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EXCLUSIVE
WEAKENING RUPEE TO MAKE IMPORT OF CRUDE OIL, COMMODITIES EXPENSIVE, FUEL
INFLATION
The Indian rupee sliding to a historic low of 81.09 to a dollar will make import
of crude oil and other commodities expensive further fueling inflation which for
the past several months has remained above the Reserve Bank's upper tolerance
level of 6 per cent.
* PTI
* September 26, 2022, 07:59 IST
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The Indian rupee sliding to a historic low of 81.09 to a dollar will make import
of crude oil and other commodities expensive further fueling inflation which for
the past several months has remained above the Reserve Bank's upper tolerance
level of 6 per cent. The pressure on the domestic currency, which is mainly due
to repeated hikes in interest rate by the US Fed, is likely to continue with
rise in trade deficit and gradual withdrawal of funds by institutional
investors.
The Reserve Bank, which is scheduled to announce its bi-monthly monetary policy
later this week, is expected to increase the repo-rate or the short-term lending
rates by 50 basis points in a bid to tame inflationary pressure.
For a nation that is 85 per cent dependent on imports to meet its oil needs and
50 per cent for gas requirements, a weakening rupee has a bearing on domestic
price of fuel.
India's trade deficit more than doubled to USD 27.98 billion in August due to
increased crude oil imports. Import of 'petroleum, crude & products' stood at
USD 17.7 billion in August this year, an annual increase of 87.44 per cent.
India's forex kitty continued its southward journey, with the overall reserves
declining by USD 5.219 billion to USD 545.652 billion for the week ended
September 16. The reserves, which have been dipping as the central bank deploys
the kitty to defend the rupee amid pressure caused majorly by global
developments, had declined by USD 2.23 billion to USD 550.87 billion in the
previous week.
SBI in a report said global commodity prices have remained volatile after their
fall in June from historical highs. Prices edged up during late July - early
August, before moderating towards the end of the month, largely driven by
concerns over demand slowdown.
Crude oil prices are trading decisively below USD 100 per barrel with heightened
volatility due to expectations of an imminent slowdown in global demand, it
said.
"A depreciating INR will partly counteract the benefit of lower commodity prices
on inflation," said Aditi Nayar, Chief Economist, ICRA.
Solvent Extractors' Association of India Executive Director B V Mehta said the
cost of imported edible oils will go up. The country imports about 13 million
tonnes of edible oils every year. "Ultimately, this will be passed on to
consumers. However, the only silver lining is India's oilseed sector
exports...The rupee depreciation will boost export realisation and support
export," he said.
Imports of vegetable oils stood at USD 1.89 billion in August 2022, up 41.55 per
cent over the same month last year.
As per the SBI report, no central bank can prevent currency depreciation
currently and RBI may allow the rupee to depreciate for a limited period.
Foreign currency assets of RBI have declined by USD 75 billion since Ukraine
War, in order to protect the rupee, it said and added that this has led to
reduced import cover of nine months, which is at the lower end.
"This is also true that once the currency settles at a lower level, appreciation
of the currency picks up at a dramatic pace, that is a distinct possibility
given India's strong fundamentals," the report said.
Moreover, much of the weakness in rupee is on account of a strong dollar and not
because of our domestic economic fundamentals, it said.
Madan Sabnavis, Chief Economist, Bank of Baroda was of the opinion that the
RBI's Monetary Policy Committee (MPC) will have a unique issue to debate when it
meets next week for the monetary policy.
The recent downhill movement of the rupee following the Fed's announcement has
made the rupee one of the more unsatisfactory currencies based on the response
to the dollar strengthening in the global market, he said.
"This piece will also be actively discussed in the deliberations, as when
deciding on interest rates, the currency part of the story cannot be left out,"
he said.
Dilip Parmar, Research Analyst, HDFC Securities said Indian rupee marked the
biggest weekly decline after April 2021 amid a stronger dollar index and
risk-off moods.
"There seems to be no turning back for the dollar as it made a fresh two-decade
high and in turn pushed the rupee to a record low level," Parmar added.
The 38th meeting of the Monetary Policy Committee, constituted under the Reserve
Bank of India Act, will be held on September 28-30.
The rupee declined by 30 paise to close at a fresh lifetime low of 81.09 against
the US dollar on Friday, weighed down by a strong American currency overseas and
risk-off sentiment among investors.
At the interbank foreign exchange market, the local currency breached the
81-mark for the first time ever and slumped to 81.23 against the American
currency. It finally closed at 81.09. PTI NKD CS MR
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have already seen the adoption by all banks based on the JAM trinity. This
has led to an explosion in FinTechs working with banks, and a lot of that is
actually directed to how finance or credit can reach SMEs. So, we have
finally reached a point ready for takeoff,” said S Ramann, CMD, SIDBI at the
fourth edition of ETBFSI CXO Conclave 2022. Highlighting SIDBI's role of
being at the forefront with banks apart from just being a direct lender to
businesses Ramann said, "Our real hope as SIDBI is that we should be at the
forefront with the banks, helping them make this transition in whatever way
we can and that's what SIDBI's role is, apart from being a direct lender to
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EXCLUSIVE
GONE WITH THE LOAN: INDIAN ‘TRAVEL-PHILES' BANK BIG ON 'TRAVEL NOW, PAY LATER'
Be it a foreign or a domestic destination, leisure or adventurous getaways, TNPL
options available with leading travel agencies, including SOTC, Thomas Cook
India and MakeMy Trip (MMT), make it all within reach for India's growing tribe
of ‘travel-philes' busy ticking off their bucket lists. The trend has picked up
pace after the pandemic.
* PTI
Click Here to Read This Story
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Maldivian blues or Rajasthan's sand dunes? Keen on both, Rakesh Mandavaya had a
budget for none. That's when he learnt of the ‘travel now pay later' option
offered by banks and fintech companies. And the rest, as they say, is his
Maldives travel history he can't stop gushing about.
The 37-year-old, who managed a memorable holiday and that too a foreign one,
said his six-month interest free loan for Rs 1.5 lakh was approved in just a
day.
"Since my trip was an impromptu one, I didn't have enough time to plan it or
money to fund it. Then a friend told me about travel loans. The process was
super easy," the Delhi-based IT professional told PTI.
"I think the demand for such a loan category was always there. It is useful for
everyone, especially salaried employees. It will encourage people to see new
places and make holiday memories," he added.
The TNPL acronym for the ‘travel now pay later' trend has caught on, a variation
of the ‘buy now pay later' (BNPL) segment where customers buy products without
paying for them immediately.
Be it a foreign or a domestic destination, leisure or adventurous getaways, TNPL
options available with leading travel agencies, including SOTC, Thomas Cook
India and MakeMy Trip (MMT), make it all within reach for India's growing tribe
of ‘travel-philes' busy ticking off their bucket lists. The trend has picked up
pace after the pandemic.
"You walk into a leading electronics store to buy a refrigerator or a mobile.
You will see 10 options to pay over an EMI or pay for later programmes. But you
walk into a leading travel agency and you won't find any option available
whatsoever. This is what we fundamentally want to change," said Akash Dahiya,
founder of SanKash, a travel aggregator with a network of more than 6,000
merchants.
"We allow customers to pay for their travel or holiday over a period of time,"
Dahiya told PTI.
Like any other EMI scheme, TNPL travellers take loans to book their tickets and
hotel expenses and pay it back in installments later over several months.
Aspiring travellers are provided short-term credit by partner NBFCs and banks
through an underwriting platform that evaluates the customer's creditworthiness
using data science models.
Loans are available on online travel aggregators -- which have both travel
merchants and fintech partners on their platforms -- or travel agencies that
either have tied up with banks, fintech companies, or offer credit through their
own fintech arms.
With the world opening up after more than two years of Covid and thousands of
‘revenge travellers' on the move, business is soaring.
SOTC, one of India's leading tour operators, has witnessed a 7X surge in queries
among customers opting for travel now, pay later, said Daniel D'Souza, president
and country head, Holidays, SOTC Travel.
"We have received over 1,000 requests and have already processed over 325
applications from March-April to June this year,“ he said.
SanKash is reporting a similar boom.
It is currently processing loan applications worth about Rs 15 crore each month
-- a huge increase from the Rs 1 crore to Rs 2 crore in the pre-Covid era.
Business, said Dahiya, has registered a strong "30 per cent" month-on-month
growth.
Similarly, TripMoney, the fintech arm of travel aggregator MMT, that powers its
BNPL offering has seen a "4X growth" within the segment.
"Today, travellers actively consider and opt for the BNPL payment method for
flights, train, and hotel bookings, and for all travel purposes including
leisure and pilgrimage. We expect that BNPL as a category will grow in the
future as it offers convenience and flexibility for travellers," said a
spokesperson from MMT.
While the BNPL facility of MMT charges no extra cost for up to a tenure of three
months, SOTC levies about "one per cent monthly" interest to those repaying the
loan after six months.
The average transaction size for an international travel loan and domestic
travel loan are Rs 1.5 lakh and Rs 70,000, respectively, according to data given
by different travel aggregators.
About 60-70 per cent of the total travel loans demand comes from young working
professionals opting for international travel destinations such as Maldives and
Mauritius and South East Asian destinations, including Singapore, Thailand and
Malaysia.
"Travel is one commodity that has blown out of proportion after COVID-19. It can
no longer be neglected by banks and non-banking financial companies (NBFCs)...
This single category is huge enough to have a full-fledged vertical around it,
similar to other consumer durables such as two-wheelers or three-wheelers," said
Dahiya, betting big on the growing appetite of Indian travellers.
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EXCLUSIVE
GST COLLECTIONS UP 26 PC TO OVER RS 1.47 LAKH CRORE IN SEPTEMBER
* PTI
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New Delhi, GST collections in September rose 26 per cent to over Rs 1.47 lakh
crore, the finance ministry said on Saturday. Goods and Services Tax (GST)
mop-up has been over Rs 1.40 lakh crore for seven months in a row.
The gross GST revenue collected in the month of September 2022 is Rs 1,47,686
crore, of which Central GST is Rs 25,271 crore, State GST is Rs 31,813 crore,
Integrated GST is Rs 80,464 crore (including Rs 41,215 crore collected on import
of goods) and Cess is Rs 10,137 crore (including Rs 856 crore collected on
import of goods), the ministry said in a statement. PTI JD HVA
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EXCLUSIVE
FISCAL DEFICIT FOR APRIL-AUGUST AT 32.6% OF FULL-YEAR ESTIMATE
The government's fiscal deficit at the end of August was 32.6% of the full year
estimate, in line with 31.1% deficit last year during the same period. In
absolute terms the fiscal deficit for April-August was ₹5.41 lakh crore.
* ET Bureau
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The Centre's fiscal situation remained comfortable, with robust tax revenues
taking care of the additional expenditure on account of increased subsidy
payouts, data released on Friday showed.
The government's fiscal deficit at the end of August was 32.6% of the full year
estimate, in line with 31.1% deficit last year during the same period. In
absolute terms the fiscal deficit for April-August was ₹5.41 lakh crore.
The Centre Thursday cut its market borrowing for FY23 by ₹10,000 crore despite a
three-month extension to the free food grain scheme, which will cost the
exchequer an additional ₹44,762 crore, indicating a comfortable fiscal
situation.
The fiscal deficit, the gap between revenues and spending, is met with
borrowing. The Centre has pegged its fiscal deficit for FY23 at ₹16.6 lakh
crore, or 6.4% of GDP.
As per the data released by the Controller General of Accounts (CGA), the
government's total receipts, including taxes, stood at ₹8.48 lakh crore, or 37.2
% of the FY23 estimates, a growth of 12.8%.
The April-August tax revenue was ₹7 lakh crore or 36.2% of this year's budget
estimate. Non-tax revenue contracted 21% in this period from a year earlier. "As
a result, financing additional expenditure due to three-months extension of
PMGKAY, increased fertiliser subsidy or any other unforeseen expenditure is
unlikely to destabilise budgetary fiscal arithmetic," said Sunil Kumar Sinha and
Paras Jasrai of India Ratings in a note.
Rating agency ICRA said given the high subsidy bill and lower excise duty
collection, there are several upside risks to the deficit target.
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EXCLUSIVE
HOW EMBEDDED FINANCE IS SET TO SPUR FINANCIAL INCLUSION
Embedded finance is projected to be a $7 trillion opportunity in the next ten
years as the number of financial products and services available to consumers
expands rapidly, ushering in an age of greater financial inclusion.
* ETBFSI Research
* ETBFSI
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Embedded finance, or banking-like services offered by non-banks, now looks set
to transform industries, creating an opportunity for fintechs, banks and lenders
to create more tools and resources for financial inclusion.
More and more nonbank companies are offering financial services, such as bank
accounts or wallets, payments, and lending. The companies’ embrace of embedded
finance aims to retain customers and increase their so-called lifetime value.
These companies with access to the customers' data can offer bite-sized,
tailor-made products to suit the needs of the masses, such as contextual
insurance offered by travel firms.
Interest in embedded finance is so great that its global market value is
expected to reach over $7 trillion in the next ten years. By comparison, this is
close to double the existing market value of the world’s 30 largest banks.
Overall, embedded finance presents many opportunities for both businesses and
consumers alike. At the forefront of these is its offer of greater financial
inclusion. As the number of products launched from companies traditionally
outside the financial sector grows by virtue of their different target markets,
so too does the reach of financial services to the masses.
What is embedded finance ?
Embedded Finance is a concept through which any non-financial organisation of
varying complexity and digital maturity (individuals, startups, fintechs,
digital businesses, or large enterprises) can offer financial services (cards,
accounts, insurance, loans, investments) to its customers with the help of an
embedded finance platform.
Earlier, for a non-financial organisation to offer financial services, it would
require significant investment to build the necessary technical infrastructure
and a larger time/effort investment to obtain the necessary licences from
authorities. Embedded Finance platforms would allow organisations to bypass both
steps by providing a ‘plug-and-play’ functionality using API stacks for larger
organisations and easier-to-use no-code/low code stacks for individuals. These
platforms form strong partnerships with leading banks and insurers, enabling the
provision of financial services.
Car firms selling insurance at checkout page, YouTube allowing users to shop for
a product on a live stream and Google letting Map users book and pay for parking
spaces directly from the app are some of the examples of embedded finance.
Embedded finance and financial inclusion
Embedded finance allows brands to integrate financial services into their
existing platforms and applications, streamlining the customer journey and
presenting a fertile revenue opportunity which places UX at the heart of its
design. Such innovation was born from the advanced capabilities of
fintech-designed APIs.
The presence of embedded finance is already widely felt – online marketplaces
and lending services are but a couple of the sectors already offering these
services. Embedded finance is set to become an ever more present part of our
lives; understanding the factors driving this propulsion as well as its
consequences will be key to taking full advantage of its opportunities.
The wider implication of non-financial brands launching their own financial
services is that the number of financial products and services available to
consumers is set to undergo rapid expansion. More importantly, these products
and services will be originating from a much more diverse set of companies,
covering different market segments and different customer needs. Consequently,
financial products are set to become much more varied – their design inspired by
the needs of a wider section of society and new communities – ushering in an age
of greater financial inclusion.
However, the key to creating successful embedded finance products lies in the
effective use of data (enabled by open banking) – identifying customer pain
points and the types of products that will enhance spending power without the
risk of insurmountable debt. Integral to this success is robust and transparent
data management; only then will the consumer be confident that the use of their
data is still serving them.
It’s also a good reason for incumbents to partner with fintech startups to
accelerate initiatives that offer more support to the underserved and
underbanked. Banks and financial businesses can save money, resources, and time
by leveraging non-financial companies and their infrastructures to offer their
financial tools.
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EXCLUSIVE
INDIA'S APRIL-AUGUST FISCAL DEFICIT AT $66.56 BILLION
In February, while presenting the annual budget, Finance Minister Nirmala
Sitharaman set the fiscal deficit target at 6.4% of GDP for 2022/23 starting
April, compared to 6.7% in the previous fiscal year.
* ET Online
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India's fiscal deficit for the first five months of the current fiscal touched
Rs 5.42 lakh crore or 32.6% of annual estimates, government data showed on
Friday.
Net tax receipts rose to about Rs 7 lakh crore while total expenditure was Rs
13.9 lakh crore.
In February, while presenting the annual budget, Finance Minister Nirmala
Sitharaman set the fiscal deficit target at 6.4% of GDP for 2022/23 starting
April, compared to 6.7% in the previous fiscal year.
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EXCLUSIVE
SENSEX, NIFTY REBOUND AFTER 7-DAY FALL; SURGE NEARLY 2% POST RBI RATE HIKE
Equity indices snapped 7-day losing streak as markets cheered Reserve Bank of
India's (RBI) rate hike decision. The 30-share BSE benchmark jumped 1,016.96
points or 1.80 per cent to settle at 57,426.92. During the day, it rallied
1,312.67 points or 2.32 per cent to 57,722.63.
* TIMESOFINDIA.COM
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NEW DELHI: Equity indices snapped 7-day losing streak as markets cheered Reserve
Bank of India's (RBI) rate hike decision.
The 30-share BSE benchmark jumped 1,016.96 points or 1.80 per cent to settle at
57,426.92. During the day, it rallied 1,312.67 points or 2.32 per cent to
57,722.63.
Similarly, the broader NSE Nifty climbed 276.25 points or 1.64 per cent to end
at 17,094.35.
Among the 30-share Sensex pack, Bharti Airtel, IndusInd Bank, Bajaj Finance,
Titan, Kotak Mahindra Bank, HDFC Bank, and Tata Steel were among the major
gainers.
However, Dr Reddy's, Asian Paints, ITC and Hindustan Unilever were the laggards.
Here are the top reasons for market surge:
* RBI policy decision
The RBI on Friday raised the benchmark lending rate by 50 basis points to 5.90
per cent in a bid to check inflation, which has remained above its tolerance
level for the past 8 months.
In all, RBI has raised the benchmark rate by 1.90 per cent since May this year.
"The 50 bps rate hike by the RBI in today's meeting was in line with
expectations. The key highlights were the resilience shown by the Indian economy
considering the turbulent global environment and concerns emanating from global
growth slowdown and hawkish stances of various central banks," Santosh Meena,
Head of Research at Swastika Investmart told PTI.
* Banking sector leads market gains
The rate sensitive Nifty bank index rose 2.6 per cent, while the financials
gained 2.2 per cent and metals added 2.2 per cent.
HDFC Bank surged 2.93 per cent to Rs 1422.40. Kotak Bank jumped 3.22 per cent to
Rs 1821.25. ICICI Bank soared 2.22 per cent to Rs 862.80. State Bank of India
closed 1.74 per cent higher at Rs 531.05.
"The banking sector is going to do well fundamentally on its own. Their credit
growth is strong ... If there is sufficient liquidity then the banks will not
have to aggressively raise deposit rates, which means they can see a margin
expansion in the near term," Dhame said.
* Rate hike on expected lines
The Reserve Bank's decision to hike the interest rate by half a percentage point
on Friday was on expected lines and another increase by 50-60 basis points is
likely this fiscal due to sticky inflation, analysts quoted by PTI said.
"Going forward, we expect inflation worries to continue from a seasonal food
price shock and demand conditions gathering momentum...Our terminal repo
forecast stands at 6.5 per cent, thus a rate hike of another 50-60 bps in the
current cycle seems feasible," Dipanwita Mazumdar, an economist with Bank of
Baroda said in a report.
Sakshi Gupta, Principal Economist, HDFC Bank, said the RBI raised the policy
rate by 50 bps as expected, aligning itself to aggressive monetary tightening
globally.
Moreover, the rate move was in response to continued domestic inflationary risks
and growth that broadly continues to hold up, she said.
* Global market sentiments
European stock markets climbed Friday but the pound and euro fell as traders
assessed mixed growth and inflation data.
The pound jumped on revised figures showing the UK economy had avoided recession
-- but it swiftly fell back on expectations of an eventual downturn owing to
sky-high inflation.
In the eurozone, consumer prices rocketed a record 10 per cent in September on
soaring energy prices caused by Russia's war on Ukraine, separate official data
showed.
In the United States, Federal Reserve officials have again reiterated their
intention to ramp up rates until they have tamed inflation, even if that means
plunging the world's top economy into recession.
(With inputs from agencies)
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EXCLUSIVE
INDIA'S FOREX RESERVES DROP MOST AMONG EM PEERS, BUT THE RUPEE FALL IS SMALLER
India's forex reserves have fallen 13 per cent this year, but the rupee fall is
8.9 per cent, much smaller than other EM currencies. While economists see
reserves falling by $23 billion more till December, RBI has said strong external
indicators impart lower vulnerability.
* ETBFSI Research
* ETBFSI
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While the Reserve Bank of India (RBI) has assured that the country's forex
umbrella is strong, the foreign exchange reserves are likely to drop further,
falling to their lowest level in more than two years by end-2022.
The reserves are forecast to fall another $23 billion to $523 billion by the end
of this year, according to a poll of economists by Reuters. If it happens, it
would be at the rate last seen during the global financial crisis of 2008, when
they fell by more than 20 per cent.
It has already burnt reserves at a much quicker pace than during the
taper-tantrum period in 2013 when the US Federal Reserve suddenly cut government
bond purchases.
Comparison to EM peers
While the RBI said that India’s foreign exchange reserve at $537.5 billion as on
September 23, 2022, compares favourably with most peer economies, the fall has
been precipitous for India.
Since the beginning of 2022, India's reserves have fallen 13.88 per cent from
$633.6 billion to $545.6 billion, according to a report.
After India, Russia's forex reserves fell over 10 per cent, followed by
Indonesia's 9.19 per cent. On the other hand, Taiwan's foreign reserves fell the
least, only 0.53 per cent.
Also read: Most fall in forex reserves due to valuation changes, says RBI
governor
However, the fall in the Indian currency against the US was limited than other
EM units. Against a US dollar, the rupee fell 8.9 per cent, while South Korea's
won dropped highest at 16.37 per cent, followed by Thailand and Taiwan
currencies at 12.5 per cent, the report added.
The only currencies that have gained value against the dollar are the Russian
ruble, Brazilian real and Mexican peso.
The rupee was in better stead till mid-September, falling only 6.9 per cent,
which gained descent after the US Federal Reserve indicated aggressive rate
hikes.
What the RBI says
The Reserve Bank of India (RBI) has contended that the decline in reserves is
due to valuation changes arising from an appreciating US dollar and higher US
bond yields and said the forex umbrella remained strong.
"India’s foreign exchange reserve at $537.5 billion as on September 23, 2022,
compares favourably with most peer economies. About 67 per cent of the decline
in reserves during the current financial year is due to valuation changes
arising from an appreciating US dollar and higher US bond yields, RBI governor
Shaktikanta Das said in his monetary policy statement.
There was an accretion of $4.6 billion to the foreign exchange reserves on
balance of payments (BOP) basis during the first quarter, he said.
India’s other external indicators — external debt to GDP ratio; net
international investment position to GDP ratio; ratio of short-term debt to
reserves; and debt service ratio — also indicate lower vulnerability as compared
with most other major emerging market economies. "In fact, India’s external debt
to GDP ratio is the lowest among major EMEs. In the final analysis, we remain
confident of meeting our external financing requirements comfortably," he said.
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EXCLUSIVE
SEBI FRAMES RULES FOR FPIS TO TRADE IN COMMODITY DERIVATIVES
FPIs belonging to categories such as individuals, family offices and corporates
will be allowed a position limit of 20% of the client level position limit in a
particular commodity derivative contract, Sebi said.
* ET Bureau
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The Securities and Exchange Board of India (Sebi) on Thursday came out with the
framework for foreign investors to participate in exchange-traded commodity
derivatives.
The regulator said foreign portfolio investors (FPIs) will be allowed only in
cash-settled non-agricultural commodity derivative contracts and indices.
FPIs other than individuals, family offices and corporates may participate in
commodity derivatives products as 'clients' and would be subject to rules and
position limits.
FPIs belonging to categories such as individuals, family offices and corporates
will be allowed a position limit of 20% of the client level position limit in a
particular commodity derivative contract, Sebi said.
The new rule for FPIs would come into effect immediately.
Sebi has also discontinued the route for eligible foreign entities in
exchange-traded commodity derivatives because of their non-participation.
In October 2018, the capital market regulatorallowed foreign entities having
actual exposure to Indian commodity markets, to participate in the commodity
derivative segment of stock exchanges for primarily hedging their exposure.
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EXCLUSIVE
RBI HIKES REPO RATE BY 50 BPS TO 5.90%; SENSEX SURGES 550 POINTS
Benchmark indices rebounded following the announcement. The Sensex rebounded
nearly 550 points from the day’s low, but soon turned highly volatile, gyrating
in the 300-point range.
* Vidya Sreedhar
* ETMarkets.com
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MUMBAI: The Reserve Bank of India’s Monetary Policy Committee on Friday raised
the repo rate by 50 basis points to 5.9% following the conclusion of its
three-day meeting. The central bank also retained its stance on remaining
focussed on withdrawal of accommodation. The decision was in line with the
Street’s expectations.
Benchmark indices rebounded following the announcement. The Sensex rallied
nearly 550 points to 56,920 levels while Nifty50 was trading above the 16,900
mark, up 146 points.
The central bank has, for the third consecutive time, raised the repo rate by 50
bps. Most economists and market experts had expected the central bank to
front-load rate hikes in a bid to control inflation.
Inflation trajectory remains clouded in the backdrop of geopolitical tensions.
Consumer inflation in India has remained above the RBI's tolerance target band
of 2-6% since January. In August, consumer price inflation rose to 7.0% from a
five-month low of 6.7% a month ago.
"The dominant theme in economic and market discussions these days is India’s
resilience and outperformance in a weakening global economy and bearish equity
markets. The RBI governor’s comments today is a reaffirmation of this ‘India
resilient’ theme. It was this positive commentary on India’s growth impulses and
projection of 7% GDP growth with 6.7% inflation for FY 23 that has come as a
positive even while the policy announcements relating to rates were on totally
expected lines," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit
Financial Services.
The governor's confident statement that CAD can be financed comfortably even
with crude at $100 for the rest of the year is reassuring, he said, adding that
in brief the positive commentary is market positive.
The rupee was rangebound at 81.6 against the dollar.
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EXCLUSIVE
BRITISH POUND NOSEDIVES IN ASIA TRADING AS BANK OF ENGLAND JUMPS IN TO SAVE THE
DAY
Doubts on the effectiveness of the British government’s recent taxation
initiatives surfaced again as the pound dropped 0.8% to below $1.08 in Asian
trading on Thursday, September 29.
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Pound crashed again on Thursday to $1.08 after a brief recovery (it's strongest
since the middle of June) on Wednesday following a specific intervention of the
Bank of England. Pound tumbled by 4% on Monday to reach an exchange value of
$1.032, the lowest ever against the US dollar.
Are the tax-cuts responsible?British Pound continues to struggle in currency
exchange against the US dollar, and investors are deeply annoyed with the
government's tax-cut plans funded by borrowings. Interim fiscal measures, like
the emergency and temporary purchase of bonds by the Bank of England did not
bring a lasting result.
Financial strategists still believe that the currency market is continuing its
adverse reaction to lowering the taxes in the mini-budget announced by the
chancellor, Kwasi Kwarteng. The tax cuts, Britain's most extensive in half a
century, will see a massive increase in the level of borrowings.
Is the British economy staring at a major crisis?Prime Minister Liz Truss has
defended the government's latest fiscal measures. Amidst criticism of being away
from the public eye, the Prime Minister is scheduled for a series of radio
interviews on Thursday. However, analysts believe that the government is yet to
establish the credibility of the (mini) budgetary plans.
FAQs
1. What is the after-effect of a fall in the pound’s value?
In the era of global trade, a lower currency value will increase the cost of all
imported products/services.
2. What is the lowest value of the pound so far against the dollar?
The lowest was $1.0327 on Monday, September 26.
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