RBI moves to ease liquidity crunch

|By:, SA News Editor

Indian banks get a lift after the central bank moves to roll back at least one emergency move taken to halt the sliding currency - cutting the marginal standing facility rate 50 basis points to 9%. The benchmark repurchase rate is held at 7.5%.

The rupee is up about 11% vs. the greenback after hitting a record low in late August, but weakened somewhat today.

ICICI Bank (IBN +2.4%), HDFC Bank (HDB +1.1%).

Indian ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN.

Rupee ETFs: ICN, INR.