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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

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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

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.

12:07 (IST) Sep 30

Forex reserve adequacy considered while managing volatile rupee: RBI governor

The Reserve Bank of India's interventions in the foreign exchange markets are to maintain macro economic stability and the adequacy of forex reserves is always kept in mind, governor Shaktikanta Das said in a policy speech on Friday.

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11:58 (IST) Sep 30

Rupee steady after RBI hikes key lending rate by 50 bps

The rupee held its gains against the dollar on Friday after the Reserve Bank of India raised the key repo rate by 50 basis points, as expected, to fight persistently high inflation in the country. The partially convertible rupee was trading at 81.54 per dollar by 0553 GMT, firming slightly from its opening level. The unit had closed at 81.86 in the previous session when it was a whisker away from a record low.

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11:42 (IST) Sep 30

Markets rise after RBI rate hike

Sensex gains 513 points at 56,923; Nifty trades around 16,900

11:33 (IST) Sep 30

The rupee has fared much better than several reserve currencies, as well as those of emerging markets: RBI governor

11:24 (IST) Sep 30

RBI to stop 28-day VRRR, will continue with 14-day auctions

The Reserve Bank of India will stop conducting 28-day variable rate reverse repo (VRRR) auctions, considering the current banking system liquidity conditions, but will continue with 14-day VRRR auctions, the central bank chief said on Friday.

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11:12 (IST) Sep 30

RBI cuts growth forecast to 7% for current fiscal

Das, however, cautioned that there is a third wave of shock globally triggered by aggressive monetary policy tightening to curb inflation.

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11:08 (IST) Sep 30

RBI policy highlights:

11:07 (IST) Sep 30

Trade deficit remained high in July and August, says RBI governor

10:57 (IST) Sep 30

Decided to merge 28-day variable rate reverse repo (VRRR) auctions with 14-day VRRR. Only 14-day VRRR auctions to continue: Das

10:46 (IST) Sep 30

67% of the decline in India's forex reserves is due to valuation changes from appreciating US dollar and higher bond yields: Shaktikanta Das

10:37 (IST) Sep 30

RBI does not have a fixed exchange rate for rupee; intervenes in market to curb excessive volatility: Das

10:36 (IST) Sep 30

Surplus liquidity in the banking system moderated to Rs 2.3 lakh crore in August-September from Rs 3.8 lakh crore in June-July: Das

10:35 (IST) Sep 30

Cereal price pressures spreading from wheat to rice. Delayed withdrawal of monsoons has started to impact vegetable prices: RBI governor

10:32 (IST) Sep 30

While US dollar has appreciated by 14%, Indian rupee has depreciated in an orderly manner by 7.4%, says RBI governor.

10:32 (IST) Sep 30

RBI raises quarterly GDP estimates, lowers annual projection

Even though the RBI lowered annual GDP projection from 7.2% to 7% for FY23, it raised quarterly GDP estimates marginally. For Q2 of FY23, GDP is projected at 6.3%, for Q3 it is 4.6% and 7.2% for Q1 of FY24

10:23 (IST) Sep 30

RBI's inflation projections: For second quarter of the current financial year, inflation is estimated to be at 7.1%, for Q3 at 6.5% and at 5.8% for Q4

10:21 (IST) Sep 30

RBI MPC retained inflation projection for FY23 at 6.7%

10:17 (IST) Sep 30

Real GDP growth projected at 7% for FY23, says Das

10:15 (IST) Sep 30

Today inflation is hovering around 7% and we expect it to remain elevated at 6% in the second half of the year, says RBI governor

10:15 (IST) Sep 30

Recent correction in global commodity prices if sustained may ease cost pressures in coming months: Das