Rupee hits historic low
Rupee hits historic low
A salesman displays gold ornaments at a jewellery showroom in Chandigarh.
A sharp drop in bullion prices prompted some buying interest on Asia's physical market, but many remained reluctant to purchase large quantities as the year end approaches and the euro zone debt crisis threatens to further sink prices.
Spot gold sank to $1,651.1 on Tuesday, its lowest in seven weeks, after posting its biggest one-day drop in nearly three months in the previous session, as the European Union summit disappointed investors.
The Reserve Bank of India (RBI) logo is pictured outside its head office in Mumbai.
The Reserve Bank (RBI) of India is widely expected to keep rates on hold at its review on Friday, but economists in a new Reuters poll expect it to accelerate monetary easing in 2012 as economic conditions worsen in Asia's third-largest economy.
All but one of the 20 economists surveyed expect the RBI to keep rates on hold at its mid-quarter review on Friday.
The RBI has raised interest rates 13 times since early 2010, lifting its key lending rate, the repo rate, to 8.50%. It signalled in October an inclination to leave rates on hold in coming months on expectations that persistently high inflation will begin to ease.
While most economists polled did not forecast an interest rate cut until the second calendar quarter of 2012 -- retaining the view held in a poll conducted in mid-October -- they now expect the central bank to begin trimming the cash re
Greece's Finance Minister Evangelos Venizelos arrives for a news conference in Athens.
Talks between Greece and private bondholders in Athens on a debt swap scheme ended without a deal on Tuesday and consultations are expected to continue, a banker involved in the talks told Reuters.
Greece wants to wrap up talks on a 130-billion-euro bailout and the debt swap included in it by the end of January before the country heads to elections on Feb 19.
"Greece got a proposal (from the private creditors) and will study it. It was not rejected but the deal cannot be finalised today," the banker said.
Banks represented by the Institute of International Finance agreed in October to write down the notional value of their Greek bond holdings by 50 percent in exchange for new paper as part of the bailout to save Greece from default.
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