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Reserve Bank Efforts to Attract Foreign Exchange Will Only Fend Off Rupee's Fall Temporarily: Expert_我的网站

一 |     The Indian rupee has shrugged off its early gain of up to 0.5 percent on Thursday trading, as experts predicted more depreciation despite a slew of measures announced by the Reserve Bank of India to boost foreign exchange.,The rupee rose as much as 0.5 percent making the dollar worth 78.90, but it lost momentum in the afternoon, touching 79.255 per dollar in day trading.,"A few weeks back, the RBI tried to control the rupee's fall, but that proved to be short-lived. The measures announced by the RBI on Wednesday will temporarily hold the rupee's fall. Still, it will not last long as the demand-supply gap for the dollar is enormous," Devendra Kumar Mishra, a Delhi-based financial advisor, told Sputnik.,India's central bank exempted commercial banks from cash reserve ratio (CRR) and statutory liquidity ratio (SLR) requirements on foreign exchange deposits into these banks.,The RBI has also removed interest rate caps on deposits invested for more than a year, allowing commercial banks to offer higher interests on foreign currency bank accounts held by non-residents and non-resident external accounts.,Western Investors Set to Return to India, EMEs as Expert Predicts 'Multiple Recessions' in US, EU4 July, 16:14 GMT,Foreign portfolio investors, which removed around $33Bln from Indian equities since the beginning of the year, can now invest in India's short-term bond for less than a year without any limit.,Indian firms can also borrow up to $1.5Bln from foreign lenders, up from the previous $750Mln limit.,Ajay Seth, India's Economic Affairs secretary, said on Thursday that measures provide broad options for prospective investors that may assist the rupee against the dollar.,"We do expect the headwinds to subside over time. Considering the nature of challenges, the measures are also transitory," Seth said.,The RBI data showed that India's total external debt stands at $621Bln against foreign exchange reserves of $593.3Bln as of 24 June, 2022. Of this debt, India will have to pay $267.7Bln in less than a year, and $59.6Bln is due to be paid within the next one or two years. The remaining debt is scheduled to be paid after three years from now.,However, Parag Kar, vice-president of Government Affairs for India and South Asia at Qualcomm, says short-term debt repayment obligations have always been high - in the region of 40 to 45 percent.,"It doesn't matter whether debt obligations are at par or exceed forex reserves, since taking debt and paying up is a continuous process. Hence, we maintain that net outflow on account of this will be small in proportion to forex," Parag Kar said.,The RBI said it has stepped in as required in all segments to alleviate dollar tightness and ensure orderly market functioning. However, observers of currency markets see continued depreciation of the rupee.,"The rupee has strong technical support at 79.50 against a dollar," Anuj Gupta, vice-president of IIFL Securities, claims.,Want to know more? Check out our Koo & Telegram accounts!。    Dhaka, Oct 12 (UNI) Bangladeshi Prime Minister Sheikh Hasina urged the countrymen to make all-out efforts so that Bangladesh never has to face any situation like famine and food insufficiency due to prolonged Russia-Ukraine conflict and the ongoing Covid-19 pandemic.

"We have soil and manpower. So, we have to take initiative from now on so that Bangladesh never has to face famine and food insufficiency-like situations. We will have to grow our food," she said.

The premier was virtually addressing a programme organised to hand over Bangabandhu Jatiya Krishi Puroshkar-1425 and 1426 (Bangla year), the highest state recognition in the agriculture sector, to 44 individuals and organizations in 10 categories, from her official Ganabhaban residence here.

The Ministry of Agriculture organised the function at the Osmani Memorial Auditorium here Wednesday morning.

The prime minister referred to her talks with the heads of the government and state of the different countries mostly developed ones at the United Nations General assembly in New York and in the funeral of Queen Elizabeth 11 in London.

She said during her talks with the world leaders, they apprehended that a famine or food insufficiency may hit the world in 2023 due to the war.

She said she doesn't think the war will end immediately as it benefits those who sell arms and some other countries despite commoners across the globe suffering immensely due to skyrocketing prices of goods and services for the war.

"I called upon the global community to take measures to stop the war and arrange food, treatment and education for the mankind, particularly for children," she said.

The premier said her government is working tirelessly to ensure food security for the countrymen, hoping that they would be successful in doing so, as they have effectively tackled the Covid-19 situation.

Referring to the remarks on not keeping a single inch of land uncultivated by Father of the Nation Bangabandhu Sheikh Mujibur Rahman, she urged the countrymen to grow food grains on whatever places they have.

She said, "We have to be self-reliant by growing food for ourselves and we have to give some produced grains to the neighbours."

Agriculture Minister Dr Muhammad Abdur Razzaque, Fisheries and Livestock Minister SM Rezaul Karim and Agriculture Ministry's Parliamentary Affairs Standing Committee Chairman and former Agriculture Minister Begum Matia Chowdhury spoke at the function.

Secretary of the Agriculture Ministry Md Sayedul Islam gave the welcome address while one of the award recipients, Sharmin Akhter expressed her feelings on behalf of the award winners.

UNI MAZ SY SHK1840。

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