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☆ India's festival season to bring some cheer to economy, say economists
▼ + stars: | 2023-10-26 | by ( Milounee Purohit | ) www.reuters.com time to read: +3 min

Nearly 75% of economists, 25 of 33, said spending during this year's festival season, which lasts from October through December, will be higher compared to last year. Among those, 21 said slightly higher and four said significantly higher. "From a year-on-year growth rate perspective, it may not be a substantial upside so to speak." Economists generally agree India needs an even higher growth rate to generate enough jobs for millions of young people who enter the workforce every year. When asked what was India's potential economic growth rate over the next 2-3 years, economists returned a median range of 6.0%-7.0%.

Persons: Anushree, Dhiraj Nim, Alexandra Hermann, Milounee Purohit, Anant Chandak, Susobhan Sarkar, Veronica Khongwir, Hari Kishan, Ross Finley, Sharon Singleton Organizations: REUTERS, Rights, Reuters, Reserve Bank of, ANZ Research, Oxford Economics, Thomson Locations: Delhi, India, Reserve Bank of India

Savings accounts are low interest rate-bearing deposits offered by Indian banks, forming a third of their total deposits. Public sector banks offer interest rates between 2.70% to 4% on savings deposits, while large private banks offer rates between 3% to 4.50%. Savings deposits rate of banks vs RBI's repo rateThe RBI has been nudging banks at meetings to raise savings deposit rates and may need to push them again if required, the same source said. The RBI said in its monetary policy report that while the increase in term deposit rates in the current tightening cycle has exceeded that in lending rates, savings deposit rates have remained almost unchanged. Yes Bank (YESB.NS), Kotak Mahindra Bank (KTKM.NS) and IndusInd Bank (INBK.NS) are among lenders that have recently said they have no plans to raise savings deposit rates.

Persons: Anushree, Siddhi Nayak, Swati Bhat, Nivedita Organizations: Reserve Bank of India, REUTERS, Rights, Savings, Reuters, Yes Bank, Kotak Mahindra Bank, IndusInd Bank, Siddhi, Thomson Locations: New Delhi, India, Rights MUMBAI

☆ Rupee rises on oil pullback; dollar liquidity remains inadequate
▼ + stars: | 2023-10-25 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas/File photo Acquire Licensing RightsMUMBAI, Oct 25 (Reuters) - The Indian rupee rose marginally on Wednesday, helped by retreating oil prices and U.S Treasury yields, while the dollar/rupee cash swap rate indicated that dollar liquidity was less than sufficient. The rupee was at 83.1500 to the U.S. dollar at 11:53 a.m. IST, up from its previous close of 83.1925 but slightly below its open at 83.0650. Meanwhile, USD/INR swap rate for today over tomorrow was at 0.15 paisa following the expiry of the Reserve Bank of India's $5 billion swap on Monday. At 0.15 paisa, the imputed rupee lending rate for raising dollars is 6%, which is 80 basis points below the rupee call rate.

Persons: Francis Mascarenhas, Brent, Morgan Stanley, Nimesh Vora, Varun Organizations: REUTERS, Rights, Treasury, U.S, Reserve Bank, India's, Thomson Locations: Mumbai, India, Rights MUMBAI, Asia, U.S

☆ Rupee may drop on weak risk, eyes fallout of RBI's swap maturity
▼ + stars: | 2023-10-23 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. Non-deliverable forwards (NDFs) indicate the rupee will open at around 83.16-83.18 to the U.S. dollar, compared with 83.1225 in the previous session. The rupee on Friday managed a small relief rally on aggressive intervention by the RBI in NDFs and spot. Its looks like the intervention "will not prove too sticky" and the rupee "will be back under pressure", a forex trader at a bank said. The RBI's swap maturity has promoted concerns about a dollar crunch and the central bank, like last week, may once again be a provider of dollars, according to traders.

Persons: Francis Mascarenhas, Nimesh Vora, Sonia Cheema Organizations: REUTERS, Rights, Reserve Bank, India's, U.S ., Federal Reserve, Fed, ANZ, Brent, Thomson Locations: Mumbai, India, Rights MUMBAI, NDFs

MUMBAI, Oct 21 (Reuters) - India's central bank has approved the appointment of veteran banker Ashok Vaswani as managing director and chief executive of Kotak Mahindra Bank (KTKM.NS), the private lender said in an exchange filing on Saturday. Vaswani's appointment comes after billionaire Uday Kotak, who founded Kotak Mahindra Bank, resigned as the MD and CEO last month in a surprise move, citing personal reasons. Dipak Gupta, currently the managing director and CEO, will carry out the chief executive duties until Dec. 31, the bank had said last month. "I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next CEO of Kotak Mahindra Bank," Kotak said in the filing, describing him as a "world class leader" with digital and customer focus. KVS Manian and Shanti Ekambaram, the two most senior bankers at Kotak Mahindra Bank, will remain on the board and keep their current roles, Gupta added.

Persons: Ashok Vaswani, Vaswani, Vaswani's, Uday Kotak, Dipak Gupta, Kotak, Gupta, KVS Manian, Shanti Ekambaram, Siddhi Nayak, Ira Dugal, William Mallard Organizations: Kotak Mahindra Bank, Citigroup Asia Pacific, Barclays, Reserve Bank of India, Kotak, Siddhi, Thomson Locations: MUMBAI

While bad loans in India's banking sector are at a decade-low, estimated at 3.6% of assets by March 2024 by the central bank, Reserve Bank of India Governor Shaktikanta Das said this month the central bank was monitoring some categories of personal loans, without elaborating. What's worrying the regulator is a surge in tiny personal loans, particularly loans of up to 10,000 rupees ($120) taken for three to four months, often for "lifestyle" spending, according to a person familiar with the central bank's thinking. Four people discussed the central bank's concerns with Reuters but declined to be identified as they are not authorised to speak to the media. Ismail Sayyed, a 30-year old cab driver from Mumbai, took his first personal loan of 5,000 rupees this year. Central bank officials "have been ringing the bell", said an official at a large bank that has seen sharp growth in personal loans.

Persons: Francis Mascarenhas, Shaktikanta Das, CRIF, Ismail Sayyed, Kadam, Rajeev Jain, Ira Dugal, Sonali Paul Organizations: Reserve Bank of India, REUTERS, Reuters, Bajaj Finance, UBS, Thomson Locations: Mumbai, India

☆ India rupee to struggle on US yield concerns; odds of record low seen rising
▼ + stars: | 2023-10-19 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. Non-deliverable forwards indicate the rupee will open at around 83.26-83.27 to the U.S. dollar compared with 83.2575 in the previous session and within a whisker of the 83.29 record low. The Reserve Bank of India has over the last several days intervened to prevent the rupee from falling to a lifetime low. "From what I have seen this week, odds of a new low (on rupee) are now higher." The 10-year U.S. Treasury yield rose to 4.9550% in Asia, the highest in sixteen years.

Persons: Francis Mascarenhas, John Williams, Jun Rong, Nimesh Vora, Sohini Goswami Organizations: REUTERS, Rights, Treasury, U.S, Reserve Bank of, Federal Reserve, New York Fed, IG Asia, Brent, Thomson Locations: Mumbai, India, Rights MUMBAI, Reserve Bank of India, Asia, Singapore

☆ India's top regulators investigating some alternate investment funds -sources
▼ + stars: | 2023-10-17 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

A bird flies past the new logo of the Securities and Exchange Board of India (SEBI) at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsOct 17 (Reuters) - India's markets regulator and its central bank are investigating about a dozen cases of alternate investment funds (AIFs) allegedly being used to circumvent regulations, including "evergreening" of stressed loans, according to three sources with direct knowledge of the matter. The central bank has initiated enquiries into these cases, according to the first and third sources. In other cases under investigation, AIFs have been used to evade caps on foreign investment in certain sectors, the first and third sources said. Priority payouts are when an investment is split into senior and junior tranches based on the risk and priority of payout.

Persons: Francis Mascarenhas, Ananth Narayan, AIFs, Jayshree, Jamie Freed Organizations: Securities and Exchange Board of India, REUTERS, Securities, Exchange Board of India, Reserve Bank of India, AIFs, Thomson Locations: Mumbai, India

☆ India cenbank's $5 billion USD/INR swap expiry fuels dollar shortage concern
▼ + stars: | 2023-10-16 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A man walks behind the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, India, April 8, 2022. The Reserve Bank of India (RBI) had conducted a $5 billion sell/buy dollar/rupee swap last year. In a buy/sell swap, a bank buys dollars on the spot date and sells them at a later date. Meanwhile, the dollar/rupee cash swap rate fell on Monday, suggesting the banking system is already facing a dollar crunch. The USD/INR cash/tomorrow swap rate was at 0.15 paisa, implying a rupee interest rate of about 6%.

Persons: Francis Mascarenhas, Nimesh Vora, Mrigank Organizations: Reserve Bank of India, REUTERS, Rights, Thomson Locations: Mumbai, India, Rights MUMBAI

☆ India's September wholesale price index falls 0.26% y/y
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

A labourer carries a sack of onions at a wholesale market in Kolkata, India, December 14, 2021. REUTERS/Rupak De Chowdhuri/File photo Acquire Licensing RightsNEW DELHI, Oct 16 (Reuters) - India's wholesale price index (INWPI=ECI) in September fell 0.26% from a year earlier, according to government data released on Monday. Economists polled by Reuters had estimated the wholesale price index for September would rise 0.5%. In September, fuel and power prices fell 3.35% from a year earlier, compared with a 6.03% drop in August. Food prices rose 1.54% year-on-year compared with a rise of 5.62% in August and manufactured product prices fell 1.34% against a 2.37% fall the previous month.

Persons: Shivangi Acharya, Aftab Ahmed, Sohini Goswami Organizations: REUTERS, Reuters, Reserve Bank of India, Thomson Locations: Kolkata, India, DELHI

☆ India's state-run banks to lower bond purchases as liquidity tightens - treasurers
▼ + stars: | 2023-10-13 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

MUMBAI (Reuters) - India’s state-owned banks will slow government bond purchases in the weeks ahead as banking system liquidity tightens, treasury officials from nine state lenders said. REUTERS/Hemanshi KamaniBond yields have spiked since Oct. 6, when the central bank said it will keep monetary policy restrictive and sell bonds to manage banking system liquidity. These lenders have bought 253 billion rupees ($3 billion) of government debt since Sept. 22, including 100 billion rupees on Oct. 6. Banking system liquidity - the quantum of funds in the interbank market - has largely been in deficit from the middle of September. Bond traders expect the banking system’s cash position to stay in deficit because of tax payments and likely bond sales by the Reserve Bank of India (RBI).

Persons: “, ” Vijay Sharma, PNB Gilts, Bond Organizations: REUTERS, Banking, Reserve Bank of India, “ Locations: MUMBAI, ”, India

☆ India's state-run banks to lower bond purchases as liquidity tightens, treasurers say
▼ + stars: | 2023-10-13 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 13 (Reuters) - India's state-owned banks will slow government bond purchases in the weeks ahead as banking system liquidity tightens, treasury officials from nine state lenders said. Bond yields have spiked since Oct. 6, when the central bank said it will keep monetary policy restrictive and sell bonds to manage banking system liquidity. These lenders have bought 253 billion rupees ($3 billion) of government debt since Sept. 22, including 100 billion rupees on Oct. 6. Reuters GraphicsBanking system liquidity - the quantum of funds in the interbank market - has largely been in deficit from the middle of September. Bond purchases would be incremental and linked to rise in yields, say at every 3-4 basis points, the treasury head at the state-run bank said.

Persons: Vijay Sharma, PNB Gilts, Dharamraj Dhutia, Swati Bhat, Mrigank Organizations: Reuters Graphics Banking, Reserve Bank of India, Thomson Locations: MUMBAI, India

☆ India's forex reserves drop for 5th week; fall to over 5-month low
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

The RBI's stranglehold on the rupee via its persistent forex market intervention has kept volatility in the Indian unit low over the last few sessions. Apart from the central bank move, changes in foreign currency assets - expressed in dollar terms - also include the effects of appreciation or depreciation of other currencies held in the RBI's reserves. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. For the week the forex reserves data pertains, the rupee had fallen 0.1% against the dollar and traded in the 83.1650-83.2650 range. FOREIGN EXCHANGE RESERVES (in million U.S. dollars)Source text: (https://bityl.co/LhHj)Reporting by Siddhi Nayak; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas White, Siddhi Nayak, Janane Organizations: REUTERS, Rights, Reserve Bank of India, International Monetary Fund, Siddhi, Thomson Locations: India, Rights MUMBAI

☆ India's central bank imposes penalty on Paytm Payments Bank
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBENGALURU, Oct 12 (Reuters) - India's central bank said on Thursday it has imposed a penalty of 53.9 million rupees ($647,762.58) on Paytm Payments Bank for non-compliance with some provisions, including Know Your Customer (KYC) directions. According to the Reserve Bank of India (RBI), Paytm Payments Bank had failed to identify beneficial owners of entities on-boarded by it for providing payout services. It also did not monitor payout transactions and carry out risk profiling of entities availing payout services, among others. The RBI had last year barred Paytm Payments Bank from taking on new customers and ordered a comprehensive audit of its IT systems, citing "material" supervisory concerns observed in the bank. Paytm Payments Bank had also breached the regulatory ceiling of end-of-the-day balance in certain customer advance accounts that were availing payout services, the central bank said in a statement.

Persons: Dado Ruvic, Vijay Shekhar Sharma, Antfin, China's, Ashish Chandra, Sohini Goswami Organizations: REUTERS, Rights, Paytm Payments Bank, Reserve Bank of India, Bank, Google, HK, Thomson Locations: India, Paytm, Bengaluru

☆ India's Bank of Baroda falls after RBI ban on adding new app customers
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

A woman walks past a signboard of Bank of Baroda outside their branch office in New Delhi, India, June 20, 2023. REUTERS/Anushree Fadnavis/File photo Acquire Licensing RightsBENGALURU, Oct 11 (Reuters) - Shares of Bank of Baroda (BOB.NS) fell nearly 4% on Wednesday, a day after the Reserve Bank of India stopped the state-run lender from adding customers to its mobile app citing "certain material supervisory concerns." Bank of Baroda will be allowed to onboard customers to its bob World app only after rectifying certain deficiencies, the RBI said on Tuesday, without giving any details about the issues. Bob World app has 8.1 million daily transactions, while 43% of time deposits are obtained through the app, the bank had said in its quarterly presentation in August. Shares of Bank of Baroda have underperformed the PSU bank index for the year so far, rising 12% compared to nearly 20% in the index.

Persons: Anushree, Suresh Ganapathy, Macquarie, Bob, Varun Organizations: Bank of Baroda, REUTERS, Rights, Reserve Bank of India, Macquarie, Sethuraman NR, Thomson Locations: New Delhi, India, BOB.NS, Bengaluru

☆ Indian inflation seen easing to 5.50% in Sept on softening food price rises: Reuters poll
▼ + stars: | 2023-10-10 | by ( Milounee Purohit | ) www.reuters.com time to read: +2 min

Rises in food prices, which make up about half the consumer price index (CPI), continue to cool from recent peaks after the Indian government enacted a series of measures to boost supply. "Having said that, the persistent part of the food inflation problem remains there, which is cereals, pulses and spices, and I think the RBI can't do much about it anyway." Rising crude oil prices are also likely to keep inflation elevated in the world's third-largest oil importer. Oil prices rose around 3% on Monday to trade around $90 a barrel. "Oil prices ... are likely to remain high over the remainder of the year on global supply concerns," said Alexandra Hermann at Oxford Economics.

Persons: Amit Dave, Dhiraj Nim, Alexandra Hermann, Milounee Purohit, Anant Chandak, Veronica Khongwir, Hari Kishan, Mark Potter Organizations: REUTERS, Reserve Bank of India's, CPI, ANZ Research, Oxford, Inflation, Thomson Locations: Ahmedabad, India, BENGALURU

☆ The Indian rupee is under pressure but the Reserve Bank of India is 'standing strong,' HSBC says
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Indian rupee is under pressure but the Reserve Bank of India is 'standing strong,' HSBC saysPranjul Bhandari, chief India economist at the bank, says the Reserve Bank of India has a "huge wall of FX reserves," which it is using to keep the currency as stable as possible.

Persons: Pranjul Bhandari Organizations: Reserve Bank of, HSBC Locations: Reserve Bank of India, India

☆ India central bank keeps key rate steady; liquidity measures in focus
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas Acquire Licensing RightsMUMBAI, Oct 6 (Reuters) - The Reserve Bank of India's key lending rate was held steady at a fourth consecutive policy meeting on Friday, as widely expected, with investors more focused on the regulator's liquidity management plan amid a resurgence in inflation. The country's monetary policy committee (MPC) kept the repo rate (INREPO=ECI) unchanged at 6.50%, in a unanimous decision. It has raised rates by 250 basis points (bps) since May 2022 in a bid to cool surging prices. High inflation has put the focus back on liquidity management amid the reduced ability to keep hiking rates at the risk of hurting growth and commentary and further measures, if any, are being closely monitored by market participants.

Persons: Francis Mascarenhas, Das, Swati Bhat, Sudipto Ganguly, Savio D'Souza Organizations: Bank of India, REUTERS, Rights, Reserve Bank of, Reuters, Thomson Locations: Mumbai, India, Rights MUMBAI

☆ India's forex reserves drop for 4th week, fall to over 5-month low
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

That was a decrease of $3.8 billion from the previous week. India's forex reserves are "sizeable" and "very comfortable," RBI Governor Shaktikanta Das said on Friday, while reiterating that the central bank's intervention aims to prevent any volatility of the rupee's exchange rate. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. For the week the forex reserves data pertains, the rupee had fallen 0.1% against the dollar and traded in a range of 83.0225 and 83.2450. FOREIGN EXCHANGE RESERVES (in million U.S. dollars)Source text: (https://bit.ly/3PD1mzC)Reporting by Siddhi Nayak; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Shaktikanta Das, Siddhi Nayak, Eileen Soreng Organizations: Reserve Bank of India, International Monetary Fund, Siddhi, Thomson Locations: MUMBAI

Oct 6 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. A batch of data from Japan includes household spending and consumption figures, leading indicators, and the latest foreign exchange reserves. But Bank of Japan money market data indicates that the yen's jump on Tuesday was not the product of yen-buying intervention. The big policy event in Asia will be the Reserve Bank of India's interest rate decision, and more importantly, its guidance. The rupee goes into the meeting trading at 83.00 per dollar, right down at August's record low 83.45 per dollar.

Persons: Jamie McGeever, payrolls Organizations: Bank, Reserve Bank, U.S, Thomson, Reuters Locations: Japan, Asia, U.S, India

☆ Rupee likely to open weaker pressured by surging U.S. yields
▼ + stars: | 2023-10-03 | by ( Jaspreet Kalra | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 3 (Reuters) - The Indian rupee is likely to open weaker on Tuesday as U.S. treasury yields rose to fresh multi-year highs after the United States averted a partial government shutdown. Non-deliverable forwards indicate the rupee will open at around 83.25 to the U.S. dollar compared with a close of 83.04 in Friday's session. Buoyed by higher U.S. yields, the dollar index also climbed to 107.13 in Asia, its highest level since November 2022. While the rupee has come close to testing its record low levels in recent weeks, likely dollar sales from the RBI have managed to keep some of the weakness at bay. The rupee could see an intraday fall to a fresh record low if the dollar index continues to strengthen, said Dilip Parmar, a foreign exchange research analyst at HDFC Securities.

Persons: Loretta Mester, Dilip Parmar, Jaspreet Kalra, Sonia Cheema Organizations: U.S, . Federal Reserve, Reserve Bank, Cleveland, Reserve Bank of India, Brent, HDFC Securities, Thomson Locations: MUMBAI, United States, Asia

Oct 2 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. But Chinese purchasing managers index data over the weekend, which pointed to mixed levels of services and manufacturing activity last month, may put a dampener on that. Investors will be looking to start the fourth quarter on a positive note after a pretty awful third quarter. Monday's batch of PMI reports include the latest snapshots from Australia, Japan and Indonesia, while Japan's closely watched 'tankan' survey of business sentiment and activity will also be released. Meanwhile, the Reserve Bank of Australia, Reserve Bank of New Zealand and Reserve Bank of India are all expected to keep their key interest rates on hold at 4.10%, 5.5% and 6.5%, respectively.

Persons: Jamie McGeever, Japan's, Richard Chang Organizations: U.S . Congress, PMI, Golden, Monetary, Reserve Bank of Australia, Reserve Bank of New, Reserve Bank of, Bank of Japan, Thomson, Reuters Locations: Beijing, Australia, Japan, Indonesia, India, New Zealand, South Korea, Philippines, Thailand, Taiwan, Reserve Bank of New Zealand, Reserve Bank of India

☆ India central bank says 96% of 2,000-rupee notes returned, extends deadline by a week
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Sept 30 (Reuters) - The Reserve Bank of India (RBI) said on Saturday it would extend its deadline to return the country's highest denomination 2,000-rupee ($24) currency notes by a week to Oct. 7. The total value of 2,000-rupee notes in circulation was down to 140 billion rupees as of Sept. 29 from 3.56 trillion rupees as of May 19, the RBI said. The RBI said 96% of the 2,000-rupee currency notes had been returned as of Friday, worth 3.42 trillion rupees ($41.19 billion). The 2,000-rupee notes were introduced in 2016 to replenish currency in circulation after the government's shock move to demonetize the economy by scrapping other high-value banknotes. However, the central bank has frequently said that it wants to reduce high-value notes in circulation and stopped printing 2,000-rupee notes four years ago.

Persons: Siddhi Nayak, Giles Elgood Organizations: Reserve Bank of India, Siddhi, Thomson Locations: MUMBAI

☆ India's forex reserves fall to 4-month low
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Sept 29 (Reuters) - India's foreign exchange reserves (INFXR=ECI) fell for a third straight week and were at a four-month low of $590.70 billion as of Sept. 22, data from the Reserve Bank of India (RBI) showed on Friday. Reserves had fallen by a total of $5.9 billion in the prior two weeks. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. For the week the forex reserves data pertains, the rupee had risen 0.2% against the dollar and traded in a range of 82.8225 and 83.2725. FOREIGN EXCHANGE RESERVES (in million U.S. dollars)Source text: (https://bit.ly/3PVt2Rv)Reporting by Siddhi Nayak; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Siddhi Nayak, Eileen Soreng Organizations: Reserve Bank of India, International Monetary Fund, Siddhi, Thomson Locations: MUMBAI

☆ India to hold top spot for economic growth but risks to downside remain: Reuters poll
▼ + stars: | 2023-09-27 | by ( Milounee Purohit | ) www.reuters.com time to read: +4 min

After a stellar 7.8% expansion last quarter, economic growth was expected to moderate to 6.4% this quarter and then drop to 6.0% in the October-December period before slowing to 5.5% in early 2024. "A lot of the drivers that drove the really strong growth from the middle of 2021 to last year have been exhausted. A weak external backdrop is weighing on Indian economic growth as well as sluggish private consumption and sluggish investment." A majority of economists, 22 of 36, who answered an additional question said the risks to their FY 2023/2024 GDP growth forecasts were skewed to the downside. Government measures should cool food prices in the coming months, but rising oil prices will likely place upward pressure on headline inflation."

Persons: Narendra Modi's, we're, Miguel Chanco, Alexandra Hermann, Milounee Purohit, Sujith Pai, Anant Chandak, Veronica Khongwir, Jonathan Cable, Sharon Singleton Organizations: Pantheon, Reserve Bank of India, That's, Oxford Economics, Thomson Locations: BENGALURU, India, Asia

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