Manoj's Feed
Aug 30, 2013

India seeks allies to defend rupee as growth skids to 4-year low

NEW DELHI (Reuters) – India’s prime minister sought to quell fears of a currency crisis on Friday as economic growth fell to a four-year low, while New Delhi raised prospects of joint intervention with other countries following the rupee’s crash to record lows.

The Finance Ministry’s principal economic adviser, Dipak Dasgupta, told Reuters that India was liaising with governments in other emerging-market countries to co-ordinate intervention in offshore currency markets. Dasgupta predicted action soon, but he declined to share specific details of the discussions.

Aug 30, 2013

Exclusive: Emerging markets plan joint offshore FX intervention – Indian official

NEW DELHI (Reuters) – India is liaising with other emerging-economy countries on a plan to co-ordinate intervention in offshore currency markets blamed for worsening a currency rout over the past three months, a senior Indian finance ministry official said on Friday.

The idea of major emerging economies taking action together to offset the impact of a stronger U.S. dollar as the Federal Reserve reins in its stimulus had also been floated in June by Brazilian President Dilma Rousseff in a phone call to her Chinese counterpart.

Aug 30, 2013

Emerging markets plan joint offshore FX intervention-Indian official

NEW DELHI, Aug 30 (Reuters) – India is liaising with other
emerging-economy countries on a plan to co-ordinate intervention
in offshore currency markets blamed for worsening a currency
rout over the past three months, a senior Indian finance
ministry official said on Friday.

The idea of major emerging economies taking action together
to offset the impact of a stronger U.S. dollar as the Federal
Reserve reins in its stimulus had also been floated in June by
Brazilian President Dilma Rousseff in a phone call to her
Chinese counterpart.

Aug 27, 2013

Indian rupee hits record low in biggest fall in 18 years

MUMBAI/NEW DELHI, Aug 27 (Reuters) – The Indian rupee hit a
record low and posted its biggest percentage fall in 18 years on
Tuesday after parliament’s approval of a $20 billion plan to
provide cheap grain to the poor renewed doubts about government
resolve to control spending ahead of elections due next year.

The alarm over India’s fiscal deficit eclipsed an
announcement by Finance Minister P. Chidambaram that the
government had approved infrastructure projects worth 1.83
trillion rupees ($28.38 billion), a step aimed at reviving
economic growth and shoring up investor confidence.

Aug 27, 2013

Indian rupee hits record low as confidence in government ebbs

MUMBAI/NEW DELHI (Reuters) – The Indian rupee hit a record low and shares slumped on Tuesday after parliament’s approval of a $20 billion plan to provide cheap grain to the poor renewed doubts about the government’s resolve to control spending ahead of elections due next year.

The alarm over India’s fiscal deficit eclipsed an announcement by Finance Minister P. Chidambaram that the government had approved infrastructure projects worth 1.83 trillion rupees ($28.38 billion), a step aimed at reviving economic growth and shoring up investor confidence.

Aug 27, 2013

Indian rupee hits record low as confidence in govt ebbs

MUMBAI/NEW DELHI, Aug 27 (Reuters) – The Indian rupee hit a
record low and shares slumped on Tuesday after parliament’s
approval of a $20 billion plan to provide cheap grain to the
poor renewed doubts about the government’s resolve to control
spending ahead of elections due next year.

The alarm over India’s fiscal deficit eclipsed an
announcement by Finance Minister P. Chidambaram that the
government had approved infrastructure projects worth 1.83
trillion rupees ($28.38 billion), a step aimed at reviving
economic growth and shoring up investor confidence.

Aug 22, 2013

Chidambaram warns of flat Q1, says rupee undervalued

NEW DELHI (Reuters) – India’s troubled economy did not rebound in the quarter that ended in June but will begin to in the rest of the financial year, the finance minister said on Thursday, after the rupee, which he said was “undervalued,” hit another record low.

The rupee has tumbled 17 percent since May, leading a global selloff in emerging market currencies on fears of higher borrowing costs and tighter supplies of cheap cash from the United States.

Aug 22, 2013

India fin min warns of flat first quarter, says rupee undervalued

NEW DELHI, Aug 22 (Reuters) – India’s troubled economy did
not rebound in the quarter that ended in June but will begin to
in the rest of the financial year, the finance minister said on
Thursday, after the rupee, which he said was “undervalued,” hit
another record low.

The rupee has tumbled 17 percent since May, leading a global
selloff in emerging market currencies on fears of higher
borrowing costs and tighter supplies of cheap cash from the
United States.

Aug 22, 2013

Falling markets spell trouble for govt’s divestment plans

NEW DELHI (Reuters) – The collapse of the rupee is derailing India’s hopes of raising more than $6 billion from the sale of stakes in state-run firms, jeopardising a key plank of Finance Minister P.Chidambaram’s blueprint to reverse the country’s economic malaise.

Investor confidence has evaporated amid fears over the rising cost of funding India’s gaping current account deficit, prompting New Delhi to delay plans to raise much-needed funds through partial privatisations, finance ministry sources said.

Aug 22, 2013

Crashing markets spell trouble for India’s privatisation plans

NEW DELHI, Aug 22 (Reuters) – The collapse of the rupee is
derailing India’s hopes of raising more than $6 billion from the
sale of stakes in state-run firms, jeopardising a key plank of
Finance Minister P.Chidambaram’s blueprint to reverse the
country’s economic malaise.

Investor confidence has evaporated amid fears over the
rising cost of funding India’s gaping current account deficit,
prompting New Delhi to delay plans to raise much-needed funds
through partial privatisations, finance ministry sources said.