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☆ India's Nifty 50 hits all-time high after upbeat growth data
▼ + stars: | 2023-12-01 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

The NSE Nifty 50 index (.NSEI) rose as much as 0.52% to 20,238.45, a new record high, while the S&P BSE Sensex (.BSESN) was up 0.44% at 67,286.16, as of 9:35 a.m. IST. "India's growth outlook remains positive, with various capex initiatives of the government likely to trigger consumption at the bottom of the pyramid," Pramod Gubbi, founder of Marcellus Investment Management, said. India's Nifty and Sensex posted their best month in 2023 in November, aided by the return on foreign portfolio investor (FPI) inflows. India's general elections are due early next year. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema and Mrigank DhaniwalaOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Gubbi, India's, Sensex, Madhavi Arora, Bharath Rajeswaran, Sonia Cheema Organizations: National Stock Exchange, REUTERS, Rights, NSE, BSE, Reuters, Reserve Bank, Marcellus Investment Management, Wall, Dow Jones, Bharatiya Janata Party, BJP, Indian National Congress, Emkay Global Financial Services, Thomson Locations: Mumbai, India, U.S, Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana, Bengaluru

☆ Gold eyes 3rd weekly gain as lower inflation cements Fed cut bets
▼ + stars: | 2023-12-01 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold rose 0.3% at $2,042.58 per ounce by 0621 GMT on Friday, and is up about 2% for the week so far. The metal rose $60 in November in its second straight monthly gain. Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "However, month-end flow may have also been a factor, and seasonality tends to favour gains for gold between November and December," City Index's Simpson added. Spot silver and platinum edged up 0.1% to $25.29 and $927.44 per ounce, respectively, while palladium rose 0.4% to $1,011.65.

Persons: Alexander Manzyuk, Powell, Matt Simpson, CME's, Index's Simpson, Hugo Pascal, Harshit Verma, Nivedita Bhattacharjee, Mrigank Organizations: REUTERS, Federal, Reuters, Federal Reserve, Traders, U.S, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ India's Tata Technologies soars 140% in pre-open debut trade
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: 1 min

A Tata sign is seen outside their offices in London, Britain March 30, 2016. REUTERS/Toby Melville/File Photo Acquire Licensing RightsBENGALURU, Nov 30 (Reuters) - Shares of India's Tata Technologies (TATE.NS) surged 140% in their trading debut on Thursday, valuing the company at 486.80 billion rupees ($5.84 billion). The stock debuted at 1,200 rupees in pre-open trade, compared with its initial public offer (IPO) price of 500 rupees. This is the first Tata Group company to go public since Tata Consultancy Services (TCS.NS) listed in 2004. ($1 = 83.3040 Indian rupees)Reporting by Rama Venkat in Bengaluru; Editing by Mrigank DhaniwalaOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Rama Venkat, Mrigank Organizations: Tata, REUTERS, Rights, India's Tata Technologies, Tata Group, Tata Consultancy Services, Thomson Locations: London, Britain, Bengaluru

☆ Gold holds ground ahead of US inflation test
▼ + stars: | 2023-11-30 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

An employee casts ingots of 99.99 percent pure gold at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. Spot gold was flat at $2,044.30 per ounce by 0728 GMT, trading in a range of about $6. It hit its highest since May 5 on Wednesday, and was poised for its second straight monthly gain. U.S. gold futures for December delivery fell 0.1% to $2,045.40 per ounce. Reporting by Harshit Verma in Bengaluru; Editing by Rashmi Aich, Mrigank Dhaniwala and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Alexander Manzyuk, Yeap Jun Rong, Jerome Powell, Harshit Verma, Rashmi Aich, Mrigank Dhaniwala, Sonia Cheema Organizations: REUTERS, PCE, U.S, Fed, Traders, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ India's blue-chips open higher, inch towards record high ahead of GDP data
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: 1 min

The Bombay Stock Exchange (BSE) building is seen lit up for Diwali, the Hindu festival of lights, in Mumbai, India, November 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Nov 30 (Reuters) - Indian blue-chip shares opened higher on Thursday, with the benchmark indexes inching towards new record highs, as bets of U.S. interest rate cuts by March 2024 have triggered foreign inflows ahead of key macroeconomic data. The NSE Nifty 50 index (.NSEI) rose 0.17% to 20,130.10 points and the S&P BSE Sensex (.BSESN) was up 0.15% at 66,995.97, respectively, as of 9:16 a.m IST. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Mrigank Dhaniwala, Sohini Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, BSE, Thomson Locations: Mumbai, India, Bengaluru

☆ Deutsche Bank sees 12% upside to S&P 500 through 2024-end
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsNov 27 (Reuters) - Deutsche Bank on Monday forecast the S&P 500 (.SPX) to end next year 12% higher as it expects corporate earnings to remain resilient even if the United States experiences a mild and short recession. Deutsche Bank analysts expect the index to end 2024 at 5,100 points. Deutsche Bank's 2024-end S&P 500 target is 8.5% higher than the 4,700 median forecast of 33 strategists polled by Reuters. "If earnings growth continues to recover as we forecast, valuations will remain well supported around the top of the range as is typical on the pricing in of a pickup in earnings growth," the strategists said.

Persons: Yves Herman, Roshan Abraham, Rashmi Aich, Mrigank Organizations: Deutsche Bank, REUTERS, Deutsche, Reuters, Reserve, BofA, Research, Thomson Locations: Brussels, Belgium, United States, U.S, Bengaluru

☆ Virgin Australia adds Boeing MAX-8 aircraft as demand stays buoyant
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

Nov 24 (Reuters) - Airline operator Virgin Australia (IPO-VIR.AX) on Friday said it has added six Boeing MAX-8 aircraft to further expand its fleet and meet travel demand, taking its total order for the planes to fourteen. Australia's second-biggest carrier returned to a profit for the first time in 11 years in fiscal 2023, buoyed by a strong recovery in travel demand following the COVID-19 pandemic. "Travel demand remains high and we continue to grow and renew our fleet, enabling us to deliver great value and choice in the market," Virgin Australia Chief Strategy and Transformation Officer Alistair Hartley said. The MAX-8 aircrafts will enter the domestic and short-haul international routes including Fiji, Bali and Samoa, the carrier said. Reporting by Adwitiya Srivastava in Bengaluru; Editing by Mrigank DhaniwalaOur Standards: The Thomson Reuters Trust Principles.

Persons: Australia's, Alistair Hartley, Adwitiya Srivastava, Mrigank Organizations: Virgin Australia, Boeing, Thomson Locations: Fiji, Bali, Samoa, Bengaluru

☆ Japan's Mizuho applies to set up securities company in China
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

Mizuho Financial Group logo is seen at the company's headquarters in Tokyo, Japan August 20, 2018. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsBEIJING/TOKYO, Nov 23 (Reuters) - Japan's Mizuho Financial Group (8411.T) has sought to establish a securities company in China, becoming the latest foreign firm to make inroads into China's onshore securities market with a fully-owned entity. The China Securities Regulatory Commission has received the application from the securities arm of the third-largest Japanese banking group, according to a filing record issued on Wednesday from the regulator's website. The application comes as Mizuho is hoping to tap China's lucrative capital markets fee pool, the largest after the United States and Europe. Citigroup (C.N) and Standard Chartered (STAN.L) are also in the process of establishing securities units in China after Beijing allowed wholly-owned foreign securities companies in 2019.

Persons: Toru Hanai, Mizuho, Makiko Yamazaki, Jacqueline Wong, Mrigank Dhaniwala, Kim Coghill Organizations: Mizuho Financial, REUTERS, Rights, Mizuho Financial Group, China Securities Regulatory Commission, Citigroup, Standard Chartered, Sumitomo Mitsui Financial Group, Hong Kong, Thomson Locations: Tokyo, Japan, Rights BEIJING, TOKYO, China, Mizuho, United States, Europe, Beijing, Hong

☆ US Court Rejects EPA's Decision to Withhold Small Refinery Biofuel Waivers
▼ + stars: | 2023-11-22 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

WASHINGTON (Reuters) - A U.S. appeals court on Wednesday said it struck down the Biden administration's decision to deny small refiners "hardship waivers" that exempt them from nation's biofuel mandates, in a win for the refining industry. The U.S. Court of Appeals for the Fifth Circuit found in favor of refineries that challenged the EPA's decision, including Ergon, Calumet Shreveport and Placid. Under the Renewable Fuel Standard (RFS), oil refiners must blend billions of gallons of biofuels into the nation's fuel mix, or buy tradable credits from those that do. The EPA can, however, award exemptions to some small refiners if they prove that the obligations cause them undue harm. Refiners, meanwhile, have long argued that the nation's ethanol mandates impose unfair costs on fuel producers, and can threaten the viability of small plants.

Persons: Heather Timmons, Mrigank Dhaniwala Organizations: WASHINGTON, Biden, Environmental Protection Agency, U.S, Appeals, Fifth Circuit, EPA Locations: Ergon, Calumet Shreveport, Placid

☆ Australia's AI firm Appen mulls selling part or whole of business
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - Australia's AI firm Appen (APX.AX) said Tuesday it is mulling the sale of a part or whole of its business. Appen, which was one of the world's largest AI training providers, has implemented a raft of cost-saving initiatives and has seen its executive team being entirely replaced over the last two years. The company on Tuesday announced an equity raise of A$30-million ($19.52 million), aimed at boosting its working capital. It also announced an additional $14 million of cost reduction, boosting its cost-saving initiatives this year to $60 million. ($1 = 1.5366 Australian dollars)Reporting by Nausheen Thusoo in Bengaluru; Editing by Mrigank DhaniwalaOur Standards: The Thomson Reuters Trust Principles.

Persons: Nausheen, Mrigank Organizations: Thomson Locations: Bengaluru

☆ Meta strikes deal to sell VR headset in China - WSJ
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: 1 min

The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsNov 9 (Reuters) - Meta Platforms (META.O) has struck a deal with Tencent Holdings (0700.HK) to sell a new, lower-priced version of its virtual-reality (VR) headset in China, a return to the country 14 years after Facebook was shut out, the Wall Street Journal reported on Thursday. The preliminary deal will make Tencent the exclusive seller of Meta's headsets in China, the Journal said, citing sources. Meta and Tencent did not immediately respond to Reuters' requests for comment. Reporting by Shubham Kalia in Bengaluru; Editing by Rashmi Aich and Mrigank DhaniwalaOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman, Tencent, Shubham, Rashmi Aich Organizations: REUTERS, Tencent Holdings, HK, Facebook, Wall Street, Thomson Locations: Brussels, Belgium, China, Bengaluru

☆ Corporate America weighs business impact of new weight-loss drugs
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +4 min

Walmart (WMT.N) expects revenues from its health and wellness products to increase in the second half of the year, mainly due to the popularity of weight-loss drugs. PepsiCo (PEP.O) Chief Financial Officer Hugh Johnston has said the company is "not seeing any impact" yet from the popularity of weight-loss drugs. Coca-Cola (KO.N) CEO James Quincey said the company was monitoring what impact, if any weight-loss drugs will have. Abbott CEO Robert Ford has said diabetes patients could end up using glucose monitors with the weight-loss drugs in the long term. DRUG DISTRIBUTORSCencora (COR.N), formerly called AmerisourceBergen, Cardinal Health (CAH.N) and McKesson (MCK.N) have flagged potential boost to revenues this year owing to the growing demand for weight-loss drugs.

Persons: Victoria Klesty, Eli Lilly's, Eli Lilly's Zepbound, Hugh Johnston, James Quincey, Michele Buck, Dr Pepper, Robert Gamgort, Johnson, Joseph Wolk, Robert Ford, Michael Farrell, Bhanvi Satija, Ananya Mariam Rajesh, Mrigank Dhaniwala, Arun Koyyur Organizations: REUTERS, U.S . Food, Drug Administration, Walmart, PepsiCo, J, Abbott Laboratories, Insulet Corp, Boston Scientific, Cardinal Health, Thomson Locations: Oslo, Norway, Victoria, U.S, GLP, Bengaluru

☆ India rupee to rally after data reaffirms Fed done with rate hikes
▼ + stars: | 2023-11-06 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Nov 6 (Reuters) - The Indian rupee is expected to rise at open on Monday after softer-than-expected U.S. jobs data reinforced expectations that the Federal Reserve will not hike interest rates further. Non-deliverable forwards indicate the rupee will open at around 83.08-83.12 to the U.S. dollar compared with 83.2850 in the previous session. Asian currencies extended last week's advance after the dollar index slumped on Friday following data that indicated that the U.S. labor market was cooling. "Last week’s Fed meeting and latest data flow suggest the rate hike cycle is most likely over. "It's to be fully expected that the rupee will underperform in times when the dollar is under stress," the forex trader said.

Persons: Nimesh Vora, Mrigank Organizations: Federal Reserve, U.S, Reuters, Treasury, Fed, DBS Research, Korean, Malaysian, Reserve Bank of, Brent, Thomson Locations: MUMBAI

☆ Nepal earthquake: More tremors occur three days after deadly quake
▼ + stars: | 2023-11-06 | by ( Gopal Sharma | ) www.reuters.com time to read: +2 min

KATHMANDU, Nov 6 (Reuters) - A magnitude 5.2 earthquake struck Nepal on Monday, the European-Mediterranean Seismological Centre said, followed by another slightly weaker temblor, injuring three people, just days after 153 perished in the country's worst quake since 2015. The epicentre of Monday's bigger earthquake was in Ramidanda in Jajarkot district, the same location as Friday's temblor, the National Earthquake Monitoring and Research Centre said. [1/6]A woman stands in front of her collapsed house after an earthquake in Jajarkot, Nepal November 6, 2023. REUTERS/Navesh Chitrakar Acquire Licensing RightsJajarkot district official Ek Raj Upadhayay said buildings with damage after Friday's quake may have been further compromised, but no details were available. The quake was the deadliest in the Himalayan country since 2015, when about 9,000 people were killed in two earthquakes.

Persons: Satosh Rokka, temblor, Navesh, Ek Raj Upadhayay, Gopal Sharma, Chandni Shah, Mrigank Dhaniwala, Toby Chopra, Bernadette Baum Organizations: National Earthquake Monitoring, Research Centre, REUTERS, Thomson Locations: KATHMANDU, Nepal, European, Ramidanda, Jajarkot district, Paink, Jajarkot, New Delhi, India, Kathmandu, Bengaluru

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsSYDNEY, Nov 2 (Reuters) - Santos (STO.AX) said on Thursday an Australian court has granted an interim injunction preventing it from starting work on laying undersea pipelines on its $3.6 billion Barossa gas project off northern Australia. Australia's offshore regulator ordered Santos in January to evaluate the environmental risks to underwater indigenous cultural heritage before starting pipeline work though it did not prohibit the start of work. Santos has said, citing an independent expert, that there were no specific underwater cultural heritage sites along the planned route of the pipeline. A Santos ship was hours away from beginning work on the pipeline, lawyers for Munkara told the court. Santos said the vessel will remain at its current location but no pipeline works will be conducted during the interim injunction.

Persons: Santos, Chris Helgren, Simon Munkara, Munkara, Renju Jose, Ayushman, Mrigank Dhaniwala, Rashmi Aich, Jacqueline Wong Organizations: REUTERS, Rights, Federal, Environmental, Office, EDO, Woodside, Thomson Locations: Vancouver , British Columbia, Canada, Australia, Tiwi, Munkara, Barossa, Scarborough, Sydney, Bengaluru

☆ Pilots at Qantas' unit halt planned two-day strike ahead of further talks
▼ + stars: | 2023-10-31 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

AFAP on Friday said that Network Aviation pilots will stop work on Wednesday and Thursday in a bid to negotiate wages. Australia's industrial relations tribunal, the Fair Works Commission (FWC), presided over a series of talks between pilots and the airline on Monday. AFAP members – who make up 90% of the pilot group at Network Aviation – won't be engaging in protected action until next week's bargaining sessions are completed, the pilots' union said. Meanwhile, Qantas expressed disappointment over the union choosing to "cause disruption and uncertainty" by threatening the strike, a few days before a meeting with the FWC. The airline will continue to work with the FWC over coming weeks to seek a resolution, it added.

Persons: Loren Elliott, AFAP, –, Tim Waterer, FWC, Rishav Chatterjee, Ayushman Ojha, Mrigank Dhaniwala Organizations: Qantas, Kingsford Smith International Airport, REUTERS, Pilots, Network Aviation, Qantas Airways, Australian Federation of Pilots, Qantas Group, Fair Works Commission, Thomson Locations: Sydney, Australia, Bengaluru

☆ India's Axis Bank Q2 profit beats view on robust loan growth
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 25 (Reuters) - India's Axis Bank (AXBK.NS) reported a bigger-than-expected rise in second-quarter profit on Wednesday, helped by strong growth in loans. Loan demand stayed strong as an uptick in consumer spending helped drive retail credit. The bank is seeing strong demand for loans from corporate clients, including for capital spending, it said. Net interest income - the difference between interest earned and interest expended - rose 19% year-over-year to 123.15 billion rupees. The country's top lender HDFC Bank (HDBK.NS) reported a drop in margins earlier this month, while IndusInd Bank (INBK.NS), ICICI Bank (ICBK.NS), and Kotak Mahindra Bank (KTKM.NS) reported second-quarter profit gains.

Persons: Amitabh Chaudhry, Chaudhry, Varun, Mrigank Organizations: Bank, HDFC Bank, IndusInd Bank, ICICI Bank, Kotak Mahindra Bank, Sethuraman, Varun Vyas, Thomson Locations: BENGALURU, Mumbai, Bengaluru

☆ Australian Shareholders' Association to vote against Qantas CEO's nomination as director
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Phil Noble///File Photo Acquire Licensing RightsOct 19 (Reuters) - The Australian Shareholders' Association will vote against the nomination of Qantas (QAN.AX) Chief Executive Officer Vanessa Hudson as a director in the company, it said on Thursday. Hudson, who used to be the chief financial officer at the national carrier, was appointed as its first-ever female CEO in May this year, taking over from Alan Joyce. read moreThe carrier is dealing with multiple legal and regulatory actions, which led to the resignation of Joyce and chairman Richard Goyder. The association intends to vote for the nomination of Doug Parker, the former CEO of American Airlines (AAL.O), as a director. Shares of the national carrier are down around 21% on a year-to-date basis.

Persons: Phil Noble, Vanessa Hudson, Hudson, Alan Joyce, Joyce, Richard Goyder, Doug Parker, Archishma Iyer, Mrigank Organizations: Qantas, Melbourne International Airport, REUTERS, Australian Shareholders, Association, American Airlines, Thomson Locations: Melbourne, Australia, Bengaluru

☆ Corporate America weighs risks of the Ozempic effect
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +3 min

Walmart (WMT.N) expects revenues from its health and wellness products to increase in the second half of the year, mainly due to the popularity of weight-loss drugs. PepsiCo (PEP.O) Chief Financial Officer Hugh Johnston has said the company is "not seeing any impact" yet from the popularity of weight-loss drugs. Abbott Laboratories (ABT.N), which makes glucose monitoring products, has said that the market was overestimating the impact to its sales from growing popularity of the drugs. Abbott CEO Robert Ford has said that diabetes patients could end up using glucose monitors with the weight-loss drugs in the long term. DRUG DISTRIBUTORSCencora (COR.N), formerly called AmerisourceBergen, Cardinal Health (CAH.N) and McKesson (MCK.N) have flagged potential boost to revenues this year owing to the growing demand for weight-loss drugs.

Persons: George Frey, Eli Lilly's, Hugh Johnston, Johnson, Joseph Wolk, Robert Ford, Bhanvi, Mrigank Organizations: Novo Nordisk, Pharmacy, REUTERS, Walmart, PepsiCo, Abbott Laboratories, Insulet Corp, Cardinal Health, Thomson Locations: Provo , Utah, U.S, Bengaluru

☆ India's Cyient beats Q2 revenue estimates on sustainability, transport demand
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - India's Cyient (CYIE.NS) on Thursday reported a bigger-than-expected rise in its second-quarter revenue on strong growth in sustainability and transportation segments. The company's consolidated net profit saw an over two-fold rise to 1.78 billion rupees in the September quarter from a year earlier. Revenue from its biggest digital, engineering and technology segment rose 22% to 14.76 billion rupees during the quarter. Revenue from the sustainability business rose nearly 72%, while the transportation segment saw a growth of 22%. Cyient's revenue growth was stronger compared with its larger peers.

Persons: Kashish Tandon, Mrigank Organizations: Revenue, Tata Consultancy Services, Wipro, Infosys, DLM, Thomson Locations: BENGALURU, Bengaluru

☆ India's Wipro shares slide premarket on weak Q3 IT services forecast
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: 1 min

Wipro Ltd logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsBENGALURU, Oct 19 (Reuters) - Shares of India's fourth-largest IT services provider Wipro (WIPR.NS) fell 3.8% in premarket trading on Thursday after the company forecast a drop in third-quarter IT services revenue. The Bengaluru, Karnataka-based company also posted a surprise dip in its second-quarter revenue to 225.16 billion rupees ($2.70 billion) from a year earlier. ($1 = 83.2500 Indian rupees)Reporting by Varun Vyas in Bengaluru; Editing by Mrigank DhaniwalaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Varun Vyas, Mrigank Organizations: Wipro, REUTERS, Rights, Thomson Locations: Bengaluru, Karnataka

☆ 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 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 rupee to receive help from pullback in oil, traders eye US inflation
▼ + stars: | 2023-10-12 | 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 12 (Reuters) - The Indian rupee on Thursday will be boosted by the pullback in oil prices and softer U.S. Treasury yields, while investors wait for the important U.S. inflation data due later in the day. India's inflation data is due after market hours. Meanwhile, headline U.S. consumer inflation index (CPI) is expected to rise 0.3% month-on-month. "Today’s U.S. CPI inflation may surprise like yesterday’s PPI inflation," DBS Research said in a note.

Persons: Francis Mascarenhas, Brent, Nimesh Vora, Mrigank Organizations: REUTERS, Rights, Treasury, Reuters, Federal Reserve, Fed, CPI, DBS Research, Brent, Thomson Locations: Mumbai, India, Rights MUMBAI, Asia, U.S

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas Acquire Licensing RightsMUMBAI, Sept 20 (Reuters) - The Indian rupee, hovering near a record low, is expected to remain under pressure amid focus on crude oil prices and the U.S. Federal Reserve's policy decision. Non-deliverable forwards (NDF) indicate rupee will open at around 83.25-83.29 to the U.S. dollar compared with 83.2675 in the previous session. The Fed on Wednesday is widely expected to keep the policy rate unchanged with futures assigning a near zero percent probability of a rate hike. "We expect the 2023 median policy rate forecast to show one more 25bps hike, for a terminal rate of 5.5-5.75%," BofA Global Research said in a note.

Persons: Francis Mascarenhas, Brent, Nimesh Vora, Mrigank Organizations: REUTERS, Rights, U.S, Reserve Bank of, Fed, Research, Brent, Thomson Locations: Mumbai, India, Rights MUMBAI, U.S . Federal, Reserve Bank of India, Asia

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