Market Live Updates Today: Trends on SGX Nifty indicate a negative opening for the index in India with a 77 points loss
India's forex reserves drop by $2.415 billion to $576.869 billion
The country’s foreign exchange reserves declined by $2.415 billion to stand at $576.869 billion in the week ended April 2, RBI data showed on Friday.
In the previous week ended March 26, the reserves had decreased by $2.986 billion to $579.285 billion. The forex kitty had touched a record high of $590.185 billion in the week ended January 29, 2021.
Government may hike FDI limit in pension sector to 74 percent; Bill likely in monsoon session
The government may hike foreign direct investment (FDI) limit in the pension sector to 74 percent and a Bill in this regard is expected to come in the next Parliament session, according to sources.
Amendment to Pension Fund Regulatory and Development Authority (PFRDA) Act, 2013 seeking to raise FDI limit in the pension sector may come in the monsoon session or winter session depending on various approvals, sources said. Currently, the FDI in the pension fund is capped at 49 percent.
US economy at an 'inflection point': Fed's Powell
The US economy is at an “inflection point” with expectations that growth and hiring will pick up speed in the months ahead, but also risks if a hasty reopening leads to a continued increase in coronavirus cases, Federal Reserve Chair Jerome Powell said.
“There really are risks out there. And the principal one just is that we will reopen too quickly, people will too quickly return to their old practices, and we’ll see another spike in cases,” Powell said in the interview.
Bitcoin price surge above $60,000 again on talk of reduced supply
Bitcoin rose above $60,000 to approach record highs on the weekend, breaking out of a two-week tight range and propelled by talk of constrained new supplies against evidence of wider adoption. The world's biggest and best-known cryptocurrency hit $61,222.22 on Saturday, its highest in nearly a month. It was slightly lower at $59,907 at 0500 GMT on Sunday.
Bitcoin (BTC) is up 116% from the year's low of $27,734 on Jan. 4. It crossed the $60,000 mark for the first time on March 13, hitting a record $61,781.83 on Bitstamp exchange, just after U.S. President Joe Biden signed his $1.9 trillion fiscal stimulus package into law.
Fitch Solutions sees RBI holding interest rates through FY22
Fitch Solutions sees RBI keeping benchmark interest rates unchanged during the fiscal to March 2022 following its decision to buy Rs 1 lakh crore of government bonds.
"We had initially expected another policy rate cut to arrest the rise in government bond yields since the Union Budget announcement in February."
"However, having an explicit bond purchase guidance from the RBI following the announcement of the G-SAP will also achieve a similar effect, if not even be more effective than a rate cut on capping the increase in bond yields," it said in a note.