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Rahul Gandhi recreates global history

Akhilesh Bhargava

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It was just a couple of days ago when Congress President Rahul Gadhi made a statement Coca-Cola was founded by a person who sold shikanji, McDonalds was founded by a dhabawala, and Ford, Honda and Mercedes were founded by motor mechanics. While he seems to have been recreating history with such hilarious yet strange statements he tried making a point that the Modi government had not given the right opportunities to the backward classes, but how credible are his statements? Mr. Akhilesh Bhargava, Business Editor of HW News shares his take on the matter.

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IMF has taken note of Urjit Patel resigning as RBI governor: Gerry Rice

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IMF

Rice added that the IMF had “taken note of” the resignation of Patel as the governor of the RBI and the appointment of Das as his replacement.

 

Washington| Operational independence is important for a central bank to carry out its responsibilities, a senior IMF official has said, amidst the growing debate in India over the RBI’s autonomy following Urjit Patel’s resignation as its governor.

Patel stepped down on Monday as the RBI Governor citing “personal reasons”, weeks after differences between the central bank and the government regarding its “independence” became public.

A day later, former economic affairs secretary Shaktikanta Das was appointed as the new governor of the central bank with immediate effect.

The International Monetary Fund (IMF) on Thursday said: “operational independence” of central banks like the Reserve Bank of India (RBI) was important for carrying out their responsibilities.

Gerry Rice, IMF Director, Communications, said this in response to a question on the recent developments at the RBI. He, however, added that his views were in the context of international experiences.

“International experience shows that operational independence is important for a central bank to carry out its responsibilities,” Rice said in response to a question.

The RBI played a vital role in ensuring economic and financial stability, and was an important counterpart and partner for the IMF, he said.

Rice added that the IMF had “taken note of” the resignation of Patel as the governor of the RBI and the appointment of Das as his replacement.

“We believe Patel was instrumental in formulating the Reserve Bank of India’s inflation-targeting framework as a deputy governor and in successfully implementing it as governor,” he said.

“In wishing Governor Patel all the best in the future, we also look forward to working closely with Governor Das and wish him well in his new incarnation,” Rice said.

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Sensex, Nifty turn cautious on mixed global cues

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The Sensex Thursday climbed 150.57 points, or 0.42 percent, to end at 35,929.64, while the broader NSE Nifty rose 53.95 points, or 0.50 percent, to 10,791.55.

 

Mumbai|  Benchmark equity indices Friday opened on a cautious note amid negative signals from other Asian markets, and mixed macro cues like weakening rupee and easing crude prices.

Breaking its three-day winning streak, the 30-share index turned choppy and was trading 25.93 points, or 0.07 percent, lower at 35,903.71.

The NSE Nifty saw similar movement, shedding 5.55 points, 0.05 percent, to 10,786.00.

The Sensex Thursday climbed 150.57 points, or 0.42 percent, to end at 35,929.64, while the broader NSE Nifty rose 53.95 points, or 0.50 percent, to 10,791.55.

Investors were also on edge ahead of RBI central board meeting under new Governor Shaktikanta Das, traders said.

The meeting will review the progress with respect to some of the decisions taken in the last meet on November 19. Among other things, the crucial board meeting is expected to take a stock of micro, small and medium enterprises (MSMEs), which is under stress due to demonetization and implementation of the goods and services tax (GST).

This scheduled meeting comes in the backdrop of surprise resignation by Urjit Patel earlier this week citing personal reasons. However, the tussle between the Finance Ministry and RBI was attributed as a reason for the sudden exit of Patel, who would have completed his 3-year term in September 2019.

Top losers in morning trade Adani Ports, Maruti, ONGC, Hero MotoCorp, Coal India and Reliance Industries, shedding up to 1 percent.

Top gainers include Bharti Airtel, Yes Bank, Infosys, Asian Paints, Wipro ICICI Bank, ITC, Tata Steel, HDFC Bank, and TCS, rising up to 3 percent.

The rupee, meanwhile, was trading marginally lower at 71.79 against the US dollar.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 675.14 crore Thursday, while domestic institutional investors (DIIs) were sellers to the tune of Rs 51.86 crore, provisional data available with BSE showed.

Elsewhere in Asia, Hong Kong’s Hang Seng was down 1.32 percent, Japan’s Nikkei fell 1.73 percent, and Shanghai Composite Index was down 0.57 percent in early trade.

On Wall Street, the Dow Jones Industrial Average index rose 70.11 points, or 0.29 percent, to 24,597.38 on Thursday.

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Rupee rises 14 paise to 71.82 against US dollar in early trade

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Rupee

The 30-share BSE benchmark Sensex was trading at 35,995.07, up 25.43 points in early trade. On Thursday the rupee appreciated by 33 paise to 71.68 per US dollar.

 

Mumbai| The rupee Friday depreciated by 14 paise to 71.82 in early trade on the forex market as the American currency strengthened, while the domestic equity market opened on a weak note.

Forex traders said strengthening of the US dollar against some currencies overseas and caution ahead of RBI central board meeting under new Governor Shaktikanta Das, weighed on the local unit.

At the Interbank Foreign Exchange, the rupee opened on a weak note at 71.80 against the US dollar, then lost further ground and fell to 71.82 showing a decline of 14 paise over its previous closing.

On Thursday the rupee appreciated by 33 paise to 71.68 per US dollar.

However, fresh foreign fund inflows capped the losses for the domestic unit.

Foreign funds bought shares worth Rs 675.14 crore from the capital markets on a net basis Thursday, while domestic institutional investors sold shares worth Rs 51.86 crore, provisional data showed.

The global benchmark, Brent crude oil was trading at USD 61.16 per barrel, lower by 0.47 percent.

Meanwhile, the domestic equity market opened on a cautious note. The 30-share BSE benchmark Sensex was trading at 35,995.07, up 25.43 points in early trade. The wide-based Nifty was also trading with gains of 4.15 points at 10,795.70.

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