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RBI rate-setting panel to go for a 0.35% hike at next week
... stance change to tightening from withdrawal of accommodation, the report said. The brokerage expects MPC to retain its Consumer Price Inflation CPI and real GDP growth forecasts, at 6.7 per cent and 7.2 per cent, in FY 23. Last week, RBI Governor Shaktikanta Das said headline inflation, which came at 7.04 per cent for April, appears to have peaked. There is a chance that MPC will use a more aggressive measure to deliver a 0.50 per cent hike like it did in June, joining some developed market and regional ...
Updated: 07/27/2022
RBI pivots to spot market to avoid RBI's intervention
... May, according to RBI data. It bounced back to 3.18% on Monday amid signs of a slowing forward market activity. The RBI will deploy its reserves to contain rupee volatility and align with fundamentals and not allow jerky or bumpy movements, Governor Shaktikanta Das said last week. The central bank is expected to be a net seller in the spot market in the near term of $12.4 billion in the four weeks to July 15, according to Bloomberg Economics . While May and June saw RBI become more active on the forwards and ...
Updated: 07/25/2022
US Fed expected to hike rates later this week to 82%
... Crisil principal economist Dipti Deshpande . The trade deficit went up to a record USD 26.18 billion in June due to costlier imports of crude oil, coal and gold. The deficit widened to USD 70.80 billion in April-June this fiscal. Last week, RBI Governor Shaktikanta Das said that the central bank has no particular level of the rupee in mind, but it would like to ensure its orderly evolution and had zero tolerance for volatile and bumpy movements of the INR against dollar. The governor said that the central bank would ...
Updated: 07/24/2022
FOREX-India rupee ends above 80 per dollar mark for second straight week
... marginally above last Friday's close of 79.8775. The central bank of India has zero tolerance for volatile and bumpy movements in the rupee and will continue to engage with the foreign exchange market to ensure the rupee finds its appropriate level, Shaktikanta Das said on Friday. The rupee touched a lifetime low of 80.0650 on Tuesday but heavy dollar sales from state-owned banks have helped limit further losses in the currency, traders said. Indian bond yields were lower on Friday, tracking their U.S. peers' ...
Updated: 07/22/2022
Forex reserves fall by USD 7.541 billion to USD 572 billion
... with the IMF decreased by USD 29 million to USD 4.937 billion in the reporting week. There was a real shortfall of foreign exchange supply in the market due to the import and debt servicing requirements and portfolio outflows, said the RBI Governor Shaktikanta Das earlier in the day. He said the central bank has been supplying US dollars to the market to make sure there is enough foreign exchange liquidity. When capital inflows were strong, this is the purpose for which we had accumulated reserves. You can ...
Updated: 07/22/2022
RBI Governor Shaktikanta Das lays defence of rupee against US dollar
... by over 6 per cent. The Indian rupee has hit new lows against the US dollar in the last few months. In the calendar year 2022, it has depreciated by over 6 per cent. In an annual banking conference organized by the Bank of Baroda , RBI Governor Shaktikanta Das has put up a strong defence. Let's look at each of the points he made. The currency's impact has been affected by the global monetary tightening. The interest rates have gone up because of the historically high inflation in the US. Even the Japanese ...
Updated: 07/22/2022
RBI postpones monetary policy meeting due to administrative issues
... reschedule the MPC meeting from August 2 -- 4, 2022 to August 3 -- 5, 2022. The MPC announces that it will run a bi-monthly monetary policy after deliberations on the prevailing domestic and economic situation. The panel, headed by RBI Governor Shaktikanta Das , has two representatives from the central bank and three external members. It is widely expected that the RBI will increase the benchmark interest rate to cool down high inflation. The RBI has been asked to make sure that inflation remains at 4 ...
Updated: 07/21/2022
India's equity plummets to record low
... according to a Bloomberg survey in late June, nearly double the level seen in the previous year. India s central bank is for an orderly appreciation or depreciation of the currency, and is intervening in all market segments to curb volatility, Governor Shaktikanta Das said earlier this month. The foreign-exchange reserves of almost 600 billion are being deployed by the government to protect the rupee. Authorities have raised duties on gold imports and increased levies on petroleum exports. More forex inflows into ...
Updated: 07/19/2022
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