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Below the Quote on Federal Reserve announcement lowered its benchmark interest rate by a half percentage point today by Dr. Ravi Singh, SVP- Retail Research, Religare Broking Ltd The Federal Reserve's 50 basis points cut in interest rate is a positive factor for Indian equities as it increases global liquidity thus allowing more funds from abroad to flow into investor destinations like India. This increases confidence among investors and aids in the momentum of the stock mark...
Quote on Federal Reserve announcement lowered its benchmark interest rate by a half percentage point today by Dr. Ravi Singh, SVP- Retail Research, Religare Broking Ltd
The softening of US Fed rate by 0.5 percentage point (50 bps) is a welcome step, given the strengthening US economy with stable inflation, industry analysts said on Thursday, as the focus turns to India which is the fastest-growing economy in the world. After the rate cut decision, the US dollar turned higher, putting pressure on gold like safe commodities. Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry (PHDCCI), said the US economy is expanding steadily with gro...
US Fed rate cut to boost investment and business sentiment, all eyes on India
The softening of wholesale price index (WPI) inflation in August on the back of decline in prices of food articles, especially vegetables and milk is encouraging, which will lead to reduction in production costs and increase in demand for consumption within the country, industry experts said on Tuesday. The lower-than-expected WPI number is primarily owing to a fall in fuel and electricity components as global crude prices have softened given the Chinese demand worries as well as hea...
Softening of WPI inflation to cut production costs, demand surge for consumption
The rupee has emerged as one of the least volatile currencies worldwide, remaining "very stable against the US dollar" and the volatility index, the Reserve Bank of India (RBI) Governor Shaktikanta Das has said. According to Das, the central bank’s stated policy is to prevent excessive volatility of the rupee. “Stable rupee fosters confidence among market participants, investors and the wider economy,” Das was quoted as saying in reports. The RBI has...
Rupee among least volatile currencies globally: Shaktikanta Das
Despite global economic headwinds and deepening geopolitical uncertainties, the forex reserves are at record all-time high levels and are set to cross $700 billion in FY25 sooner than expected. According to a latest note by global investment firm Jefferies, RBI's forex reserve is estimated to go up by a massive $53 billion to reach $700 billion in the current fiscal (FY25E). The rupee is now the most stable currency among major economies, it added. However, the way forex reser...
RBI`s forex reserves set to cross $700 bn sooner than expected in FY25
India's demographics are in a sweet spot, and the country is projected to add at least 179 million people to its working-age population by 2045, which can be a significant tailwind for economic growth, particularly as demographics in several parts of the world (including China) turn unfavourable, a new report has said. At the moment, India's working-age population is around 961 million and the unemployment rate is at a five-year low. India's working age population (age 25-64...
India to add 179 million people to its working age population by 2045
As India's forex reserves jumped $5.2 billion to a fresh all-time high of $689.24 billion, industry experts said on Saturday that this will create external sector resilience and boost economy across sectors. According to the weekly data by Reserve Bank of India (RBI), foreign currency assets (FCAs) grew by $5.10 billion to $604.1 billion (week ended September 6). The data showed a $129 million increase in Gold reserves to $61.988 billion, compared to $61.859 billion in the Aug...
Fresh all-time high forex to further boost country’s external sector resilience
India's foreign exchange reserves extended their winning run for a fourth straight week to hit a record high of $689.24 billion as of Sept. 6, data from the central bank showed on Friday. The reserves rose by $5.3 billion in the reporting week, after having risen by a total of $13.9 billion in the prior three weeks. The RBI intervenes on both sides of the foreign exchange market to prevent undue volatility in the rupee. These interventions, via state-run banks in the spot market,...
India`s foreign exchange reserves hit fresh high
The Indian government had no outstanding loans with the central bank under ways and means advances in the week ended Sept. 6, according to the Reserve Bank of India's weekly statistical supplement released on Friday. The central government had no outstanding loans in the week earlier as well. State governments had 354.26 billion rupees loans from the RBI in the week ended Sept. 6, compared with 133.81 billion rupees in the previous week, the release showed.
Indian governmentt had no outstanding loans from RBI in Sept 6 week
RBI Deputy Governor M Rajeshwar Rao has asked the National Bank for Financing Infrastructure and Development (NaBFID) to develop a sustainable business model not dependent on government support. He said such a self-sustainable model has to evolve over the medium term, which also doesn't depend on regulatory dispensations as well. He said it is also necessary that over the medium-term, plans for self-sustainable operations, under a business model that is not reliant on continuous governmen...
RBI Deputy Governor asks NaBFID to develop sustainable business model, not dependent on government support
With the inflation in the second quarter of FY25 likely to remain below the Reserve Bank of India’s (RBI) forecast of 4.4 per cent, amid the cooling of food prices, the central bank may consider rate cuts in the forthcoming Monetary Policy Committee (MPC) meetings, industry analysts said on Thursday. The year-on-year inflation rate (3.65 per cent), based on the All India Consumer Price Index (CPI), for the month of August was the second lowest in the last five years. Dr Vij...
`Rate cuts expected as retail inflation remains below RBI forecast`
India's growth potential is 7.5% or more, the country's central bank chief said on Friday, which is a little above the bank's full-year forecast for 2024 of 7.2%. "I think India's potential growth today ... is about seven-and-a-half-percent-plus," Reserve Bank of India Governor Shaktikanta Das said at the Bretton Woods Committee's annual Future of Finance Forum. "This year, we expect at the end of the year to record 7.2%," he said, with slowe...
India`s growth potential above 7.5%, says its cenbank chief
India's August retail inflation was slightly higher than economists' expectations on the back of a sharp rise in vegetable prices, according to government data released on Thursday. Annual retail inflation was 3.65% in August, compared with a revised 3.60% in July. Economists polled by Reuters had forecast August inflation at 3.5%. COMMENTARY SUJAN HAJRA, CHIEF ECONOMIST AND EXECUTIVE DIRECTOR, ANAND RATHI SHARES AND STOCK BROKERS, MUMBAI "Recent inflation readings ha...
India`s August retail inflation above economists` expectations at 3.65% y/y
Indian government-backed National Bank for Financing Infrastructure and Development (NaBFID) plans to raise 530 billion rupees ($6.31 billion) from the debt market this fiscal year, its top executive told Reuters on Thursday. The bank has already raised 90 billion rupees and the rest will be raised depending on the infrastructure lender's disbursement pattern, said Rajkiran Rai, NaBFID's managing director. NaBFID has already sanctioned 200 billion rupees of its target of 1 trill...
Indian state-backed infra lender NaBFID plans 530 billion rupees debt raise in FY25, says official
Indian investors should prioritize receiving bets on overnight indexed swaps over taking fresh long positions in bonds as potential gains from OIS are expected to outperform bonds once the global rate-cut cycle begins, a BNP Paribas official said. Interest rates have remained elevated globally as many countries prioritize inflation management. However, they now stand on the verge of an easing cycle. The US Federal Reserve is almost certainly expected to cut rates at its meeting next wee...
Receiving swaps to get more profitable than adding bonds in India, BNP Paribas exec says
Indian rupee strengthened against the US dollar on Thursday, tracking firm domestic equities, foreign fund inflows and an active intervention by the Reserve Bank of India (RBI). Foreign Institutional Investors were net buyers in the capital markets on Wednesday, as they purchased shares worth Rs 1,755.00 crore, exchange data showed. Meanwhile, a bigger than expected increase in core US inflation strongly indicated a quarter-point rate cut in the upcoming week. However, some gains were limited...
Rupee strengthens against US dollar on Thursday
The Indian rupee was little changed on Thursday, holding above its lifetime low, supported by likely intervention from the Reserve Bank of India (RBI) amid weakness in most Asian currencies. The rupee was at 83.9725 against the U.S. dollar as of 10:20 a.m. IST, nearly unchanged from its close at 83.9775 in the previous session. It hit an all-time low of 83.9850 last week. U.S. consumer prices increased marginally in August, but underlying inflation showed some stickiness, dimming hopes ...
Rupee holds above record low on likely cenbank intervention
Retail inflation for industrial workers moderated to 2.15 per cent in the month of July, as compared to 7.54 per cent in the same month last year, according to the latest data released by the Labour Ministry on Monday. The year-on-year inflation for June 2024 was 3.67 per cent as compared to 5.57 per cent in June 2023. The Consumer Price Index-Industrial Workers (CPI-IW) has been steadily declining since February this year and was 3.87 per cent in April 2024, figures compiled by t...
Retail inflation for industrial workers eases further in July: Labour Ministry
Indian consumer inflation probably held below the Reserve Bank of India's 4.0% medium-term target for a second month in August thanks to a moderation in food price rises due to last year's high base, a Reuters poll of economists found. Although food prices, which make up nearly half the inflation basket, have eased significantly in the last two months, erratic monsoon rains across India could harm crop yields and push prices higher in coming months. The Sept. 4-9 poll of 53 econ...
India inflation likely held steady at five-year low of 3.50% in August
Union Bank of India has announced its decision to become a signatory to the Partnership for Carbon Accounting Financials (PCAF). This step aligns with the growing global emphasis on climate risk management and the recent draft guidelines issued by the Reserve Bank of India (RBI) on climate risk disclosures. PCAF is a global partnership of financial institutions working to develop and implement a harmonized approach to assess and disclose greenhouse gas emissions associated with l...
Union Bank of India Becomes First Major Indian Bank to Sign PCAF
Indian rupee strengthened against the US dollar on Monday tracking firm domestic equities, while the Reserve Bank of India's active intervention also helped the rupee’s up-move. Meanwhile, RBI data showed India's forex reserves jumped by Rs 19,295 crore ($2.299 billion) to a new high of Rs 57,40,839 crore ($683.987 billion) for the week ended on August 30. However, some gains were limited by foreign fund outflows and uncertainty over the likelihood of an aggressive Federal rate ...
Rupee strengthens against US dollar on Monday
The Indian rupee ended little changed on Monday, as dollar sales by foreign banks offset the drag from Asian peers that fell due to weak risk appetite as investors awaited clarity on the size of a likely U.S. rate cut this month. The rupee ended the session at 83.9550 against the U.S. dollar, nearly unchanged from its close at 83.9475 on Friday. Mild dollar sales from foreign banks supported the local currency, while overall trading activity was relatively subdued, a senior trader at a ...
Rupee ducks risk-aversion pressure on Asian peers to end flat
India's forex reserves increased by $2.299 billion to a new high of $683.98 billion for the week ended August 30, the Reserve Bank of India (RBI) data showed on Friday. For the week, foreign currency assets, a major component of the reserves, increased by $1.485 billion to $599.037 billion. In the week ended August 23, the country’s forex reserves had surged $7.023 billion to touch a new high of $681.68 billion. According to the Central Bank, gold reserves increased b...
India`s forex reserves up $2.3 billion to touch new high of $683.9 billion
The Indian government had no outstanding loans with the central bank under ways and means advances in the week ended Aug. 30, according to the Reserve Bank of India's weekly statistical supplement released on Friday. The central government had no outstanding loans in the week earlier as well. State governments had 133.81 billion rupees loans from the RBI in the week ended Aug. 30, compared with 268.02 billion rupees in the previous week, the release showed. Source text: (ht...
Indian government had no outstanding loans from RBI in Aug 30 week
Despite the moderation seen in India's first quarter gross domestic product growth (GDP), the South Asian economy is likely to achieve full year growth of 7.2% as projected, the Reserve Bank of India Governor Shaktikanta Das said on Thursday. India's economic growth slowed to 6.7% year-on-year in the April-June quarter, below the polled estimate of 6.9% and the RBI's projection of 7.1%, as a decline in government spending during national elections weighed. "Fundamental ...
India's GDP to expand 7.2% in FY25 despite lower Q1 growth, says cenbank chief
The Indian rupee will be confined to a narrow trading range against the U.S. dollar over the coming year as the Reserve Bank of India continues to intervene in the market to shield the currency from volatility, a Reuters poll of FX analysts showed. The dollar fell more than 2% against other major currencies in August, providing breathing space for some emerging market ones. The rupee slipped to an all-time low of 83.97 to the dollar but is down only around 1% so far this year. That rela...
RBI to keep rupee in narrow trading range
The Reserve Bank of India was likely selling U.S. dollars on Thursday to prevent the rupee from weakening past the key psychological level of 84, four traders told Reuters. The rupee was quoting at 83.9675 per U.S. dollar compared to 83.9650 in the previous session. The rupee "has not caught any relief" from the "helpful Asia cues" and again needs the help of RBI, a currency trader at a mid-sized private sector bank said. Other Asian currencies were higher o...
Indian central bank likely selling dollars to prevent rupee from dipping past 84, traders say
India’s prestigious Indian Institute of Technology is steadily spreading its wings to become the new export from India. In less than a year of opening its first offshore campus in Tanzania’s Zanzibar, the institute this week opened its second in Abu Dhabi, UAE. While the Zanzibar campus was part of IIT Madras, the new campus in Abu Dhabi is part of IIT Delhi, and was officially inaugurated by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi. The campus' first b...
How IITs have become new export from India
India's central bank was selling dollars at the 83.97 level on Wednesday to keep the rupee from dropping to a lifetime low, three traders told Reuters. The rupee was at 83.9650 to the U.S. dollar, avoiding a dip past the lifetime low of 83.9725 hit in the first week of August. "Consistently seeing offers (on dollar/rupee) at 83.97 (on interbank order matching system) and from brokers," a currency trader at a bank said. "RBI yet again does not want to see 84."
India central bank likely intervening to prevent rupee from slipping to record low, traders say
Bajaj Housing Finance is targeting a valuation of 582.97 billion rupees ($6.94 billion) in one of India's biggest initial public offerings this year, a term sheet showed on Tuesday. Bajaj Housing Finance, the country's second biggest home loan financier by assets under management, has set a price band of 66-70 rupees per share for its $782 million IPO, which will run from Sept. 9 to Sept. 11. The IPO is among the biggest offerings so far this year in a red-hot market that has se...
India's Bajaj Housing Finance targets $7 billion valuation in IPO
The Indian rupee declined on Tuesday, tracking weak Asian peers, but the central bank's repeated intervention at current levels in the recent past meant that the losses were fairly limited. The rupee was at 83.9475 to the U.S. dollar at 11:02 a.m. IST, down from 83.9175 in the previous session. Asian peers were down 0.1% to 0.6%, and the dollar inched up against a basket of its major peers. The Reserve Bank of India has on many occasions over the last month intervened near the curre...
Rupee's decline capped by central bank's recent behaviour
Indian rupee weakened against the US dollar on Tuesday tracking firm American currency at overseas markets. Sentiments continue to remain dampened after data showed that the HSBC India Manufacturing PMI declining slightly to 57.5 in August and India's economic growth falling to a 15-month low of 6.7% for April-June quarter of 2024. Investors are now cautiously awaiting the US August payrolls report due on Friday to gauge the size of the Federal Reserve’s expected interest rate cut t...
Rupee weakens against US dollar on Tuesday
Poonawalla Fincorp is currently trading at Rs. 389.85, up by 1.65 points or 0.43% from its previous closing of Rs. 388.20 on the BSE. The scrip opened at Rs. 392.55 and has touched a high and low of Rs. 394.75 and Rs. 388.20 respectively. So far 40136 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 519.95 on 19-Jan-2024 and a 52 week low of Rs. 336.35 on 03-Nov-2023. Last one week high and low of the scrip stood...
Poonawalla Fincorp gains on getting nod to raise funds up to Rs 425 crore through NCDs
Home prices in India are set to rise steadily over the next few years, driven by demand for luxury properties from cash-rich individuals, according to a Reuters poll of housing experts who forecast rent increases will outpace consumer inflation. While economic growth in Asia's third-largest economy is likely to outpace its major peers, policy experts warn the benefits are increasingly being funnelled to a select few, leaving millions of job-seekers, especially young people, out of the ...
Luxury property frenzy set to drive up home prices in India
India's manufacturing activity growth eased to a three-month low in August as demand softened significantly, a private-sector survey showed on Monday, casting another shadow over the otherwise robust economic outlook. Growth in Asia's third-largest economy slowed to 6.7% last quarter from 7.8% as government spending fell, official data showed on Friday. The HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell for a second month in Augus...
India's factory activity growth hits three-month low, PMI shows
The Unified Payments Interface (UPI) saw 41 per cent growth (year-on-year) at record 14.96 billion transactions in the month of August, as total transaction amount touched Rs 20.61 lakh crore -- a 31 per cent YoY growth, the National Payments Corporation of India (NPCI) data showed on Sunday. The average daily transaction amount stood at 483 million last month, as average daily transaction amount reached Rs 66,475 crore. The value of UPI transactions processed has remained a...
UPI transactions rise 41 pc to touch record 14.96 billion in August: NPCI
The record all-time high level of India’s forex reserves will create external sector resilience and boost economy across sectors, industry experts said on Saturday, as the country’s forex reserves surged $7.023 billion to touch a new high of $681.68 billion in the week ended August 23. Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry, said that with the support of strategic policy initiatives and a diligent monetary policy stance, the forex has reached a r...
Record forex reserves to boost economy, promote domestic trade: Industry
India has been in a glorious position post-Covid, being the fastest-growing economy in the world with over 7 per cent growth which is visible across the board and if we continue to grow at 7 per cent, the effective growth rate is expected to be 11-12 per cent because we have a very strong parallel economy which is also functioning strong, experts said on Friday. India’s growth at 6.7 per cent in the first quarter (Q1) of FY2024-25 is inspiring despite deepening geopolitic...
6.7 pc GDP growth inspiring despite deepening geopolitical distress: Industryind
The Indian economy clocked a GDP growth of 6.7 per cent in the first quarter (April-June) of the financial year 2024-25 over the growth rate of 8.2 per cent in Q1 of FY 2023-24, figures released by the Ministry of Statistics on Saturday showed. The crucial manufacturing sector that provides quality jobs to the young workforce posted a 7 per cent growth while the construction and electricity sectors posted double-digit growth during the quarter. "The overall growth in the Q1 ...
Indian economy clocks 6.7 pc growth in first quarter of 2024-25
India's foreign exchange reserves rose for a second straight week and hit a record high of $681.69 billion as of Aug. 23, data from the central bank showed on Friday. The reserves rose $7 billion in the reporting week. They had risen $4.5 billion in the prior week. The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee. Changes in foreign currency assets are caused by the RBI's intervention as well as the appreci...
India`s forex reserves hit record high
New York-based Moody’s Ratings on Thursday raised its forecast for India’s GDP growth for 2024 to 7.2 per cent from 6.8 per cent as projected earlier on the back of stronger private consumption driving up aggregate demand in the economy. "Household consumption is poised to grow as headline inflation eases toward the RBI’s target. Indeed, signs of a revival in rural demand are already emerging on the back of improving prospects for agricultural output amid...
Moody`s ups India`s GDP growth forecast to 7.2 pc for 2024
The retail inflation rate for farm and rural workers eased to 6.17 per cent and 6.20 per cent, respectively, in July, a government statement said on Thursday. The retail inflation rates for farm and rural workers were 7.02 per cent and 7.04 per cent, respectively, in June this year, according to the Labour Ministry statement. The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and for rural labourers (CPI-RL) registered an increase of 10 points each in July, rea...
Consumer price inflation for farm and rural labourers eases in July
India's economic growth is expected to have slowed in the April-June quarter due to reduced government spending during the national elections and stalling consumption. A Reuters poll of 52 economists projected GDP growth of 6.9% year-on-year for the three months through June, the first quarter of India's 2024/25 fiscal year. That is below the central bank's estimate of 7.1% and the 7.8% growth rate of the previous quarter. If the projection holds, India will remain the...
India`s June qtr GDP growth likely slowed on reduced government spending
India's FinTech sector has received investments of about $6 billion in the last two years alone while the number of FinTechs in the country has gone up to around 11,000, RBI Governor Shaktikanta Das said on Wednesday. Addressing the 5th edition of the Global Fintech Fest here, Das said: "India is now a fast-growing economic powerhouse with an increasingly tech-savvy population. India's financial sector has witnessed a remarkable transformation, driven among other factors...
India's FinTech sector has received $6 bn investment in last 2 years: RBI chief
RBI Governor Shaktikanta Das on Wednesday said that based on the encouraging response received from several jurisdictions, the apex bank is now focusing on making "UPI and RuPay truly global". "The deployment of UPI-like infrastructure in foreign jurisdictions, facilitating QR code-based payment acceptance through UPI apps at international merchant locations, and interlinking UPI with Fast Payment Systems (FPS) of other countries for cross-border remittances are on top...
Making UPI & Rupay truly global is on top of RBI agenda: Governor Das
The Reserve Bank of India on Wednesday granted "self-regulatory organisation" status to Fintech Association For Consumer Empowerment (FACE) to help ensure statutory and regulatory compliance in the financial technology (fintech) sector. FACE is an industry body of fintech lenders. Its members account for about 80% of digital lending business volumes in India, according to the organisation's website. Earlier this year, the central bank said in a draft framework that I...
India cenbank grants self-regulatory status to fintech association FACE
The Indian rupee strengthened on Thursday, tracking a similar move in its Asian peers and in anticipation of MSCI-related inflows as domestic equities' weightage in the index is set to rise. The rupee closed at 83.8700 against the U.S. dollar at, up 0.1% from 83.9525 in the previous session. Asian currencies rose, while the dollar index slipped to 100.89, before recovering through the session. Indian equities' increased weightage in MSCI's emerging market index, effective...
India rupee gains, tracking Asian peers and on hopes of equity inflows
State Bank of India, the nation’s largest lender by assets, will focus on so-far neglected small-ticket deposits to boost liquidity, the managing director announced on Wednesday. Indian lenders have been grappling with liquidity pressure as deposits growth has lagged loan growth in the last few quarters. "We are focusing on the small-value, small-ticket accounts to raise deposits," Managing Director Ashwini Kumar Tewari said at an event in Mumbai. The lender wil...
India`s SBI to focus on small deposits to boost liquidity, MD says
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