Manoj's Feed
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.

Jul 12, 2013

June trade deficit narrows, helped by clampdown on gold imports

NEW DELHI (Reuters) – India’s trade deficit narrowed in June from a 7-month high the previous month, helped by a slowdown in gold imports, but the relief may not last long as low prices and the coming wedding season are expected to bolster demand for the yellow metal.

A lower deficit should ease pressure on India’s bloated current account gap, the broadest measure of international trade, and the beleaguered rupee currency.

Jul 12, 2013

India’s June trade deficit narrows, helped by clampdown on gold imports

NEW DELHI, July 12 (Reuters) – India’s trade deficit
narrowed in June from a 7-month high the previous month, helped
by a slowdown in gold imports, but the relief may not last long
as low prices and the coming wedding season are expected to
bolster demand for the yellow metal.

A lower deficit should ease pressure on India’s bloated
current account gap, the broadest measure of international
trade, and the beleaguered rupee currency.

Jul 9, 2013

India looks to US in struggle to boost FDI, revive rupee

NEW DELHI (Reuters) – Finance Minister P Chidambaram is in the United States this week to drum up investment from the likes of Lockheed Martin, leaving behind a cabinet far from convinced about his plans to revive the economy and a record low rupee.

Chidambaram won investor approval last year for plans to rein in fiscal deficit but he is struggling to push through proposals to relax rules on foreign direct investment (FDI) in defence, telecoms, pharmaceuticals and retail.

Jul 9, 2013

India looks to U.S. in struggle to boost FDI and revive rupee

NEW DELHI, July 9 (Reuters) – India’s finance minister is in
the United States this week to drum up investment from the likes
of Lockheed Martin, leaving behind a cabinet far from convinced
about his plans to revive the economy and a record low rupee.

The minister, P Chidambaram, won investor approval last year
for plans to rein in India’s fiscal deficit but he is struggling
to push through proposals to relax rules on foreign direct
investment (FDI) in defence, telecoms, pharmaceuticals and
retail.

Jul 8, 2013

India to review preferential policy for locally made electronic goods

NEW DELHI, July 8 (Reuters) – India will review a policy
that gave preference to locally made electronics goods in
government and private sector procurement, the government said
on Monday after protests by trade groups representing global
companies such as Apple Inc.

Indian Finance Minister P. Chidambaram and Commerce Minister
Anand Sharma will be in Washington this week for meetings with
U.S. Treasury Secretary Jack Lew and Trade Representative
Michael Froman.

Jul 8, 2013

Gold import headache to resume after June plunge

NEW DELHI/MUMBAI (Reuters) – India’s gold imports could pick up in the next few months after slumping 81 percent in June as falling prices spur buying, a government source said, adding to New Delhi’s anxiety over a record-low rupee and a wide current account deficit.

Indians snapped up a record 162 tonnes of gold in May, prompting a hike in import duty to 8 percent and tight restrictions on supplies at the world’s biggest buyer.

Jul 8, 2013

India’s gold import headache to resume after June plunge

NEW DELHI/MUMBAI, July 8 (Reuters) – India’s gold imports
could pick up in the next few months after slumping 81 percent
in June as falling prices spur buying, a government source said,
adding to New Delhi’s anxiety over a record-low rupee and a wide
current account deficit.

Indians snapped up a record 162 tonnes of gold in May,
prompting a hike in import duty to 8 percent and tight
restrictions on supplies at the world’s biggest buyer.