Manoj's Feed
Jul 31, 2013

India pledges rupee action as currency nears fresh low

MUMBAI/NEW DELHI (Reuters) – India stepped up its defense of the ailing rupee on Wednesday, proposing to relax overseas borrowing rules and curb some imports in order to ease a huge current account gap, while the central bank re-emphasized its commitment to stabilizing the currency as it neared a record low.

The tag-team approach, including central bank interventions in the foreign exchange market, helped the rupee rally, a day after losing 1.8 percent as remarks by Reserve Bank of India Governor Duvvuri Subbarao led traders to question its ardor to defend the currency.

Jul 22, 2013

India to call on millions of non-residents to defend rupee-sources

NEW DELHI, July 22 (Reuters) – India is considering calling
on its millions of non-resident citizens to help reverse a
record slide in the rupee and does not favour the idea of a
global sovereign bond at this time, senior government officials
told Reuters on Monday.

However, the government strongly denied having ruled out a
sovereign bond issue and said in a statement that “all options
are on the table”.

Jul 22, 2013

India seeks NRI flows for rupee defence, not sovereign bond

NEW DELHI (Reuters) – The government aims to attract dollar flows from non-resident citizens to support the rupee and has dropped the idea of a sovereign bond for now, two senior government officials familiar with the matter told Reuters on Monday.

Some financial market participants had speculated the government would issue an overseas bond to raise foreign money to defend the rupee, which fell to a record low earlier this month, like it did during previous bouts of rupee volatility in 2000 and 1998. The Reserve Bank of India does not support issuing a sovereign bond either, one official said.

Jul 22, 2013

India seeks non-resident flows for rupee defence, not sovereign bond

NEW DELHI, July 22 (Reuters) – The Indian government aims to
attract dollar flows from non-resident citizens to support the
rupee and has dropped the idea of a sovereign bond for now, two
senior government officials familiar with the matter told
Reuters on Monday.

Some financial market participants had speculated the
government would issue an overseas bond to raise foreign money
to defend the rupee, which fell to a record low earlier this
month, like it did during previous bouts of rupee volatility in
2000 and 1998. The Reserve Bank of India does not support
issuing a sovereign bond either, one official said.

Jul 22, 2013

Exclusive: India seeks non-resident flows for rupee defense, not sovereign bond

NEW DELHI (Reuters) – The Indian government aims to attract dollar flows from non-resident citizens to support the rupee and has dropped the idea of a sovereign bond for now, two senior government officials familiar with the matter told Reuters on Monday.

Some financial market participants had speculated the government would issue an overseas bond to raise foreign money to defend the rupee, which fell to a record low earlier this month, like it did during previous bouts of rupee volatility in 2000 and 1998.

Jul 22, 2013

Question of change or continuity hovers over RBI

MUMBAI/NEW DELHI (Reuters) – The economist rock star? The bureaucrat? The incumbent?

The identity of Reserve Bank of India chief remains a matter of speculation even as Governor Duvvuri Subbarao scrambles to support an embattled rupee with less than seven weeks to go before he is due to leave office.

Jul 21, 2013

Question of change or continuity hovers over Indian central bank

MUMBAI/NEW DELHI, July 22 (Reuters) – The economist rock
star? The bureaucrat? The incumbent?

The identity of India’s next central bank chief remains a
matter of speculation even as Reserve Bank of India Governor
Duvvuri Subbarao scrambles to support an embattled rupee with
less than seven weeks to go before he is due to leave office.

Jul 19, 2013

India braces for next test of rupee defence

MUMBAI/NEW DELHI (Reuters) – The RBI’s strategy to staunch the rupee’s slide faced further setbacks on Friday, with investors betting a 150 billion rupee bond auction would struggle and the currency trading where it was before this week’s rescue mission was launched.

An extended stand-off between the Reserve Bank of India and investors would raise the prospect of it taking other steps to generate demand for the rupee, such as increasing the level of reserves banks must hold, issuing offshore bonds or even raising policy interest rates.

Jul 19, 2013

India braces for next test of rupee defence with bond sale

MUMBAI/NEW DELHI, July 19 (Reuters) – The Indian central
bank’s strategy to staunch the rupee’s slide faced further
setbacks on Friday, with investors betting a 150 billion rupee
($2.5 billion) bond auction would struggle and the currency
trading where it was before this week’s rescue mission was
launched.

An extended stand-off between the Reserve Bank of India and
investors would raise the prospect of it taking other steps to
generate demand for the rupee, such as increasing the level of
reserves banks must hold, issuing offshore bonds or even raising
policy interest rates.

Jul 12, 2013

Dismal exports, production data deepen India’s economic gloom

NEW DELHI, July 12 (Reuters) – India’s economic gloom
deepened on Friday with a surprise drop in industrial output, a
fall in exports and higher retail inflation, adding to the
central bank’s challenge of reviving the economy and supporting
the rupee.

A global sell-off has made the rupee the worst-performing
emerging Asian currency so far this year. It hit an all-time low
of 61.21 per dollar this week and is down more than 8 percent
against the dollar so far this year.