|Day's range||67.73 - 67.73|
|52-week range||63.2100 - 68.5400|
(Reuters) - Indian shares ended higher on Friday helped by gains in financials such as HDFC Bank and Kotak Mahindra Bank, after the rupee firmed up against the dollar in late trade.
India's 2017/18 cotton exports are likely to jump nearly 30 percent from the year before to a four-year high of 7.5 million bales, as climbing global prices and a weaker rupee boost overseas demand, the head of an industry body told Reuters. Increased supply from India could drag on a rally in international prices for the commodity and would likely compete with shipments to Asia from exporters like the United States, Brazil and Australia. "We can end the season with exports of 7.5 million bales," said Atul Ganatra, president of the Cotton Association of India (CAI), adding that higher international prices would drive up shipments.
Rice prices in India fell for the third straight week to their lowest level in a year as the rupee slipped to a 16-month low, while markets in other top exporters remained relatively muted. "Indian rice is very competitive compared to supplies from Thailand and Vietnam. Rice prices in the country, which emerged as a major importer in 2017 after floods damaged its crops, jumped around 40 percent last year due to depleting stocks, forcing the government to seek supplies from Asian countries like India, Thailand and Vietnam.
* India's rupee pares losses after touching another over 1-yr low * Indonesian rupiah falls, eyes on central bank meet on Thursday * Thai c.bank expected to stand pat on rates, baht down (Adds text, updates ...
Emerging market currencies are likely to feel the pressure amid the broader move higher in U.S. bond yields, a Deutsche Bank economist said.
The Indian rupee recovered sharply on Tuesday to rise on suspected intervention by the Reserve Bank of India (RBI) after falling to a near 16-month low in early trade. The RBI typically intervenes in the foreign exchange market via state banks. The central bank likely sold dollars via state banks at 67.67 level to stem the rupee fall, said dealers.
MUMBAI (Reuters) - Indian bonds and the rupee currency weakened to multi-month lows in early trade on Tuesday, as global crude oil prices inched up and the local inflation print came in higher than expected.
The Indian rupee has been depreciating since the start of 2018 and hit its lowest in 15 months against the U.S. dollar on Monday.
The Federal Reserve on Wednesday indicated that inflation was nearing the central bank's target, and that it remained on track to raise borrowing costs in June. India's infrastructure growth slowed to a three-year low of 4.2 percent in the fiscal year ending in March, indicating Prime Minister Narendra Modi faces a tough challenge to boost investment ahead of general elections due early next year. Bullish bets on the Singapore dollar fell to their lowest since November 2017.
Sri Lanka raised liquefied petroleum gas (LPG) prices with effect from Saturday after a recent rise in petroleum prices and the depreciation of the rupee currency made LPG imports more expensive. The LPG price increase is the second in eight months. The price of a widely used 12.5 kg LPG cylinder was raised by 17 percent to 1,676 rupees ($10.63) by both the state-owned LPG retailer and its only private competitor.
Rice export prices in India dropped for a second week on sluggish demand and a weaker rupee, while Thai rates surged amid supply woes and fresh deals buoyed Vietnamese rates. Rates for top exporter India's 5 percent broken parboiled variety fell by $2 to $417-$421 per tonne. Also weighing on Indian exports was weak demand from Bangladesh, which had emerged as a major importer since 2017 after floods depleted stocks.
April 19 (Reuters) - IHH HEALTHCARE BHD * ISSUED STRICTLY NON-BINDING LETTER TO BOARD OF FORTIS EXPRESSING IHH’S READINESS TO INFUSE UP TO INR 40 BILLION INTO FORTIS * INFUSION INTENDED TO FUND BUYING ...
A Treasury report that stopped short of naming any U.S. trade partner a currency manipulator didn’t stop President Donald Trump from leveling the charge against Russia and China on Monday.
MUMBAI (Reuters) - SoftBank Group <9984.T> is investing $400 million (26.05 billion Indian rupees) in India's Paytm E-Commerce Pvt. Ltd. in a funding round that will value the online retailer at roughly $1.9 billion, a regulatory filing showed on Monday.
The dollar has been rising since mid-February on hopes the U.S. Federal Reserve would signal it was prepared to do more than the three rate hikes that markets have priced in for 2018. Fears of a trade war have also gripped financial markets following the U.S. decision to impose tariffs on imported steel and aluminium. President Donald Trump is next expected to unveil up to $60 billion in new tariffs on Chinese imports by Friday.
Both currencies have fallen sharply since the beginning of the year, alongside a rise in expectations for improved global growth and faster policy tightening by the Fed. The Fed raised its interest rates by a quarter percent on Wednesday, and forecast two more hikes for 2018, highlighting its growing confidence that tax cuts and government spending will boost the U.S. economy. The recent falls in the rupee and rupiah are reminiscent of the 2013 selloff when foreign investors fled emerging-Asia markets after the Fed signalled an end to ultra-easy crisis policy.
Top Indian cement maker UltraTech said on Tuesday it had secured backing from some creditors of Binani Cement to buy the firm for $1.1 billion outside of a bankruptcy process, a move that is testing India's new insolvency proceedings. As part of the bankruptcy process, a panel made up of Binani's creditors has already approved a rival bid by a group including Dalmia Bharat and a fund backed by Bain Capital and India's Piramal Enterprises .
* Currencies ease off recent declines * Sentiment still subdued as Fed meet looms (Adds details, updates prices) By Ambar Warrick March 20 (Reuters) - Most Asian currencies edged up on Tuesday, shaking ...
MUMBAI (Reuters) - Indian bonds and the rupee weakened on Thursday morning after minutes of the central bank's February monetary policy meetings released on Wednesday showed increased concern among members on the accelerating inflation.
The Indian rupee slid to a near three-month low on Tuesday amid growing concerns about an alleged major bank fraud at India's second-largest state-run lender, whilst emerging stocks fell half a percent. The rupee fell 0.9 percent against the dollar to its weakest since mid-November as investors eyed the potential broader implications from the alleged $1.77 billion Punjab National Bank (PNB) loan fraud. Investors have also been unsettled by India's trade deficit hitting its highest in over 4-1/2 years in January.
Indian bonds gained the most in over two weeks on Wednesday after the Reserve Bank of India (RBI) sounded less hawkish on inflation concerns than some traders had expected. Traders took comfort from the tone of the Reserve Bank of India's statement after a monetary policy review, and by comments from Governor Urjit Patel who appeared to carefully balance the risks to inflation and growth. "This seems more like a relief rally," said Anand Bagri, head of domestic markets at RBL Bank in Mumbai.
Indian shares slid and the rupee weakened as a global market rout whacked sentiment, adding to existing investor concerns ahead of a central bank meeting this week and a new capital gains tax later in the year. The broader NSE Nifty and the benchmark BSE Sensex each fell about 1.6 percent on Tuesday, marking a sixth consecutive session of falls after earlier falling as much as 3.7 percent each. The slump in Wall Street overnight comes as India's record-setting share rally came under threat following the government's announcement of a 10 percent long-term capital gains tax in equities, which starts in April.
(Reuters) - Indian shares fell for a fifth straight session on Monday in line with broader Asia following a U.S. market rout on Friday, while worries remained that the Reserve Bank of India would turn more hawkish at its policy meeting later this week.
The rupee weakened to 63.6650 from its 63.58 close on Wednesday, tracking a stronger dollar after the U.S. Federal Reserve signalled its confidence about inflation and growth in the world's biggest economy. Investors in India are keenly waiting to see how much India widens its fiscal deficit for the year starting in April, from the current projection of 3.0 percent of gross domestic product.
Indian shares touched record highs on Monday after a government report predicted India would have the fastest growing major economy in the coming fiscal year, but bonds slumped as the report also said the government could tolerate some slippage on reducing its fiscal deficit. The economic survey released earlier in the day projected economic growth would be 7.0-7.5 percent in the year starting in April, up from a projected 6.75 percent for the current fiscal year. Losses in bonds were exacerbated after Arvind Subramanian, the Finance Ministry's chief economic adviser who authored the survey, told a news conference he saw less scope for monetary policy easing because of a recent acceleration in inflation.