Dollar holds near two-week high, U.S. jobs data eyed for Fed clues Economic News 

Dollar holds near two-week high, U.S. jobs data eyed for Fed clues

By Administrator_ India Capital Sands The dollar hovered below a two-week high on Thursday, consolidating ahead of a key U.S. jobs report that may provide clues on when the Federal Reserve will dial back monetary stimulus. The greenback has rebounded from a one-month low over the past week, swung by U.S. economic data that has largely supported the case for a rapid recovery from the pandemic, with traders weighing whether a lift in inflation may force the Fed’s hand earlier than policymakers have so far suggested. The dollar index, which measures…

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India, UK decide to wrap up key talks for Free Trade Agreement by year-end Economic News 

India, UK decide to wrap up key talks for Free Trade Agreement by year-end

By Administrator_ India Capital Sands India and the United Kingdom have decided to wrap up key talks on trade issues by the end of 2021, expediting negotiations for a proposed free trade agreement (FTA) between both nations in the future. Bilateral trade and investment ties were a major part of the talks between Prime Minister Narendra Modi and his British counterpart Boris Johnson during the digital summit held on May 5. The proposed FTA is a key part of the Enhanced Trade Partnership (ETP) launched by both nations that hope to galvanize bilateral business…

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Dollar holds near two-week high, U.S. jobs data eyed for Fed clues Economic News 

Dollar near multi-week lows before Fed, bitcoin reclaims $54,000

By Administrator_ India Capital Sands The dollar hovered near multi-week lows versus major peers on Tuesday, weighed by subdued Treasury yields, as investors consolidated positions ahead of the Federal Reserve’s policy decision this week. The safe-haven greenback was also out of favor after world stocks started the week hitting a record high, amid increasing investor confidence in a rapid global recovery from the pandemic. In cryptocurrencies, bitcoin traded around $54,000 following a 10% surge on Monday, driven by reports that JPMorgan Chase  is planning to offer a managed bitcoin fund.…

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Dollar holds weak bias on expectations Powell will shun tapering Economic News 

Dollar holds weak bias on expectations Powell will shun tapering

By Administrator_ India Capital Sands The dollar nursed losses against most currencies on Monday amid speculation that U.S. Federal Reserve Chairman Jerome Powell will shun talk of tapering bond purchases at a policy meeting this week. The euro rose to a near two-month high against the greenback before data later on Monday forecast to show an improvement in German business sentiment, which would bolster hopes for a brighter economic outlook. Powell is likely to face questions over whether an improving labor market and rising coronavirus vaccinations warrant a withdrawal of…

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PMI services expand at a slower pace in March on surge in Covid cases Economic News 

PMI services expand at a slower pace in March on surge in Covid cases

By Administrator_ India Capital Sands Activity in India’s services sector continued to expand in March, but at a slower pace with rising Covid-19 cases in the country resulting in lower footfalls and consumer uncertainty, a private survey showed on Wednesday. The IHS India Services Business Activity Index eased to 54.6 in March from 55.3 in February, suggesting moderation in growth. The 50-point mark separates expansion from contraction. But it should be noted that the PMI is a month-over-month indicator, showing improvement over the previous month, and not over the previous…

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Union Bank, Central Bank of India offer the lowest interest rates on personal loans Economic News 

Union Bank, Central Bank of India offer the lowest interest rates on personal loans

By Administrator_ India Capital Sands The state-owned banks lead the race in offering the cheapest interest rates on personal loans. Union Bank of India and Central Bank of India’s personal loan rate on a Rs 5-lakh loan with a five-year tenure starts at 8.9 percent. It is followed by Punjab National Bank (PNB) with 8.95 percent, as per data from BankBazaar.com. While the rates seem relatively lower due to benign interest rates in the system, these are still higher than secured loans such as gold loans, where interest rates start at…

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March inflation rises to four-month high of 5.52% due to food, core prices Economic News 

WPI inflation spikes to a 27-month high in Feb owing to costlier food, fuel

By Administrator_ India Capital Sands The wholesale price index (WPI)-based inflation rate rose to a 27-month high in February due to a broad-based hardening of prices of fuels, food items, and manufactured goods. However, diesel, which indirectly impacts prices of other items, continued to see deflation (a fall in prices), in February, albeit at a much lower rate than witnessed in the previous months. WPI inflation surged to 4.17 percent in February compared with 2.03 percent in the previous month, the data released by the ministry of commerce and industry showed…

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India’s economy could recover and grow 10% in fiscal 2022, ratings agency S&P predicts Economic News 

India’s economy could recover and grow 10% in fiscal 2022, ratings agency S&P predicts

By Administrator_India Capital Sands Rating agency S&P Global Ratings said Tuesday that India is on track to recover from a pandemic-led economic contraction by next year. South Asia’s largest economy could grow 10% in fiscal 2022, the rating agency predicted in a report. India’s fiscal year begins on April 1 and ends on March 31 in the following year. In 2020, India slipped into a technical recession due to the economic fallout from a lengthy lockdown to slow the spread of the coronavirus outbreak — in aggregate, the country has…

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India’s economy could recover and grow 10% in fiscal 2022, ratings agency S&P predicts Economic News 

Indian economy to contract by 7% in current fiscal

By Administrator_India Capital Sands Pencilling in a GDP growth in third and fourth quarters, SBI Research on Wednesday revised its contraction forecast for the current fiscal year to 7 per cent. The agency had earlier forecast a 7.4 per cent contraction in 2020-21 GDP numbers. In April-September, the economy contracted 15.7 per cent but the second half may see a surprise 2.8 per cent growth if the SBI analysis turns out to be correct. Soumya Kanti Ghosh, group chief economic adviser at State Bank of India said of the 41 high frequency leading indicators,…

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Petrol, Diesel prices remain steady, govt tax collection on fuel swells by 459% in 7 years Economic News 

Petrol nears Rs 85-mark in Delhi, diesel closer to Rs 82 in Mumbai

By Administrator_ India Capital Sands Petrol price in the national capital neared the Rs 85 a litre mark while diesel rates in Mumbai were close to Rs 82 as fuel prices were raised by 25 paise per litre each on Monday. Petrol now costs a lifetime high of Rs 84.95 per litre in Delhi while diesel comes for Rs 75.13, according to a price notification from oil marketing companies. The price hike on Monday came after three days of uncha­nged rates. Prices were last hiked by 50 paise a litre in two instal­ments on…

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