RBI’s June dollar purchases hit 4-year high

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Mumbai: The Reserve Bank of India‘s US dollar purchases in June was at a four-year high for any month. Economists said the central bank is building a war chest of reserves to prevent any adverse impact on the rupee amid the Covid-19 crisis. The central bank bought $14.8 billion from the spot currency market in … Read more

Banks to be cautious despite gold loan LTV relaxation: Report

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Mumbai: Despite relaxation in loan-to-value (LTV) ratio on gold loans, banks are likely to be cautious in lending and will keep a buffer for any correction in the price of collaterals, says a report. Last week, the Reserve Bank of India (RBI) had increased the permissible LTV ratio for loans against pledge of gold ornaments … Read more

Retail investors pile into India’s most beaten-down companies

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By Ronojoy Mazumdar and Ishika Mookerjee Companies with high levels of debt are the latest beneficiaries of a retail investor-fueled rally in Indian stocks that’s defying the worst economic outlook in four decades. A custom Bloomberg index of the 30 most leveraged stocks out of India’s top 200 companies has gained 32% since the end … Read more