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India’s rupee extended its gains on Tuesday as the central bank announced more measures to support the currency which faces constant pressure from high oil prices and foreign outflows.
India is defining its tolerance for rupee weakness with the central bank’s strongest currency defense in more than a decade reinforcing 97 as the limit.
The rupee is likely to advance on Monday, but sustaining the gains will be harder.
The Indian rupee advanced in offshore trading after the central bank took some of its strongest measures to bolster the currency since the 2013 taper tantrum.
The Reserve Bank of India is broadening its defenses to steady the rupee, taking some of its strongest measures since the 2013 taper tantrum. That may give the currency a boost as trading resumes Monday, but the question remains: how far is the central bank willing to go as external pressures mount?
India’s central bank rolled out steps including a special window to supply dollars to state-run oil companies to support the rupee.
India’s central bank stepped up its efforts to drain surplus banking liquidity, announcing a fresh bond sale and requiring lenders to keep more of their mandated cash buffers with it on a daily basis.
The RBI policy review will need Central assistance to effectively fight inflation
In April this year, the Reserve Bank of India (RBI) had cancelled the banking licence issued to PPBL for non-compliance with norms
A weak monsoon is raising food-price risks, while the falling rupee is making imports more expensive.
Higher borrowing costs may be here to stay in India. With inflation pressures building from a weak monsoon, oil at $100 a barrel and a softer rupee, the RBI has begun tightening policy. Ruchi Bhatia explains why more rate hikes could follow. (Source: Bloomberg)
India’s rupee retreated even after the central bank hiked interest rates for the first time in four years, as the lack of more aggressive steps to tighten liquidity and support the currency left traders disappointed.
RBI raised interest rates for the first time in nearly four years. Governor Sanjay Malhotra says given the current economic scenario, rate hikes are off the table in the near-term. (Source: Bloomberg)
India’s central bank raised interest rates for the first time in nearly four years and signaled further hikes may be on the table as rising inflation and a weakening currency drive a policy pivot. (Source: Bloomberg)
Study based on RBI’s KLEMS data says agricultural labourers moved to non-productive sectors such as restaurants, construction and transport
The last repo rate hike was in February 2023, when the RBI raised the rate by 0.25% to 6.50%
Governor Sanjay Malhotra says India supports innovation in distributed ledger technology and tokenisation, but is wary of cryptocurrencies over concerns about monetary sovereignty and capital flows
Sajjid Chinoy, chief India economist for JPMorgan Chase & Co expects the RBI to take an appropriately cautious or hawkish tone to signal to markets that more maybe in the pipeline. He said this in an conversation with Bloomberg Television's Paul Allen. (Source: Bloomberg)
Just months ago, India’s central bank pulled out all the stops to draw in dollars to bolster its foreign-exchange reserves and defend the rupee. The stronger-than-expected deluge of cash is now adding to the case for a more hawkish monetary policy stance.
India’s rupee has room to appreciate from the current levels, Reserve Bank of India Deputy Governor Poonam Gupta said, striking an optimistic note on the currency after a period of weakness recently.
Board to discuss if outgoing Chairman Natarajan Chandrasekaran should be asked to stay on.
Hetal Dalal, COO and President of IiAS, a corporate governance and proxy advisory firm, says Tata Sons is expected to "put up a fight" against the RBI's efforts to require a listing. She argues that an IPO could constrain the group's operating flexibility. (Source: Bloomberg)
The RBI’s planned bond sales are likely to put more upward pressure on yields.
August inflation data potentially reduces the scope for RBI to remain on hold for long.
HDFC Bank Ltd. said it has submitted the names of two candidates to the Reserve Bank of India for the position of managing director and chief executive officer.