Finance

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Reserve Bank Governor Shaktikanta Das on Friday said India has been building up gold reserves as part of its forex deployment. "We are building up gold reserves that is a part of our reserve deployment," Das told reporters at the customary post-policy review press conference here. He did not give any specifics on the quantum of gold buys, but pointed to the official data which shows an increase in the value of gold reserves.

The rupee appreciated 9 paise to close at 83.30 (provisional) against the US dollar as the Reserve Bank of India on Friday kept the benchmark interest rate unchanged at 6.5 per cent for the seventh time in a row. However, a strong US dollar against major rivals overseas and elevated crude oil prices capped sharp gains for the local unit, forex traders said.

The RBI expects the price of the Indian basket of crude oil imports to be around $85 per barrel going ahead amid geopolitical tensions which have "imparted significant uncertainty" to the outlook. India exports around 85 per cent of its crude requirement, and soaring oil prices which have often crossed the $90 a barrel mark in recent years, tend to drag down the economy.

The Indian central bank’s rate-setting panel, the Monetary Policy Committee (MPC), kept the repo rate unchanged at 6.5% on Friday. It remained focused on the withdrawal of accommodation in the first monetary policy of FY25. Most experts have been expecting the RBI to maintain the status quo. “We believe the stance should continue to be withdrawal of accommodation. RBI might cut rates only in the third quarter of FY25, such rate cut cycle is likely to be shallow,” said a report by SBI Research.

On Friday, RBI governor Shaktikanta Das announced that bank account holders will soon be able to deposit money at ATMs using UPI, or Unified Payments Interface. Earlier, in January, RBI had announced that it would allow users to withdraw cash from ATMs using UPI. Das announced RBI’s latest Monetary Policy Committee (MPC) meeting, where the central bank left the key repo rate unchanged.

The Reserve Bank on Friday announced the launch of a mobile app to enable retail investors to participate in government securities (G-Secs) or government bonds market. RBI Retail Direct Scheme, launched in November 2021, gives access to individual investors to maintain gilt accounts with the RBI and invest in government securities.

The Reserve Bank of India (RBI), on Friday, left the key policy rate unchanged at 6.5 per cent in its monetary policy review for the seventh consecutive time, with the aim of keeping inflation in check and ensuring that the economy moves on a stable growth path. RBI Governor Shaktikanta Das said that the decision was made with five of the six members of the Monetary Policy Committee (MPC) favouring no change in the repo rate.

The rupee depreciated 6 paise to 83.45 against the US dollar in early trade on Friday, as market participants remained cautious ahead of the announcement of the Reserve Bank of India's rate-setting panel's decision. Forex traders said the local unit was also weighed down by a strong American currency and elevated crude oil prices.

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Gold prices surged by Rs 850 to reach a new peak of Rs 70,050 per 10 grams on Thursday on strong global cues, according to HDFC Securities. This is the second straight session that precious metal prices have hit all-time high levels. In the previous trade, the precious metal had settled at Rs 69,200 per 10 grams.

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The rupee witnessed a rebound in early trade on Thursday and appreciated 11 paise to 83.42 against the US dollar, supported by positive domestic equities. Elevated crude oil prices and sustained foreign fund outflows also dented investor sentiments, forex traders said. Moreover, market participants remained cautious ahead of the Reserve Bank's rate-setting panel's decision to be announced on Friday, traders said.

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The ongoing heatwave conditions, and projections of a harsher summer, are likely to impact India’s agricultural output, leading to rising food inflation. This, among others, is expected to weigh heavily on the rate-setting panel or monetary policy committee (MPC) meeting that will start today. Core inflation, however, has been easing, and LPG price cuts are also expected to add to the disinflation process, albeit modestly.

GST collections in March grew 11.5 per cent to Rs 1.78 lakh crore, buoyed by domestic transactions, the finance ministry said on Monday. The gross GST collection for the last fiscal (April 2023-March 2024) stood at Rs 20.18 lakh crore, 11.7 per cent higher than the mop-up in the preceding fiscal.