India’s central bank and government took coordinated steps to shore up the rupee after it plunged to a record low, turning to its playbook from the 2013 taper tantrum to spur foreign inflows.
India’s central bank said a report that it’s selling gold is “not correct,” pointing to data showing its physical stock of gold has remained unchanged.
India’s economy grew faster than expected in the three months through March, on sustained private and government spending before higher energy costs began weighing on the outlook.
A rider on a motorcycle carries a mattress at a market in Lucknow, India, on Wednesday, Oct. 13, 2021. The Reserve Bank of India expects the months-long festival season to bolster urban demand in the second half of the financial year to March 2022, while rural demand will likely be buoyed by a robust monsoon and record food grain production.
India scrapped taxes and removed caps on the ownership of some bonds for foreign investors to attract overseas capital and stabilize the rupee, which has been under pressure from higher energy prices and equity market outflows.
India Gate in New Delhi. Photographer: Elke Scholiers/Bloomberg
India recorded a surprise current account surplus in the January-March period as strong services receipts and higher remittances offset disruptions caused by the Iran war.
Shipping containers at Jawaharlal Nehru Port in Navi Mumbai, Maharashtra, India.
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