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Japan stepped in at key moments, showing that governments do have agency even when battling huge markets
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Easing the RBI's FEMA guidelines in this regard would benefit e-commerce players which, in addition to selling directly to consumers, also export goods, store them in warehouses abroad, and sell them after a year or more
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According to the Budget, the government had expected to receive Rs 48,000 crore in dividend from the central bank and state-owned lenders in 2023-24
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A sell-off in emerging markets and a widening fiscal and current account deficit, exacerbated by rising oil prices - India's biggest import bill - pushed the rupee down over 10% last year, its worst annual performance since 2013.
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Seth called the measures announced by the RBI as massive and said they were already having some impact on the exchange rate.
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The Reserve Bank of India (RBI) is in a strong position to counter rupee volatility, says Ashutosh Raina, Head - FX Trading, HDFC Bank.
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Continuing to open up its currency market to foreign entities, the second batch of foreign central banks and similar institutions have now been allowed after they completed the registration process with the China Foreign Exchange Trading System (CFETS)
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The European common currency rode the momentum gathered overnight when the European Central Bank, in line with recent data suggesting deflationary pressures were not as pronounced as feared, raised its inflation forecast for 2015.
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The region's focus fell on the Reserve Bank of Australia's policy decision due at 0430 GMT. Expectations are that the central bank would cut interest rates further in the wake of falling prices of iron ore, the country's biggest export.
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The US central bank's far more modest inflation predictions, released on Wednesday, suggest that the strong currency and sagging oil prices are spooking policymakers more than they have let on. It sets the stage for later rate hikes than they expected, but which many investors have long anticipated.
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Apple, which is aiming to price the new service at about USD 30 to USD 40 a month, plans to announce the service in June and launch it in September, the newspaper said. Apple spokesman Tom Neumayr said the company does not comment on rumor and speculation. Fox and CBS declined to comment.
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As the dollar has surged this year and oil has continued to crumble, emerging market currencies have felt the pain. The real has fallen 16 percent against the dollar year to date, dropping nearly a full percent on Tuesday alone—a huge move for a currency.
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The 10-year yield is likely to trade in a range of 8.73-8.78 percent, says Mohan Shenoi, Kotak Mahindra Bank.
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The rise in WPI seems to be more of a food impact. But the RBI is likely to be cautious and may even raise the repo rate in its upcoming October 20 monetary policy.
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According to Narendra Murkumbi, blending 10 percent ethanol in petrol will reduce sugar surplus by almost one million to one-an-half-million tonne and that will be beneficial for the sugar industry. Overall, manadatory ethanol blending by the government will have dual benefits in terms of new market for ethanol and reducing sugar surplus.
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Vivek Rajpal, Nomura India recommends that one should not buy bonds at the current levels of 8.55 percent and instead wait for a catalyst.
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Nizam Idris, head of EM FX Strategy, Macquarie says the RBI's move sends a message to the market on its strong intention to curb the rupee weakness.
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The Indian rupee on Tuesday recouped some of its losses against US dollar after the authorities had introduced measures to arrest its free fall. The local currency ended at 60.14/USD, a rise of 48 paise or 0.80 percent higher than its previous close at 60.62, a record low closing rate.
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The bonds will shortly find takers in banks and mutual funds, says Ananth Narayan, Co-Head of Wholesale Bank, South Asia, Standard Chartered Bank.
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Inflation continues to remain soft at least for the next six-nine months with a probable bottoming out in September. We are expecting another 75 basis points of cut in the repo rate in the next six months, says Rohit Arora, emerging markets research, Barclays.
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Nomura strategist Rob Subbaraman believes Asia's fundamentals are much better than what they were just before the Asian currency crisis in the late 90s. He says the recent meltdown in Asia triggered by fears of the Fed cutting back on bond purchases is merely a short term correction
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Economic growth data for the April-June quarter on August 31 will be the key event for Indian bond and FX markets.
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The July consumer price index due on Tuesday will be the focus for Indian bond and FX markets in a holiday-shortened week.
