สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 12 มิถุนายน 2556
Prospect of good monsoon lifts economic confidence: Survey
(Source: The Financial Express)
Rupee weakens to almost 59 a dollar, recovers
The rupee, which on Tuesday fell to almost 59 a dollar, bounced back to close at 58.40 — 26 paise, or 0.44 per cent, weaker than yesterday’s all-time closing low of 58.14 a dollar after, market participants claimed, the Reserve Bank of India (RBI) intervened in the foreign exchange market to sell dollars. According to dealers, the central bank’s move came when the rupee was trading at 58.93 and there was dollar selling from exporters that pulled the rupee back from the day’s low. RBI has been cautious in its intervention due to the depleting foreign exchange reserves, which have come down by $5 billion since the start of the financial year. The rupee has fallen 8.5 per cent during the period and 3.34 per cent this month.
(Source: Business Standard)
No need to further act on gold imports: Arvind Mayaram, Economic Affairs Secretary
The government does not need to act as of now to further moderate gold imports as recent steps have already had considerable impact, economic affairs secretary Arvind Mayaram said on Wednesday in the sidelines of an investor conference. The government has recently raised import duties on gold to 8 percent and the central bank has put curbs on gold financing by banks to put a brake on gold imports, which have been a key reason for
(Source: The Economic Times)
Steps to attract foreign funds in the offing
In the wake of the rupee hitting a record intra-day low of 58.95 a dollar, the finance ministry today said measures would be announced shortly to encourage portfolio investor inflows. The ministry would also take the proposal for raising foreign direct investment (FDI) ceiling in various sectors to the Cabinet. The government might come out with NRI bonds to attract overseas funds. Gold imports on the first 13 business days till May 20, 2013, averaged $135 million a day. However, in the 14 subsequent days till Friday of last week, the imports averaged only $36 million. The government recently hiked Customs duty on gold to 8 per cent while the RBI has put restrictions on banks to import gold.
(Source: Business Standard)
India's consumer inflation likely eased for the third straight month in May but remained high enough to be a headache for the central bank, which is under pressure to cut rates again next week after headline wholesale inflation cooled.
(Source: The Financial Express)
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