The problems are being compounded by perceptions that India is ill suited to defend the currency in the near-term.
Equity benchmarks began the week on a downbeat note on Monday, weighed by heavy selling in market heavyweight Reliance Industries and persisting weakness in global bourses. The rupee plunged to its lifetime low against the US dollar amid unabated foreign fund outflows, underscoring the risk-off sentiment prevailing globally as central banks embark on policy tightening to tame soaring inflation. Slipping for the second straight session, the 30-share BSE Sensex shed 364.91 points or 0.67 per cent to close at 54,470.67.
Upgradation to the new product (from Infosys) will stabilise by this month-end
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The agency has kept its FY15 growth forecast unchanged at 5.6 per cent.
Foreign portfolio investors (FPIs) turned net buyers in October after being net sellers in the previous month. In October, FPIs bought shares worth nearly Rs 8,430 crore ($1 billion) against net selling of Rs 13,405 crore ($1.6 billion) in September. Positive flows during three of the previous four months have pushed the domestic markets towards fresh all-time highs. At present, the Sensex and Nifty are less than 2 per cent shy of breaching record highs logged in October 2021. A rally in equity markets in the US and Europe is in hopes that the Federal Reserve may go soft on rate hikes after its November meeting.
This is the first big move in the investigation of the British Virgin Islands list where the I-T department has found a significant amount of tax evasion.
Assume that the rupee will trend lower over the next 10 years as India increases overseas sovereign exposures, and your long-term asset allocation should be geared to deal with this trend, suggests Devangshu Datta
The need to allow government shareholding in public sector banks to come down below 51 per cent
India's new tax policy which makes it mandatory to disclose foreign is not so common in developed countries.
If the view is that rupee will depreciate, hedge your exposure by using forward cover
'The Indian economy is in slowdown and growth may stay slow,' notes Devangshu Datta.
If you are planning for a long-term goal like your child's education in a foreign university, invest about 20% of your portfolio in foreign assets that can provide a hedge against the rupee's depreciation.
India is poised to be the fastest-growing major economy in the world and an engine of global growth despite global headwinds, says leading industrialist and Aditya Birla Group Chairman Kumar Mangalam Birla. The economic activity in India has witnessed a sharp recovery to pre-pandemic levels on the back of a rapid and widespread rollout of the vaccination programme, Birla said in the latest annual report of UltraTech Cement Ltd. "A strong digital ecosystem, fiscal and monetary policy and various government schemes helped small and medium enterprises and the worst affected sections of the population to survive while reviving demand and bringing the economy back on track," said Birla while addressing UltraTech's shareholders.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
Equity benchmark Sensex rebounded 454 points on Thursday, boosted by gains in index heavyweight Reliance Industries amid a positive trend in global markets.
In this round, the market has won. But it is still for Gautam Adani to decide whether he has lost or not, argues Shekhar Gupta.
The RBI's comments, announced after trading hours on Wednesday, comes as yields had risen by 60 basis points after a surprise hike in the repo rate on Friday and on worries about the fiscal second borrowing programme of the government.
Rupee volatility could be dampened if it is steadily manoeuvered to levels consistent with inflation differentials, say Jaimini Bhagwati and Abheek Barua
The government has set seven per cent as the GDP target for this year.
'I believe the modified scheme is much more beneficial and simpler.'
The new norms provide an operational framework for FPIs, a new class of overseas investors that club all existing class of investors like foreign institutional investors and Qualified Foreign Investors.
Rajan, as expected, furthered his predecessors' agenda and continued with the same resolution to make India's financial system safer, and direct the economy towards further liberalisation
The ECB on Thursday cut its main refinancing rate to zero from 0.05 per cent.
Having a single point KYC that is automatically used across all financial and non-financial entities is a single piece of reform that should be an easy win to achieve, points out Harsh Roongta.
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
'If the third wave of Covid infections is as bad as the second one, the market may get very polarised with a preference for blue-chips with low volatility.'
The ministry seeks to make lending requirements flexible for banks financing key stalled projects.
The Reserve Bank of India on Friday raised the benchmark lending rate by 50 basis points to 5.40 per cent to tame inflation.
'The Ruble is now down 50 per cent and worth less than one American penny since Putin announced his war'
The rupee had hit a record low of 68.85 in August 2013.
The Prime Minister's visit to Japan reinforces the strategic focus of global partnership between India and Japan.
As it is a highly liquid asset, central banks can afford to look past its short-term volatility to longer-run average returns.
Govt proposes to introduce redeemable gold bonds.
He said despite efforts by the UN, the threat of terrorism is only growing and expanding, particularly in Asia and Africa.
While RBI may cut rates by 25 basis points in the February policy review, global monetary policies hold the key to much of the financial assets flow in 2017
The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
April policy could be all about RBI communication.
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While there are no definitive statistics available, the Tirupati Trust Foundation has well over 1,000 tonnes of gold.
It does feel like we are close to the end of the rupee's rally, says Jamal Mecklai.
