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Rupee swings back on RBI's lower inflation forecast; up 10p

The rupee today recovered from early lows to close 10 paise up at nearly three-week high of 64.33 against the dollar after the Reserve Bank lowered its inflation forecast while
keeping the policy rates unchanged.
The Reserve Bank today left the repo rate unchanged citing risks to inflation due to spurt in farm loan waivers by states but increased lending capacity of banks to support economic growth.
Gains in stock markets which witnessed foreign fund inflows on net basis also supported the local currency, dealers said.

Samsung to double production at Noida, invest Rs 4,915 cr

Consumer electronics major Samsung today said it will invest Rs 4,915 crore to double its manufacturing capacity for smartphones and refrigerators at its Noida (UP) plant.
The Korean chaebol said that the investment would position the Noida plant as a major production hub and create about 5,000 new jobs.
As a result of the investment spread over the next two years in the Noida factory, the production capacity of smartphones will rise to 12 million units a month from the existing 5 million.

RBI keeps key interest rate unchanged, cuts inflation projections

The Reserve Bank of India (RBI) lowered inflation projections and delivered a slightly less hawkish policy statement on Wednesday, as it left key interest rates unchanged while waiting to be more sure that inflation will stay subdued.

The change in tone was enough for some analysts to see a possibility of an interest rate reduction later this year, though others thought the central bank's caution made it unlikely.

RBI sets rupee reference rate at 64.4538 against dollar

Mumbai, June 07 (PTI) The Reserve Bank of India today fixed the reference rate of the rupee at 64.4538 against the US dollar and 72.6588 for the euro.
The corresponding rates were 64.3516 and 72.5178, yesterday.
According to a RBI statement, the exchange rates for the pound and the yen against the rupee were 83.2485 and 58.93 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.
The SDR-rupee figure will be based on this rate, the statement added.

Rupee halts 4-day rally on RBI policy eve, down 7 paise

Mumbai, Jun 6 (PTI) Snapping its four-day winning run, the rupee today turned weaker by 7 paise to end at 64.43 against the US dollar amid caution ahead of the outcome of the RBI's bi-monthly policy review meet tomorrow.
Fresh dollar purchases by state-run-banks on behalf of corporate clients and a retreat in local equities after record setting run also weighed on the forex trade.
The rupee gained 30 paise over the last four sessions against the American currency.

RBI seen holding rates, expected to sound less hawkish

The Reserve Bank of India (RBI) will likely strike a less hawkish tone while leaving interest rates unchanged at a policy meeting on Wednesday, according to analysts, as inflation is running well below forecasts, and the economy has slowed more than expected.

A Reuters poll showed 56 of 60 analysts expected the RBI's monetary policy committee to keep its repo rate unchanged at a 6-1/2 year low of 6.25 percent for a fourth meeting in a row. They also expected the reverse repo rate to be left at 6.00 percent.

Your EMIs may not fall much

The Reserve Bank of India (RBI) is likely to hold rates on Wednesday, and borrowers are unlikely to see any major reduction in their equated monthly instalments (EMIs), bankers told Financial Chronicle.
The huge amount of bad loans, asset quality and profitability pressures might inhibit banks from reducing their lending rates in a significant manner to protect their return on equity (RoE). Bankers told this newspaper that while there may be some reduction product wise, like for example home loans, there is not much scope to cut overall lending rates.

81% items in/below 18% slab

Gold will be taxed at 3 per cent in the goods and ser­vices tax regime that will kick in from July 1. At its 15th meeting, the GST council on Saturday decided to tax footwear below Rs 500 at 5 per cent while placing the rest under 18 per cent slab. At present, footwear priced between Rs 500 and Rs 1,000 are levied an excise duty of 6 per cent besides state VATs.

Karnataka Bank cuts home loan rate by up to 0.40%

Karnataka Bank has slashed housing loan interest rate by up to 0.40 per cent from June 1.
"With this reduction, now the interest rate on housing loans up to Rs 75 lakh will be 8.60 per cent per annum and the interest rate on housing loans above Rs 75 lakh and up to Rs 5 crore will be 8.90 per cent per annum," the bank said in a regulatory filing.
The rate cut along with the expected reduction in prices of houses upon implementation of GST will benefit customers and will boost the demand for housing sector, said Mahabaleshwara M S, Managing

Outgoing UBI chief backs merger with small banks

The consolidation buzz in banking is back again. State-owned Union Bank of India’s (UBI) outgoing chairman and managing director Arun Tiwari said on Wednesday the government had identified three banks, including Dena Bank, for a merger with Union Bank.
Tiwari told this to reporters at the Niti Aayog in New Delhi on Wednesday.
A few days ago, the Union Bank boss told reporters at a select media interaction here that he had made a presentation to Niti Aayog in March this year, where he had listed possible acquisition targets. Tiwari superannuates on June 30.