Bank of America (BofA) Securities expects India to be the third-largest economy in the world by 2031. The economic rise could become a reality by 2028, but the Covid pandemic delayed the pace, BofA Securities economists Indranil Sen Gupta and Aastha Gudwani wrote in a report.
Further outperformance hinges on pickup in industrial activity, buying by local investors.
The latest outflow comes after a net pull-out of Rs 33,135 crore from the debt securities in June.
The tiny Central American nation of El Salvador has embarked on an interesting experiment by recognising bitcoin as legal tender. This is proving painful for many of its citizens but it's a useful "pilot" project for larger economies that are contemplating the peculiarities of this new asset class. El Salvador has a population of 6.5 million and GDP of about $27 billion.
Indian rupee is likely to test 76-76.50 levels as a relatively strong greenback, boiling crude prices and COVID headwinds deepen the depreciation bias for the domestic currency, according to experts. One of the significantly-hit Asian currency in recent months amid uncertain economic times, rupee is expected to see a consolidation in the vicinity of the current level before being pulled towards the depreciation bias. While the equity market has been surging with occasional blips, the rupee has mostly been weak against the US dollar in recent months.
The deficit for April-June was at $21.8 billion or 4.9 per cent of GDP.
Traders said the sentiment remained bearish on stockists selling and weakening global trend as Federal Reserve signalled a rise in interest rates while further reducing monetary stimulus, boosting the dollar and curbing demand for the metal.
The rupee had gained nine paise to close at nearly one- month high of 61.84 against the dollar in yesterday's trade after the government said in the interim Budget that fiscal deficit this financial year will be capped below target.
The rupee edged higher by three paise to 66.46 against the US dollar in early trade on Wednesday.
The white metal had gained Rs 200 in the previous session.
S&P Global Ratings on Wednesday lowered India's economic growth forecast to 5.2 per cent for 2020, saying the global economy is entering a recession amid the coronavirus pandemic. The agency had earlier projected a growth rate of 5.7 per cent during the 2020 calendar.
Sustained demand for the dollar is the reason.
Rupee gains for 4th day against dollar, up 17 paise on Fed stance.
Rupee hits 2-month low, down 21 paise against dollar.
Weakness in dollar in the overseas market also boosted the rupee value
The rupee had shed one paise to end at one-month low of 61.74 against the US dollar in Tuesday's trade.
At lower levels, a supportive buying in dollar forced rupee to depreciate since opening trade
The rupee on Monday slipped by 5 paise to close at 63.57 per dollar on fresh demand for the American currency from banks.
The rupee had retreated from three-week high and ended six paise down at 60.67 against the dollar on demand from importers for the US currency in Thursday's trade.
Silver also fell by Rs 400 to Rs 41,000 per kg on poor offtake by industrial units and coin makers.
Dollar sales by exporters and firm local equities also supported the local currency.
'...and defensive until the global macro headwinds turn more benign.'
Rupee rises by 16 paise against dollar on fresh selling.
The rupee has dropped by 21 paise or 0.32 per cent in the last two sessions.
Forex dealers said dollar's weakness against other currencies overseas supported the rupee.
The quizzing of the 48-year-old daughter-in-law of superstar Amitabh Bachchan and Samajwadi Party MP Jaya Bachchan comes weeks after her husband Abhishek Bachchan was questioned by the agency in another case emerging from the same set of papers linked to the offshore leaks case, they said.
Forex dealers said increased selling of the American currency by exporters and banks supported the rupee but a lower opening of the domestic equity market and dollar's rise against other currencies overseas restricted the gains.
Snapping its two-day gains, the rupee on Monday declined by 48 paise to settle at nearly four-week low of 62.17 against the US currency.
Twitter "took extraordinary steps to suppress" The New York Post's Hunter Biden laptop story, removing links and posting warnings that it may be "unsafe."
In recent sessions, shares have rallied on hopes Hindu nationalist opposition leader Narendra Modi, a more business-friendly candidate, is seen coming to power on promises of economic revival and jobs.
Park is charged with one count of conspiracy to commit computer fraud and abuse and one count of conspiracy to commit wire fraud.
'Rate cut should reiterate RBI's commitment in providing confidence to consumers and small business.'
Forex dealers said rebound in domestic stock markets also helped the rupee strengthen against the dollar.
Rupee movement, global cues key for stocks this week: Experts
Amid a grim global scenario, India will have to labour hard to hold on to seven per cent growth in 2016-17.
Experts said a future rate cut would depend on the inflation.
The domestic unit moved in a range of 64.14 and 63.99.
The RBI fixed the reference rate for the dollar at 64.1505 and for the euro at 72.2720.
The rupee ended marginally higher by two paise at 62.24 against the dollar on Wednesday.
Pressure has been mounting on the Reserve Bank of India to cut interest rates in the wake of declining retail inflation and the need to fuel growth momentum. However, the RBI will have to do a tightrope walk as globally interest rates are inching upwards.
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