Indian Stocks Continue Upside Move; Currency Gains Against USD
Indian stock market continued positive trend on Friday as traders were looking optimistic after renewed hopes that government and RBI will take steps to control the fall in economic growth.
RBI governor has expressed strong concerns over the decline of Indian currency and also GDP growth. He has said that hard steps will be taken in coming days to bring the country back on faster growth path.
Indian business owners have been complaining about high interest rates, which have led to lower consumption of products in India. Automobile companies are facing lower sales as loans have remained expensive and have become difficult to avail. Consumer durables are generating better sales volume only in case the companies come up with low or 0% interest options. Additionally, high interest rates have also hit plans of companies thinking of expanding operations.
Indian currency gained further ground against USD today. INR touched high of Rs 65.53 against USD. Euro was trading at 86.13 compared to India rupee. Currency market gains will help India keep its oil import bill under control. BRICS nations have also agreed to set up $100 billion forex fund. This fund will help the emerging economies to keep a check on quick decline in currency compared to USD and Euro. India, Brazil and Russia witnessed decline in currency after Federal Reserve indicated reduction in fiscal stimulus. The currencies in emerging markets have declined in last four weeks with India facing the worst decline in decades.
Indian Stock Markets were higher by nearly 1.3 percent today. BSE Sensex was up by 242 points at 19222 and NSE Nifty was up by 68 points. NSE Nifty trading strongly above 5600 sends very positive signal about Indian market strength.
Indian government increased the price of diesel and petrol last week. There are reports that the UPA government is planning another hike in price of diesel and cooking gas. The stronger action of government to increase energy prices also helps stock and forex market sentiment as it helps to reduce the CAD burden of the government.
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