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  • Wed, Dec. 7, 4:30 AM
    • The Reserve Bank of India has kept its policy repo rate unchanged at 6.25%, despite calls for action as an intense cash shortage threatens to slam the brakes on the world's fastest growing major economy.
    • Analysts had expected a rate cut of at least 25 bps after the country scrapped two high denomination bank notes to thwart counterfeiters and undo the country's underground economy.
    • ETFs: EPI, INDY, SCIF, INDA, INDL, PIN, INP, INXX, IIF, INCO, INR, SCIN, ICN, SMIN
    | Wed, Dec. 7, 4:30 AM | 2 Comments
  • Tue, Nov. 15, 2:51 AM
    • The decision to withdraw 500 and 1,000 rupee banknotes in India as an "anti-corruption drive" may have been applauded by many across the country, but low-income earners, tourists and those dependent on ordinary cash have been bearing the brunt of the new policy.
    • "There have been massive lines outside banks to deposit cash, endless queues outside the ATM machines and these machines have run out of cash," Delhi-resident Sarita Das told CNBC.
    • ETFs: EPI, INDY, SCIF, INDA, INDL, PIN, INP, INXX, IIF, INCO, INR, SCIN, ICN, SMIN
    | Tue, Nov. 15, 2:51 AM
  • Fri, Nov. 11, 5:01 AM
    • Central banks from India to Indonesia have stepped in to stabilize their currencies on deepening concerns that Donald Trump will pursue policies that spur capital outflows from developing economies and weaken their exports.
    • Meanwhile, the dollar is on course for its best week in a year, racking up another round of gains against the yuan and peso and steadying just off the previous day's highs against the euro and yen.
    • ETFs: FXE, UUP, EUO, FXY, YCS, UDN, CYB, ERO, CNY, INR, ICN, JYN, USDU, DRR, ULE, EUFX, FXCH, YCL, URR
    | Fri, Nov. 11, 5:01 AM
  • Wed, Nov. 9, 6:50 AM
    • In a surprise move, Indian Prime Minister Narendra Modi announced that the country is taking all existing 500 and 1,000 rupee notes out of circulation to curb corruption, thwart counterfeiters and dredge up what could be billions of dollars of taxable income currently stashed in the underground economy.
    • The current 500- and 1,000-rupee bills will ceased being legal tender, but can be redeemed at banks and post offices until Dec. 30.
    • ETFs: INR, ICN
    | Wed, Nov. 9, 6:50 AM | 1 Comment
  • Tue, Oct. 4, 5:48 AM
    • The Reserve Bank of India cut its benchmark interest rate by a quarter point to 6.25%.
    • The move caught economists by surprise.
    • The central bank cited a slowdown in global growth and a cool outlook on inflation in justifying the rate action.
    • ETFs: EPI, INDY, SCIF, INDA, INDL, PIN, INP, INXX, IIF, INCO, INR, SCIN, ICN, SMIN
    | Tue, Oct. 4, 5:48 AM
  • Sun, Aug. 21, 7:46 AM
    • India has appointed Urjit Patel as its next central bank chief, in a decision that many economists and executives hope is a sign of New Delhi's commitment to the inflation-fighting policies of departing governor Raghuram Rajan.
    • Patel is currently a deputy governor in charge of monetary policy at the Reserve Bank of India. He has been appointed for three years and will begin his term once Rajan steps down on Sept. 4.
    • ETFs: EPI, INDY, SCIF, INDA, INDL, PIN, INP, INXX, IIF, INCO, INR, SCIN, ICN, SMIN
    | Sun, Aug. 21, 7:46 AM | 1 Comment
  • Thu, Aug. 18, 3:38 AM
    • Indian Prime Minister Narendra Modi this week is expected to announce a successor to Raghuram Rajan, the country's departing central bank governor who is returning to academia.
    • The two front-runners for the RBI's top post are Subir Gokarn, a former deputy governor who's currently India's representative at the IMF, and Urjit Patel, a current deputy governor of the central bank.
    • ETFs: EPI, INDY, SCIF, INDA, INDL, PIN, INP, INXX, IIF, INCO, INR, SCIN, ICN, SMIN
    | Thu, Aug. 18, 3:38 AM
  • Wed, Aug. 3, 4:51 AM
    • India's parliament will vote today on a much-awaited Goods and Services Tax bill, which seeks to streamline the country's fragmented tax system with one levy.
    • Businesses have been lobbying for a single tax rate as it would reduce costs, particularly for shipping goods across state borders, and analysts say the move could boost India's economic growth by up to 2 percentage points.
    • ETFs: EPI, INDY, SCIF, INDA, INDL, PIN, INP, INXX, IIF, INCO, INR, SCIN, ICN, SMIN
    | Wed, Aug. 3, 4:51 AM | 1 Comment
  • Sun, Jun. 19, 9:23 AM
    • India's central bank governor Raghuram Rajan, feted by foreign investors but under pressure from political opponents at home, stunned government officials on Saturday by announcing he would step down after just one three-year term.
    • In a letter to RBI staff, Rajan said he planned to return to academia, even as he noted two of his actions - the creation of a monetary policy committee to set interest rates and the clean-up of the heavily indebted banking sector - remained unfinished.
    • ETFs: EPI, INDY, SCIF, INDA, INDL, PIN, INP, INXX, IIF, INCO, INR, SCIN, ICN, SMIN
    | Sun, Jun. 19, 9:23 AM
  • Sep. 29, 2015, 3:28 AM
    • The Reserve Bank of India has reduced its policy interest rate by a greater-than-expected 50 basis points to a four-and-a-half-year low of 6.75%, citing low inflation as a main reason.
    • The reduction follows three cuts of 25 bps this year and record-low consumer inflation of 3.66% in August amid falling commodity prices, well under a target of 6% for January.
    • "The weakening of global activity since our last review suggests that commodity prices will remain contained for awhile," RBI Governor Raghuram Rajan forecast. Domestic demand needs to increase in order to make up for weaker global growth, Rajan said. "Monetary policy has to be accommodative to the extent possible" in current conditions.
    • The RBI's move also comes after Q2 GDP came in at a a slower-than-expected annualized rate of 7%; today, the bank cut its FY forecast to 7.4% from 7.6%.
    • The BSE Sensex is +0.3%, while the USD-INR is -0.5% at 65.99 rupees.
    • ETFs: EPI, INDY, SCIF, INDL, PIN, INDA, INP, IIF, INXX, INCO, SCIN, ICN, INR, SMIN, FNI
    | Sep. 29, 2015, 3:28 AM | 9 Comments
  • Aug. 4, 2015, 3:52 AM
    • After three cuts this year, Indian central bank Governor Raghuram Rajan kept interest rates on hold at 7.25% today, rebuffing pressure from the Finance Ministry to reduce borrowing costs that are among the highest in Asia.
    • Earlier in the day, the Reserve Bank of Australia kept rates steady at 2.0%, leaving out a reference to the need for the local dollar to fall further.
    • ETFs: EPI, FXA, EWA, INDY, SCIF, INDL, PIN, INDA, INP, IAF, IIF, INXX, INCO, SCIN, ICN, INR, SMIN, AUSE, CROC, KROO, EWAS, FAUS, QAUS, HAUD
    | Aug. 4, 2015, 3:52 AM
  • Mar. 5, 2015, 7:51 AM
    • "Ultimately, the bullish case for India rests on two pillars: its favorable demographics, and the scope for catch-up from a very low base in investment, infrastructure and productivity," analysts write in a note today.
    • ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, ICN, INR, SMIN
    | Mar. 5, 2015, 7:51 AM
  • Jan. 15, 2015, 4:02 AM
    • India’s central bank surprised the market with an early-morning rate cut today in a move to help improve growth in Asia’s third-largest economy.
    • Stocks, bonds and the rupee surged after Governor Raghuram Rajan lowered the repurchase rate to 7.75% from 8%, the first rate reduction in nearly two years, as lower food and oil prices cooled inflationary pressures.
    • India's NSE index is up 2.7%.
    • ETFs: EPI, INDY, SCIF, PIN, INDL, INP, INXX, INDA, SCIN, ICN, INR, SMIN, INCO
    | Jan. 15, 2015, 4:02 AM | 4 Comments
  • Jul. 25, 2014, 4:02 AM
    • India has opposed the World Trade Organization's new global customs agreement, infuriating fellow member countries which have tried to seal India's trade facilitation deal since it was agreed to at talks in Bali last December.
    • Despite demanding global trade reform, India says it will veto the deal until it secures rights linked to its system of subsidizing and stockpiling crops.
    • WTO members state that Delhi's veto will be costly, economically and politically.
    • The deadline for the deal is July 31 and any suggestion to postpone it is likely to be rejected.
    • ETFs: EPI, SCIF, INDY, PIN, INDL, INP, INXX, INDA, ICN, SCIN, INR, SMIN, INCO
    | Jul. 25, 2014, 4:02 AM
  • May 16, 2014, 2:21 AM
    • Narendra Modi's opposition Bharatiya Janata Party is on course for India's biggest election victory in thirty years, with counting showing that the BJP and its allies are ahead in 324 out of 542 seats in the lower house of parliament, well above the 272 seats needed for a majority. The BJP might even win over half the seats on its own.
    • The ruling Congress Party has apparently conceded defeat and is headed for its worst loss ever, leading in just 75 seats.
    • Indian markets are partying at the prospect of a stable government that's perceived as business friendly and committed to economic reform. The Sensex is +4.2% and the USD-INR is -1.15% at 58.766 rupees.
    • Live election blogs: Indiatoday, Guardian, BBC
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | May 16, 2014, 2:21 AM | 3 Comments
  • May 13, 2014, 3:09 AM
    • India's Bharatiya Janata Party appears to have won the country's general election, with exit polls showing that the BJP and its allies have racked up anything from 249 to 340 seats in the lower house of parliament.
    • The ruling Congress Party may have slumped to just 97-150 seats - anything under 114 would represent its worst showing ever.
    • With the chamber comprising 545 seats, 273 are needed for a majority. The official results are due out on Friday.
    • However, it's worth noting that Indian exit polls have been notoriously inaccurate in previous elections.
    • Still, shares continued to rally at the prospect of a stable business-friendly government led by a party whose leader, Narendra Modi, has pledged reform to revive the country's stumbling economy.
    • Data highlighted how India is facing stagflationary conditions. April CPI strengthened to +8.6% on year from 8.3% in March and topped consensus of 8.5%. Industrial production fell 0.5% in March, although that was better than consensus of -1.5%.
    • The Sensex is +1.5%, but the rupee is weaker and the USD-INR is +0.6% to 59.866 rupees.
    • ETFs: EPI, INDY, SCIF, PIN, INP, INDL, ICN, INR, INDA, INXX, SCIN, INCO, SMIN
    | May 13, 2014, 3:09 AM
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