Market News
Stay updated with the latest market trends, earnings, and economic indicators.
Power finance cos turn to global markets for cheaper funds
Indian power and renewable energy firms are looking abroad for loans. The Reserve Bank of India's new dollar-rupee swap facility has made foreign currency borrowing cheaper. Companies like REC and PFC are planning to raise significant funds through external commercial borrowings. This move is expected to lower borrowing costs for these public sector undertakings.
INR pares initial losses and settles largely unchanged
The Indian rupee was largely flat and settled almost unchanged at Rs 95.43 per dollar, down just 2 paise on Wednesday, amid likely intervention from the Reserve Bank of India (RBI) to curb excessive volatility and prevent a further slide in the domestic unit. Rupee pared its initial losses as crude oil prices and the US dollar index retreated from their elevated levels. Indian shares gave up early gains to end little changed on Wednesday as investors weighed rising U.S.-Iran tensions and awaited key U.S. inflation data later in the day for fresh insights into market expectations for future interest rates in the face of rising energy-driven inflation risks. The BSE Sensex ended the day at 73,983.18, up by 64.42 points (0.09%), while the NSE Nifty 50 settled at 23,214.95, slipping by 27.15 points (-0.12%).
Short-term bond yields hit three-month low on RBI dollar measures
On Friday, the Reserve Bank of India unveiled steps to attract dollar inflows, including fully subsidising hedging costs on foreign currency deposits raised from non-resident Indians
Banks pay 7% on dollar deposits as India seeks fresh foreign currency
Indian banks are significantly increasing rates on foreign-currency deposits to attract overseas residents, testing the central bank's new measures to boost capital inflows and support the rupee. This strategy aims to strengthen the currency amidst high oil prices and intense domestic deposit competition.
Gold crashes to 11-week low, but experts still see upside: Is this a buying opportunity or a warning sign?
Gold prices have dropped to an 11-week low, pressured by reassessed US interest rates and a stronger dollar. Despite the decline, analysts maintain a positive long-term outlook due to central-bank demand and potential easing of inflation, suggesting the recent dip could be a buying opportunity.
RBI introduces US dollar-rupee forex swap facility for fresh FCNR deposits
The Reserve Bank introduced a US dollar-rupee forex swap facility for fresh FCNR (B) deposits mobilised by banks for a minimum tenor of three years and a maximum of five years to attract foreign capital. Foreign Currency Non-Resident (Bank) deposits are foreign currency term deposits maintained by non-resident Indians (NRIs). The swap facility will be available to the AD Category I banks for fresh FCNR(B) deposits mobilized in any freely convertible currency, including deposits that are renewed upon maturity, for a minimum tenor of three years and maximum tenor of five years. However, the swap facility with RBI will be available in US Dollars only, RBI stated. Under the swap arrangement, a bank can sell US Dollars in multiples of USD one million to the RBI and simultaneously agree to buy the same amount of US dollars at the end of the swap period, the central bank circular said.
RBI opens a dollar swap window to help hedge foreign borrowings
The Reserve Bank of India is introducing a dollar-rupee swap facility for banks. This move aims to help state-run firms and lenders hedge their foreign currency borrowings. The facility will be available at a fixed cost of 1.5% per annum. This initiative is expected to encourage significant inflows into the FCNR-B window.
RBI launches forex swap facility for PSU ECBs, bank foreign borrowings
The RBI has introduced a special forex swap facility for PSU overseas borrowings and banks' foreign currency funding, seeking to boost dollar inflows as higher oil prices, rupee weakness and global uncertainty weigh on external balances.
India banks could raise $35-$40 billion via RBI's foreign currency deposit scheme, PNB CEO Ashok Chandra says
Indian banks anticipate raising up to $40 billion through foreign currency deposits. The Reserve Bank of India is backing a new scheme to attract dollar inflows. This initiative aims to strengthen the rupee. Banks will offer attractive interest rates to overseas customers. Punjab National Bank plans to raise $3 billion itself.
7 most valued firms' mcap eroded ₹1.25 trn last week, RIL took biggest hit
The combined market valuation of seven of the top-10 most-valued firms eroded by Rs 1.25 lakh crore last week, with Reliance Industries taking the biggest hit, in-line with a bearish trend in equities. Last week, the BSE benchmark Sensex declined 532.4 points, or 0.71 per cent, and the NSE Nifty dipped 181.05 points, or 0.76 per cent. "Persistent FII selling remained the key drag on market sentiment despite supportive developments such as cooling crude oil prices and a recovery in the rupee against the US dollar. Concerns regarding the pace of monsoon advancement also weighed on investor confidence," Santosh Meena, Head of Research at Swastika Investmart Ltd, said. From the top-10 pack, Reliance Industries, Bharti Airtel, Tata Consultancy Services (TCS), Bajaj Finance, Larsen & Toubro, Life Insurance Corporation of India (LIC) and Hindustan Unilever faced erosion from their valuation, while HDFC Bank, ICICI Bank, and State Bank of India were the gainers. The market valuation of ...
Free flow of FCNR(B) money: RBI to bear hedging costs on NRI FX deposits, easing banks’ overseas funding
The Reserve Bank of India is now covering all hedging costs for banks raising foreign currency deposits. This move aims to make these deposits more attractive to overseas depositors. Banks expect to offer higher interest rates, potentially up to 100 basis points. This initiative seeks to increase dollar inflows through banking channels and revive interest in FCNR(B) deposits.
INR appreciates under Rs 95 per dollar after RBI announces measures to support foreign capital inflows and strengthen forex liquidity
The Indian rupee appreciated 81 paise to close at 94.93 (provisional) against the US dollar on Friday after the Reserve Bank announced measures to support foreign capital inflows and strengthen forex liquidity. The announcements in the RBI policy boosted investor sentiments after the apex bank asserted that the country's forex reserves provide a sufficient buffer against external shocks. The Reserve Bank on Friday expectedly kept interest rates unchanged for the second time in a row as it weighed the impact of rising energy prices and supply disruptions caused by the West Asia crisis. The RBI kept its repo rate Steady at 5.25% amid uncertainty owing to US-Iran War. However, it expanded the Fully Accessible Route, or FAR, to include all new 15-year, 30-year and 40-year government security issuances. Due to this, the foreign investors will get wider access to longer-tenor Indian government bonds. This also opens up more room to invest in Indias bond market. The central bank has also ...