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Funds shunning India turns rupee into Asia's worst emerging market currency

By Ronojoy Mazumdar and Subhadip Sircar, The Indian rupee is set to end a tumultuous year as Asia’s worst-performing emerging market currency with foreign funds fleeing the nation’s stocks. The currency declined 1.9 per cent this quarter as global funds pulled $4.2 billion of capital out of the country’s stock market, the most among regional markets where data is available.

RBI's MPC is likely to keep interest rates unchanged despite inflation

BlackRock Joins Funds Betting on Indian Assets Amid Outbreak

(Bloomberg) — Even as India is attracting all the global attention for the worst virus outbreak, the pandemic has done little to dent the confidence of…

Rupee gains under siege as health crisis fuels Covid-19 lockdown fears

The Indian rupee’s recent gains could be short-lived as pressure grows on Prime Minister Narendra Modi’s administration to announce a nationwide lockdown to curb a deadly wave of coronavirus infections. The prospect of stricter curbs is reviving memories of last year when similar measures dragged India’s economy into its worst contraction in four decades. It’s also threatening to weaken the rupee, which is among Asia’s top three performers this month, thanks to heavy foreign inflows for initial public offerings, a dovish Federal Reserve and a glut of dollars at state-run banks. “The recovery in the rupee in recent weeks reflects the softer dollar and weaker import demand as restrictions were imposed,” Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd. “If a nationwide lockdown were to be implemented, we could see some near-term weakness in the rupee.”

Rupee gains under siege as health crisis fuels lockdown fears

Rupee gains under siege as health crisis fuels lockdown fears SECTIONS Last Updated: May 10, 2021, 07:21 AM IST Share Synopsis The dollar-rupee’s slow stochastics, a momentum indicator, shows that the currency pair is in oversold territory. The rupee rose 0.8% last week to 73.51 per dollar. Bloomberg Related NSE By David Finnerty The Indian rupee’s recent gains could be short-lived as pressure grows on Prime Minister Narendra Modi’s administration to announce a nationwide lockdown to curb a deadly wave of coronavirus infections. The prospect of stricter curbs is reviving memories of last year when similar measures dragged India’s economy into its worst contraction in four decades. It’s also threatening to weaken the rupee, which is among Asia’s top three performers this month, thanks to heavy foreign inflows for initial public offerings, a dovish Federal Reserve and a glut of dollars at state-run banks.

RBI faces key auction as traders balk at yields

RBI faces key auction as traders balk at yields SECTIONS Last Updated: Apr 22, 2021, 07:13 AM IST Share Synopsis Underwriters were forced to rescue a five-year bond sale on April 9 and the RBI canceled an offering altogether on April 16. The Reserve Bank of India’s explicit assurance to buy 1 trillion rupees ($13 billion) of bonds this quarter has failed to encourage more purchases by traders. Related NSE By Subhadip Sircar Barely weeks into India’s new borrowing program, the nation’s sovereign bond traders and the central bank are shaping up for a third bruising battle. The Reserve Bank of India’s explicit assurance to buy 1 trillion rupees ($13 billion) of bonds this quarter has failed to encourage more purchases by traders. Underwriters were forced to rescue a five-year bond sale on April 9 and the RBI canceled an offering altogether on April 16 when traders demanded higher yields for benchmark 10-year debt.

India takes step down QE road with $14 billion bond-buy plan

India takes step down QE road with $14 billion bond-buy plan SECTIONS Last Updated: Apr 07, 2021, 04:32 PM IST Share Synopsis The debt purchases under the program in the secondary market will start from April 15, Reserve Bank of India Governor Shaktikanta Das said Wednesday. Agencies Related By Anirban Nag and Subhadip Sircar India’s central bank took a step toward formalizing quantitative easing, pledging to buy up to 1 trillion rupees ($14 billion) of bonds this quarter to keep borrowing costs low and support the economy’s recovery. The debt purchases under the program in the secondary market will start from April 15, Reserve Bank of India Governor Shaktikanta Das said Wednesday, after policy makers held the benchmark repurchase rate at a record low 4%, a decision predicted by all 30 economists surveyed by Bloomberg.

Banks arbitrage gains: Banks turn RBI's hot-money move into lucrative trade strategy

By Suvashree Ghosh and Subhadip Sircar The Reserve Bank of India’s attempt to flush out excess dollars from the local market has offered a unique arbitrage opportunity for some banks. Lenders are using a regulatory loophole to make a sizable profit, according to people with knowledge of the matter. A large bank could easily rack up exposures of more than $1 billion using this strategy, multiple traders said, asking not to be identified as the deals aren’t public. Top beneficiaries from these trades are foreign banks, which have large and easy access to dollar stockpiles. At the center of the strategy is the RBI’s decision in February to remove limits on local bank exposures to other countries and central banks. Governor Shaktikanta Das had been hoping that banks would use their excess dollars to buy U.S. Treasuries, for instance, rather than offload them in the local market where price dislocations were making it costlier for Indian companies to hedge.

India plans Rs 7.24 trillion of bond sales in fiscal first half

India's forex reserves surpass Russia's to become world's 4th biggest