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The rupee moved in a narrow range in early trade on Friday, ahead of the RBI’s monetary policy announcement. Forex markets remained cautious amid expectations of a rate cut. The currency opened lower but recovered slightly against the US dollar.
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The RBI Governor’s remarks came at a media briefing on being asked if more interest rate cuts are in the offing
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“With massive 104 per cent tariffs on China expected to take effect today, markets are in turmoil and uncertainty is at its peak. The future of global trade and the broader economy amid this chaos is still unclear,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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Forex traders noted that even with a sharp decline in crude oil prices and a weakening US dollar, concerns over a potential global trade war continued to spark fears of an economic downturn, triggering foreign fund outflows and leaving stock markets in a state of shock.
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Prior to his promotion as ED, Indranil Bhattacharyya was serving as Adviser in the Monetary Policy Department of the RBI
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Purchases in banking and IT stocks contributed to the positive market trend. The 30-share BSE Sensex rose by 123.45 points, or 0.15%, to reach 81,758.26 in early trade. Meanwhile, the NSE increased by 39.65 points, or 0.16%, to 25,052.80.
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Most major central banks have shifted towards rate cuts, with the US Fed recently lowering rates by 50 basis points. Meanwhile, the RBI has kept its accommodative stance. The focus now turns to whether the central bank will transition from this accommodative position to a more neutral approach.
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Opens at 83.95 against the greenback, touches 83.89
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At the interbank foreign exchange, the rupee opened at 82.94 against the dollar, later reaching 82.90, marking a 6 paise gain from its last close.
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The RBI Governor also said that it is important for the monetary policy committee to keep track of price stability and act accordingly
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At the interbank foreign exchange, the domestic unit opened at 82.59, registering a decline of 7 paise over its last close.
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Benchmark Sensex and Nifty traded 0.3 per cent higher each at the time of writing this report.
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Confederation of Indian Industry President R Dinesh said the growth will be supported by strong domestic drivers and robust momentum in capital expenditure
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The 30-share BSE Sensex fell 165.16 points to 59,524.15 after a weak beginning. The broader NSE Nifty declined 45.5 points to 17,511.55.
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Growth data of domestic economy show optimism which will provide strong impetus too
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The meeting has been called under the provisions of Section 45ZN of the Reserve Bank of India (RBI) Act 1934, RBI said in a statement on Thursday.
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New Delhi: The three-day Reserve Bank of India’s monetary policy committee meeting commenced on Wednesday and it is highly likely the six-member panel will go for another interest rate hike to curb rising domestic inflation. In line with the global trend of monetary policy tightening to cool off inflation, the RBI has so far hiked […]
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Mumbai: The country’s monetary policy is, by design, financially inclusive and this strategy will result in policy effectiveness and welfare maximisation going ahead, Reserve Bank of India’s Deputy Governor Michael D Patra said on Friday. Financial inclusion appears to have gone up, with the level of the RBI’s financial inclusion index rising from 49.9 in […]
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This is the seventh time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained status quo.
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IndusInd Bank was the top gainer in the Sensex pack, rising around 3 per cent, followed by M&M, Maruti, Bharti Airtel, Sun Pharma and NTPC.