Raghuram Rajan News
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India, the world’s biggest consumer of gold, could implement more measures to curb imports, a top economic official said as the country seeks to narrow a record current-account deficit and check the currency’s drop.
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Gold traders turned bearish for the first time in a month as investors reduced holdings in exchange- traded products for an unprecedented 17th consecutive week and India, the biggest buyer, announced curbs on imports.
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India’s rupee headed for a sixth weekly drop, the longest losing streak in a year, on speculation U.S. policy makers will scale back asset purchases that have boosted inflows into emerging markets. Bonds fell on concern a weaker currency will spur inflation.
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India’s finance minister signaled more policy changes to revive economic growth and said steps are being taken to stabilize the nation’s currency as it resumed a slide near a record low.
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Gold imports by India, the world’s largest consumer, are plunging as an increase in tax and restrictions on financing shipments boost costs for jewelers, helping the nation contain a record current-account deficit.
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India’s rupee weakened after the World Bank cut growth forecasts and on concern global central banks will pare monetary stimulus, countering local policy makers’ steps to boost dollar supplies.
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India’s rupee rose, extending its rebound from a record low, after the government said it is considering options to spur inflows and Fitch Ratings revised the nation’s credit-rating outlook to stable from negative.
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Pacific Investment Management Co. and HSBC Global Asset Management see opportunity in the Indian rupee’s slide to a record low.
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The slump in the rupee to a record low has narrowed the Reserve Bank of India’s scope to cut interest rates next week for a fourth straight meeting.
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The Federal Reserve, under political pressure to combat unemployment, risks creating financial instability through its record monetary stimulus, according to University of Chicago Professor Raghuram Rajan .
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