* S&P Sees India Corporate Tax Cuts as Credit Negative Development
* India Tax Cut Raises Government’s Fiscal Risks, Moody’s Says
* The Japanese yen edged lower while offshore yuan climbed as the U.S. and China continued to engage in discussions to overcome their trade differences.
* Japan’s long-dated bonds decline as the Bank of Japan cut debt purchases at a regular operation Friday following Governor Haruhiko Kuroda saying that a steeper yield curve was desirable. Yen gains as U.S. and Chinese officials resume trade talks in Washington.
* The dollar held gains as a Chinese delegation’s decision to cancel plans to visit U.S. farms fueled concern on the progress of trade talks between the two governments. The Japanese yen and Swiss franc also climbed.
* Global Funds Buy Net INR357.8m of India Stocks on Sept. 20: NSE
* Foreign Investors Sell Net INR7.45B of India Equities Sept. 19
* Foreigners Buy Net INR73.6B India Equity Derivatives Sept. 20
Led by the government’s big bang announcements, the Indian currency closed higher on Friday. The local unit on the last day of the previous trading week opened higher at 71.19 a dollar and moved in a range of 70.68 – 71.19 before settling the day at 70.94 against its previous close of 71.34. On week on week basis, Rupee closed lower by 2 paise.
The domestic markets posted its biggest single day move in a decade after Union government announced reduction of corporate tax rate to 22% and a 15% rate for new manufacturing companies. Oil prices for the last week jumped on the Saudi Arabia crisis. FIIs were buyers in the capital market segment; bought shares worth Rs 35.78cr on 20 Sep as per exchange’s provisional data. DIIs, on the other end were also buyers to the tune of Rs 3001.32cr for the same period. For the ongoing week, Sept F&O expiry will be a major trigger.
For USD pair, 71.10 and 71.38 are the levels in the upside. Conversely a fall below 70.81 may take the local unit down to 70.67.
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