Already a member Login
USDINR closed at 61.92 against its open at 61.89.
The Sensex ended 0.46 percent higher, still 0.85 percent away from its all-time high of 29,844.16 hit on Jan. 30.
Two key officials in the Finance Ministry said the case for easing of interest rates by the Reserve Bank of India (RBI) had strengthened with inflation slowing and the focus staying on fiscal consolidation.
Indian rupee forwards dropped the most in a month after the government raised the fiscal-deficit estimate in its federal budget on Saturday.
The People’s Bank of China lowered the one-year deposit rate by 25 basis points to 2.5 percent and the one-year lending rate to 5.35 percent, effective March 1.
Indian manufacturing activity expanded at its slowest pace in five months in February as a slowdown in new orders dragged on overall output, a business survey showed on Monday.
Budget "credit neutral", will monitor whether the government can fulfill its pledge to meet its fiscal deficit by boosting economic growth.
Indian stocks rose to a one-month high, rupee forwards weakened and bonds dropped after the government raised its fiscal-deficit estimate for next year in Saturday’s budget to boost funding for infrastructure.
The government and Reserve Bank of India have signed a monetary policy framework deal that will set a central target for consumer price inflation of 4 percent for the 2016/17 fiscal year.
Prime minister Narendra Modi appears to have passed a major test with a budget that pleased economists and investors with pledges to spend more on modernising India's ageing roads and railways while keeping borrowing in check.
India slashed its Iranian oil imports in February to a 1-1/2-year low to keep annual volumes from Tehran near the previous fiscal year's levels and within the limits allowed under a deal aimed at curtailing the OPEC nation's nuclear programme.
The tide of global stimulus is swelling as China cut interest rates and India launched an expansionary budget over the weekend, even as a mixed bag of manufacturing surveys underlined the challenges facing the region.
The new budget is unlikely to have an impact on India's sovereign credit given the absence of meaningful fiscal reform, credit-rating firms said on Monday.
The Reserve Bank of Australia said further interest rate cuts could be needed to bolster growth after it unexpectedly left its benchmark unchanged.
India's economy needs to reach an annual growth rate of 9 percent to 10 percent and then sustain that activity "many, many more years than 10 years" in order to improve infrastructure and bring down rampant poverty.
In a report, the Institute for Supply Management said its index of purchasing managers fell to 52.9 last month from a reading of 53.5 in January.
In India, meanwhile, markets reacted to surprising news that the government of Prime Minister Narendra Modi will keep the nation's tax rate for gold imports constant, in spite of speculation for months that the government could cut the import duty.
Fed may be prompted to hike rates as early as June as stronger consumption expenditure indicated that inflation would be on track towards the 2% goal of the Central Bank.
Australia’s dollar surged more than 0.6 percent in the minute before the central bank unexpectedly refrained from cutting interest rates, spurring speculation the decision had been released early.
Reserve Bank of India Governor Raghuram Rajan said the central bank could not afford to cut interest rates to reduce foreign flows into the country because of high inflation.
India has widened an investigation into leaks of confidential documents from its oil ministry to include the defence ministry, raising fears that other secrets vital to national security may have fallen into the wrong hands.
UNION BUDGET 2015-16
Register for 4 days Free Trial
(State your Login preference)
Are You An
Mention Your Average Forex TurnOver
Less than 10 crores
More than 100 crores
Major Currencies you will have Transacting
Do you have Foreign Currency Loan Exposure
How Did you know about Us
If you got our reference from an Existing Member, please mention name
I agree to the terms & Conditions of the trial Provided
Trial is a One time facility.
The Information Provided must be True & Accurate.
Any misrepresentation of Information is liable for legal action.
EforexIndia holds the right to terminate any trial at any point of time without prior Notice.
2000-2014 © eforexindia.com Private Limited | Powered by: