India’s rupee is likely to remain under pressure due to high prices of crude oil and other commodities, and may stabilise at around 79-80 against the US dollar in the near term, say experts amid limited headroom available with the Reserve Bank to check the weakening of the domestic currency. The currency has slumped over … Read more
India added $47.5 billion to the foreign exchange reserves last fiscal, down nearly half the previous year. But a drill down of the data reveals that nearly $26 billion of those incremental reserves were due to the sanction of Special Drawing Rights by the IMF and revaluation of gold reserves. Net of valuation losses only … Read more
Despite pandemic-related uncertainties, India remains a favourable destination for foreign investment. In 2021, around 44 per cent of 1,200 global business heads in developed economies were planning to make first-time or additional investments in India. Several nations said that they found India a lucrative destination because of its domestic market, and not only as a … Read more
Food aggregator platform Zomato’s board approved the acquisition of quick-commerce company Blinkit for Rs 4,447 crore (around $567 million) in an all-stock deal. Zomato will be acquiring 33,018 equity shares of Blink Commerce Pvt Ltd (BCPL). The Reserve Bank of India’s (RBI’s) move to disallow loading prepaid payment instruments (PPIs) from … Read more
Retail inflation will likely get back to the mid-point of the Reserve Bank of India’s (RBI) medium-term target of 2-6% in two years, given the raft of measures initiated by the monetary and fiscal authorities, deputy governor Michael Patra said on Friday. He expressed optimism that the “required monetary policy actions in India will be … Read more
TNN Mumbai: The Reserve Bank of India (RBI) plans to undertake fewer rate hikes than other markets and bring back inflation within its target in two years, a top official said on Friday. At the same time, it hopes that inflation can ease earlier if the monsoon brings in a more benign outlook on food … Read more
MUMBAI : Reserve Bank of India (RBI) deputy governor Michael Patra on Friday confirmed that the central bank is intervening in the market to defend the rupee, though it is not targeting any specific level for the domestic currency. When RBI intervenes in the forex market, it sells dollars and buys rupees to prevent one-way … Read more
A shortage of cash dollars and forward market intervention by the Reserve Bank of India which has pushed onshore 1-year forward premiums to their lowest levels in more than a decade could pressure the rupee to new lows, traders and analysts said. The one-year annualised forward premium stood at 2.91% at 0830 GMT, compared to … Read more
India’s central bank appears to have ramped up intervention in the forwards market to slow the rupee’s decline and preserve its hard-earned reserves. The Reserve Bank of India has run down its forward-dollar book by $12 billion to $15 billion from about $64 billion at the end of … Read more
Communication is a critical element of monetary policy. In the current inflation targeting (IT) regime, the resolution adopted by the Monetary Policy Committee (MPC) and published on the RBI’s website on the day of the monetary policy meeting is an important channel of communication with the public. Yet there seems to be a gap between … Read more