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Since the US Federal Open Market Committee's policy statement on December 13, yield on the 10-year benchmark Indian government bond has dropped by 10 basis points (bps) to close at 7.16% on Friday.
The rupee settled at 83.29 per US dollar on Wednesday, a new record closing low. The local unit had settled at 83.25 per US dollar on Tuesday. So far in 2023, the rupee has depreciated 0.7% versus the US dollar. The rupee's previous record closing low was 83.28 per US dollar.
The U.S. economy surged at the fastest growth pace in nearly two years in the third quarter, again defying dire warnings of a recession.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by policy decisions by the Fed because most regional currencies are pegged to the U.S. dollar.
The value of Safaricom at the Nairobi bourse has dipped below the Sh1 trillion mark on foreign investors’ flight in the wake of rate hikes in the US.