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RBI Monetary Policy Live Updates: Sensex gains 1,017 points as banking shares surge after RBI rate hike; Nifty settles at 17,094

THE TIMES OF INDIA | Sep 30, 2022, 16:56:51 IST

RBI Monetary Policy Live Updates: Sensex gains 1,017 points as banking shares surge after RBI rate hike; Nifty settles at 17,094

RBI Monetary Policy Live Updates: Benchmark indices bounced back on Friday after falling for the previous seven trading sessions, with the sensex climbing 1,017 points following the Reserve Bank of India's (RBI) interest rate decision. The RBI on Friday raised the benchmark lending rate by 50 basis points to 5.90 per cent in a bid to check inflation, which has remained above its tolerance level for the past 8 months. Stay with TOI for all latest updates.

10:14 (IST) Sep 30

The marginal standing facility (MSF) and bank rates have been adjusted to 6.15% from 5.65%, says Das.

10:11 (IST) Sep 30

MPC decided to remain focused on withdrawal of accommodative stance, say RBI governor

10:06 (IST) Sep 30

EMIs set to rise yet again as RBI hikes repo rate by 50 bps to 5.9% for 4th time in a row

10:05 (IST) Sep 30

World facing 3rd round of headwinds, that is rate hike by all central banks, says Shaktikanta Das

10:04 (IST) Sep 30

RBI governor Shaktikanta Das announces monetary policy statement

09:58 (IST) Sep 30

Aggregate demand is firm and poised to expand further as the festival season sets in.

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09:57 (IST) Sep 30

The central bank had raised the repo rate by 40 bps in May and 50 bps each in June and August. The present rate is 5.4 per cent.

09:56 (IST) Sep 30

The consumer price index (CPI) based retail inflation, which had started showing signs of moderation since May, has again firmed up to 7 per cent in August.

09:56 (IST) Sep 30

The RBI takes into account retail inflation while framing its bi-monthly monetary policy.

09:52 (IST) Sep 30

Hawkish Fed may prompt RBI to deliver a 50-basis-point hike

Interest rate hikes in the United States and the resultant pressure on the rupee is likely to give the Reserve Bank of India reason to deliver a 50-basis-point rate hike on Friday even as it tries to protect a recovery in growth.

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09:46 (IST) Sep 30

Rupee rises 24 paise to 81.49 against the US dollar

The rupee appreciated 24 paise to 81.49 against the US dollar in early trade on Friday ahead of the RBI monetary policy decision. Forex traders said the rupee gained as the dollar retreated from its elevated levels. However, the local unit is likely to remain volatile amid the announcement of the Reserve Bank of India (RBI) monetary policy decision.

09:45 (IST) Sep 30

Foreign capital inflows

Besides inflation, the RBI is also likely to come out with steps to shore up foreign capital inflows to check the declining value of the rupee against the US dollar. Forex reserves have declined by $86 billion to $546 billion (from their highs last year).

09:39 (IST) Sep 30

Global commodity prices have remained volatile after their fall from historical highs in June.

09:39 (IST) Sep 30

As per the latest data, retail inflation was at 7 per cent in August.

09:39 (IST) Sep 30

Inflation

The government has tasked the central bank to ensure the consumer price index (CPI) remains at 4 per cent with a margin of 2 per cent on either side, but retail inflation has stubbornly stayed above the RBI's comfort zone since January.

09:31 (IST) Sep 30

India heads for its third half-point hike as rupee slumps

The Reserve Bank of India’s six-member monetary policy committee will raise its repurchase rate by 50 basis points to 5.9%, according to 24 of 35 economists surveyed by Bloomberg as of Wednesday.

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09:29 (IST) Sep 30

The central bank had raised the repo rate by 40 bps in May and 50 bps each in June and August. The present rate is 5.4 per cent.

09:29 (IST) Sep 30

Global counterparts

The RBI may take cues from its global counterparts, including the US Federal Reserve, to raise interest rates for the fourth time in a row on Friday to tame stubborn inflation.

09:28 (IST) Sep 30

MPC statement to be announced shortly

The Reserve Bank's rate-setting panel on Wednesday started deliberations on the keenly awaited monetary policy amidst expectation of 50 basis points hike in interest rate to check inflation and improve foreign capital inflow to arrest declining value of rupee against the US dollar. The decision of RBI governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) will be announced at 10am.

09:16 (IST) Sep 30

Markets open

Sensex gains 8 points at 56,418; Nifty trades around 16,800