Election of Pro-business Government in India Sparks Market rally Friday’s election results showing Modi win sparked a rally in the Indian Rupee and the Mumbai Sensex. Mumbai’s Sensex stock index is up over 7% this week and 14% since the start of the year over the prospects of the Pro-business Modi taking office.Markets are hopeful that the new Prime Minister will be able to revitalize a stagnating Indian economy which has seen GDP growth slow to a mere 4.7% and a currency ...
Reserve Bank of India bought US $ 7.78 billion in spot forex market in March The Reserve Bank of India was a net buyer of dollars worth US $ 7.78 billion in the spot forex market in March. As per the data of Monthly Bulletin for May 2014, the central bank purchased USD 8.75 billion in March while it sold US $ 970 million during the month. However, in February, RBI had sold a net US $ 530 million in the spot forex market. For the entire 2013-14, there were net buys of ...
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