A vendor sells vegetables at a retail market in Kolkata, India. Reuters
Rising trade deficit along with chances of a populist budget might dampen rupee’s prospects during the coming week. Nevertheless, persistent interest of Foreign institutional investors (FIIs) in India’s equity market will arrest any sharp depreciation moves.
India’s central bank (CB) kept key interest rates on hold on Thursday as it sought to contain a rise in retail inflation, though it vowed to keep policy sufficiently loose to help revive growth in the coronavirus battered economy.
The Reserve Bank of India (RBI) kept rates steady and left the door open for more monetary easing on Thursday, as it sought to support faltering economic growth and avoid stoking already heightened inflation levels.
Despite recent strength in India’s factory sector, the Monetary Policy Committee said economic activity in India “remains subdued and the few indicators that have moved up recently are yet to gain traction in a more broad-based manner.”
Sheikh Mohamed witnessed the signing of the UAE-Indonesia Comprehensive Economic Partnership Agreement, alongside Joko Widodo. Under the trade deal, over 80% of UAE exports will gain immediate duty-free access to Indonesia.
AD Ports Group on Thursday announced that it has reached an agreement to acquire a 70 per cent equity stake in International Associated Cargo Carrier BV,
Four Chinese airlines said on Friday they will buy a total of 292 planes from Airbus in a $37 billion windfall for the aviation giant, as the industry rebuilds after the coronavirus pandemic.