The Rupee trades sideways and closed flat on Friday as doubts over economic recovery in the US and prospects of low interest rates until 2023 weakened the greenback globally in overnight trade. Further, the expectation of foreign fund inflows for investment into Indian companies may also lift the rupee through the day, dealers said. Earlier today, Blackstone reportedly sold its stake in Essel Propack Ltd through block trades, which is likely to have fetched the investor as much as $251 mln. The Federal Open Market Committee warned about risks to economic growth without a much-needed additional fiscal stimulus amid the pandemic. In a post-policy news conference, US Federal Reserve Chair Jerome Powell reiterated that the economic downturn from the pandemic is "the most severe in our lifetime." Comments from the World Health Organization's regional director for Europe on Thursday, that a "very serious (COVID-19) situation" was unfolding in Europe, weighed on investors' sentiment.......
Asian indices were lower today tracking weakness in the US equities overnight due to concerns over the Asian share indices rose today as central banks, the world over, adopted a 'whatever it takes approach' to support economic recovery. On Thursday, the UK central bank left its policy rate unchanged at 0.1% and maintained the existing asset purchase programme. It said the central bank will continue to monitor the economic situation closely, and accordingly make monetary policy adjustments. The Bank of England also said it was considering negative interest rates as the UK economy faces rising coronavirus cases, higher unemployment, and a possible all new Brexit shock. Separately, the Bank of Japan kept its short-term interest rate target at -0.1% and said the inflation patterns, along with job growth, will direct its policy going forward, indicating the central bank's willingness to raise stimulus if job losses increase the risk of deflation. Bank of Japan Governor Haruhiko Kuroda said the central bank will work closely with the administration under new Prime Minister Yoshihide Suga to protect the economy, which may include further loosening of its policy.......