RBI Governor Shaktikanta Das arrives to attend a news conference. Reuters
Further monetary policy easing is expected as the economy struggles with a demand downturn, liquidity constraint and a high finance cost, sources said on Friday. It is learnt that Reserve Bank of India would stick with its stance and further lower the repo rate, which will in turn reinvigorate consumer
India’s foreign exchange reserves continued their upward trajectory during the week ended Dec.20 to touch a new record high. The Reserve Bank of India’s reserves rose by $456 million during the week under review, official data showed.
State-owned insurer Life Insurance Corporation may consider joining RBI efforts to rescue Yes Bank. The minimum investment for SBI would be Rs5,500 crore if it picks 26 per cent stake in Yes Bank.
Spot gold was flat at $1,868.29 per ounce by 0627 GMT. But prices are down over 4% for the week pressured by a broadly stronger greenback. US gold futures were down 0.3% to $1,871.
Brent crude was down 4 cents at $41.90 a barrel by 0635 GMT, while US West Texas Intermediate (WTI) crude dropped 8 cents to $40.23.
Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, chaired the virtual meeting of the Industrial Cooperation Committee of the Gulf Cooperation Council on Thursday.