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.”
The decision comes as part of the Dubai government's continuous incentives to promote economic growth in the emirate, and its continuous support for its investment and government environment, with the aim of easing the financial burdens on the businesses in Dubai, and its residents.
Etisalat Group consolidated revenues amounted to Dhs26.4 billion representing year-over-year (YoY) increase of 3.2 per cent while consolidated net profit
The Central Bank of the UAE (CBUAE) has maintained the base rate applicable to the overnight deposit facility (ODF) at 15 basis points, effective from Thursday (July 29).