Indranil Pan News
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India’s rupee headed for a fifth weekly drop on concern the Federal Reserve may scale back debt purchases that have fueled fund flows to emerging markets. Government bonds rose.
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Indian bonds fell the most in more than two months after central bank governor Duvvuri Subbarao said retail inflation is still high and that the nation’s balance of payments is under stress.
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India cut interest rates for a third straight meeting to revive growth, extending the only reduction in borrowing costs among major emerging nations this year.
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Indian industrial production unexpectedly fell in September and the trade deficit widened to a record last month as exports declined, adding to signs that Asia’s third-largest economy is struggling.
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India’s current-account deficit widened to a record last quarter as an accelerating economy boosted imports of oil and machinery.
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Indian Commerce & Industry Minister Anand Sharma said he has asked the prime minister to consider industry’s need for credit at lower rates after the central bank raised borrowing costs last month.
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India’s bonds fell for a third day, the longest losing streak since December, on speculation faster inflation will limit the extent to which interest rates can be cut this year.
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India is facing a “surge” in inflation, central bank Governor Duvvuri Subbarao said, fueling speculation he may raise interest rates at the Jan. 25 policy meeting. Bond yields rose.
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The Reserve Bank of India increased interest rates for the fifth time this year and said its actions have brought the “monetary situation close to normal.”
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The Reserve Bank of India increased interest rates for the fifth time this year and said its actions have brought the “monetary situation close to normal.”
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