Gold Silver Reports (GSR) – Rupee Seen Opening Lower Around 68.14/$ — The Indian rupee could come under pressure as global investors turn risk averse amid continued worries about an escalating exchange of trade and investment restrictions, triggered by the Trump administration. Asian stocks extended a decline which could see portfolio outflows from Indian markets and which in turn could weigh on the rupee, traders said.
India
RBI Widens ICICI Bank Probe after Whistleblower Complaints
Gold Silver Reports (GSR) – RBI Widens ICICI Bank Probe after Whistleblower Complaints — India’s banking regulator initiated a second probe into the affairs of ICICI Bank Ltd for allegedly delaying provisioning for stressed loans and so-called loan evergreening, among other wrongdoings, within days of receiving a whistleblower’s complaints on 20 March and 22 March, a fact that the bank was informed of only in early May.
Shorter Rupee Corporate Bond Yields Near 2014 Levels on RBI
Gold Silver Reports (GSR) – Market borrowing costs for top-rated state-owned Indian companies — a key gauge for the nation’s corporates — have risen to their highest since Jan. 2, 2015. The central bank’s rate hike and a change to the method by which investors must value local government bonds may still spell more bad news for corporates.
Gold Price Target Till Diwali 32500—33500 Level on Weak Rupee
Gold Silver Reports (GSR) – Gold prices are likely to hold in the range of ₹ 32,500—33,500 per ten grams until Diwali Target in the domestic market, and internationally the Gold might be in USD $1,180—$1,410 an ounce level.
India Likely to Meet Fiscal Deficit Target of 3.3%: Moody’s
Gold Silver Reports (GSR) – India Likely to Meet Fiscal Deficit Target of 3.3%: Moody’s — Rating agency Moody’s said on Thursday that it expects India to meet its fiscal deficit target of 3.3% of GDP for FY19, on the back of commitment to fiscal consolidation and attainable budgetary targets.
India’s Correlation With Global Markets Approaches 10-Year Low
Gold Silver Reports (GSR) – The disconnect is most pronounced in the bond market, where India’s 10-year yields have almost no correlation with a portfolio consisting of global sovereign debt. A shrinking correlation between financial markets in India and those in the rest of the world is one reason to buy its assets. The weighted average correlation of India’s currency, bonds and stocks with those in other global economies fell to 0.32 last month, approaching a more than 10-year low of 0.29 set in November. The reading was as high as 0.68 in 2010, data compiled by Bloomberg show. Global investment managers say this divergence provides them with an asset class that can smooth out returns in their portfolios.
Government Rejigs Top Managements Of Three PSU Banks
Gold Silver Reports (GSR) – Government Rejigs Top Managements Of Three PSU Banks – Based on recommendations of Banks Board Bureau, the government rejigged top managements of three state-run lenders. banking secretary tweeted.
As part of Banking Reforms and on recommendation of BBB, Govt. appoints Dr Charan Singh ,Anjali Bansal ,Tapan Ray as Non Exec Chairperson of Punjab&Sind Bank, Dena Bank & Central Bank of India. @FinMinIndia @PIB_INDIA pic.twitter.com/mAAH4BU57V
— Rajeev kumar (@rajeevkumr) May 24, 2018