Bank Of India News
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Export-Import Bank of India will lend $300 million to Ethiopia to help construct a railway to a planned port on the Red Sea in neighboring Djibouti.
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The yen weakened for a second day against the dollar as the Federal Reserve holds a two-day meeting that may provide more information about when U.S. policy makers will start to reduce bond purchases.
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Overseas funds are raising holdings in India’s state-controlled companies to a two-year high as Prime Minister Manmohan Singh’s government sells stakes and attracts investments to revive the weakest economy in a decade.
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State Bank of India, the nation’s largest lender, said profit from sale of investments will see a “substantial” jump after the rupee’s plunge prompted the company to accelerate selling its government debt holdings.
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India’s rupee dropped the most in a week on concern the Federal Reserve will signal a reduction in asset purchases that have boosted inflows to emerging markets.
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Indian bonds due 2022 snapped a two- day advance on concern a slide in the rupee will fuel inflation, limiting room for the central bank to cut interest rates.
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Indian stocks declined before the U.S. Federal Open Market Committee begins a two-day meeting today, and as foreigners sold local shares for a fourth day
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The dollar strengthened against the majority of its 16 most-traded counterparts amid speculation about when the Federal Reserve will begin to taper its monetary stimulus.
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India’s benchmark stock index rose to a one-week high on speculation the central bank will resume lowering borrowing costs after holding interest rates today. Automakers led the gains.
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Monsoon, which accounts for 70 percent of India’s annual rainfall, covered the entire country in a record time, accelerating plantings of crops from rice to soybeans and cotton.
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