Ranjan will also serve as an ex-officio member of the rate-setting panel Monetary Policy Committee (MPC)
HDFC Bank hiked marginal cost of funds based lending rate (MCLR) by 25 bps across all tenures up to 7.7 per cent, effective May 7
Another rate hike in June is on the cards. The question is: How much? Could it be 75 bps at one go or staggered over the next two meetings?
The auction was scheduled for four securities - 5.74% GS 2026 (Rs 9,000 crore), GOI Floating Rate Bond 2028 (Rs 4,000 crore), 6.67% GS 2035 (Rs 10,000 crore), and 6.99% GS 2051 (Rs 9,000 crore)
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Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, said he expected repo hikes in June and August policy review meetings too
The 10-year government bond shot up 26 bps, with the street expecting another rate hike in the June policy
The bond markets also saw a sell-off, and the yield on the 10-year government bond rose to 7.37 per cent, hitting a three-year high
RBI has been slow in withdrawing accommodation
Retail inflation has overshot the 6% upper tolerance limit for three years on the trot; experts say protracted Ukraine war and other factors may keep prices up
RBI Repo rate hike: Retail inflation will likely soar further as a spike in global energy prices since Russia's invasion of Ukraine seeps into consumer prices
Fall in global crude oil prices also leads to a sharp decline in bond yields
'The markets should not assume we will guide them, because the data is coming without warning', said Varma
Rajiv Ranjan likely to replace Mridul Saggar in rate-setting panel
While the RBI's monetary policy committee kept rates steady in its recent policy review in April, UBS expects the Indian central bank to hike rates starting June 2022
Prepare for rate hikes faster than expected
RBI monetary Policy: As the central bank keeps the repo rate unchanged at 4 per cent, here is what the industry experts has to say
On Thursday, overseas investors sold shares worth Rs 5,009 crore, while domestic institutions invested Rs 1,775 crore
The yield on the 10-year benchmark government bond closed at 6.92 per cent on Wednesday, up from the previous close of 6.90 per cent
Given the Covid-19 pandemic, and now the war in Europe, economists assert there could be a case for reviving the practice for the sake of fiscal transparency at least temporarily