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India’s central bank unexpectedly cut the amount of deposits lenders need to set aside as reserves to ease a cash squeeze in the banking system that threatens to deepen an economic slowdown.
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Indian companies are paying the highest borrowing costs in 11 months as the government’s record debt sales drain cash from the banking system.
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India’s rupee climbed to an 11-week high after the central bank eased monetary policy for the first time since 2009 to support economic growth, prompting investors to boost holdings of local stocks and bonds.
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Roy Paul , deputy general manager at Federal Bank Ltd. in Mumbai, comments on the outlook for India’s rupee.
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India’s rupee completed its first annual loss since 2008 as Europe’s debt crisis threatened to derail global economic growth and hurt demand for financial assets in developing nations.
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The cost of protecting against default in India is surging to a three-year high as investors bet that the government will fail to rein in the nation’s budget deficit even after pressing state-run companies for more dividends.
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India’s 10-year bonds rose, sending yields to the lowest level in eight months, on optimism slowing inflation will encourage the central bank to reduce interest rates.
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India’s inflation rate fell below bond yields for the first time in two years as international investors add to record holdings of the nation’s debt.
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India’s 10-year bonds declined on speculation yields near a five-month low will deter investors.
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India’s rupee rebounded from a five- month low on speculation a more than 6 percent drop in the benchmark stock index this month will entice overseas investors.
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