draw Dollars Good morning... I’m Pratigya Vajpayee, tapping out your pre-market briefing from New Delhi today, while colleagues in Mumbai cheer the arrival of the monsoon (at last!). It was a late night for many in the Maximum City after the central bank released details of its plans to attract deposits from overseas. We dig into some of those measures and their implications below. But before we get there, a quick thought on yesterday’s turbulence: India did join the rest of Asia’s markets in the selloff. But there could be a silver lining. The drop here wasn’t as sharp as some of the other markets, like South Korea, where AI-related plays had a brutal day. It’s too early to say if the excitement over AI is abating. But should that turn out to be the case, India could be an attractive destination for global money rushing out of technology stocks. Meanwhile, US Trade Representative Jamieson Greer is in town, and talks with Indian officials will continue today in an effort to resolve the remaining differences holding up an interim trade agreement. Also, RBI Governor Sanjay Malhotra will be giving an interview to a local business channel at 9:30 am India time. Elsewhere in today’s newsletter, we cover: [Image text:] SCRALSCKRANO OFAWIERCA RVENOTE FORALLNOTSECANPRVATE FEDERALRES 301F PK70568 JULY K11 PK70568301F