The rupee breached 90-levels against the greenback for the first time on Wednesday, falling 6 paise to 90.02 in early trade, as banks kept buying US dollars at higher levels and FII outflows continued.
The RBI's rate-setting panel MPC on Monday began its three-day deliberation amid expectations of another round of hike in benchmark interest rates to contain inflation that continues to remain above the central bank's upper tolerance level. RBI Governor Shaktikanta Das will announce the decision of the Monetary Policy Committee after deliberations on Wednesday. Das has already indicated that there may another hike in the repo rate, though he refrained from quantifying it.
The correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
Instead of getting swayed by market gyrations, investors must stay invested for the long term, advises Sarbajeet K Sen.
The SBI report, however, said the economic growth rate will pick up pace in 2020-21 to 6.2 per cent.
The economic growth is likely to moderate to 6.1 per cent, slowest in over seven quarters, from 6.6 per cent last year same period.
Among food articles, vegetable prices surged by 69.69 per cent mainly on account of onion, which witnessed 455.83 per cent jump in prices, followed by potato at 44.97 per cent.
The SBI report ruled out a October rate hike
This is contrary to the expectations of a majority of analysts predicting for another hike given the rise in inflation lately, including domestic ratings agency Icra
This may free up resources for productive or lending purposes.
Following the demonetisation move, the recast in direct tax moves is expected to give a boost the economy.
Say their aggregate borrowings were "well within the norms"
Income velocity based on currency with the public went down from 0.93 in October to 0.84 in March says a report from SBI's economic research department
It is a Budget 'high on promises but low on design,' the agency said.
Analysts welcomed the better Q2 GDP readings of 4.8 per cent, which came in above their expectations, but warned that the planned expenditure cuts by the government will be the key thing to watch out going forward.
The Reserve Bank of India's latest data indicate that spending per card is rising steadily - something that consumers should worry about
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