RBI has ensured that $9 billion has been made available at overseas branches of some Indian banks for the country's three state-run refiners to tap, according to sources.
With US Fed hiking rates, RBI might be pushed to increase its own rates to slow simultaneous fall of rupee & India's forex reserves. But this could also hurt economic growth.
Forex traders said a positive start of domestic stocks supported the local unit, while it was affected by sustained foreign fund outflows and concerns over Covid-19 crisis.
Traders say there is a sense of anxiety among investors as they see the global as well as domestic economy plunging into a deep crisis due to COVID-19 pandemic.
Cost of borrowing will go up if foreign lenders mistrust India’s budget estimates, off-budget borrowing or fear payment could be delayed to achieve annual targets.
These were the battles we thought we’d already fought. The slow recognition that caste is a plague upon Indian society. The hard-won right to choose your own partner.
November exports to the US saw 10% growth from the previous month. Overall, in the first 8 months this fiscal, the merchandise exports to the US touched has touched $59bn.
Of the total package, $649 million will be utilised for additional hardware, software, and support services, and the remaining for Major Defence Equipment (MDE).
Don’t blame misfortune. This is colossal incompetence and insensitivity. So bad, heads would have rolled even in the old PSU-era Indian Airlines and Air India.
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