Indian rupee turns lower,RBI chief D Subbarao says no FX target

RBI Governor says he does not have a specific foreign exchange rate target.

The Indian rupee turns lower as absence of any soothing comments from RBI chief D Subbarao on rupee hurts sentiment,says dealers.

The pair is at 60.30/31 versus Wednesday’s close of 60.215/225 after remaining in a tight range most of the session.

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The RBI Governor says he does not have a specific foreign exchange rate target,which raises concerns that the central bank is unlikely to defend any particular level strongly.

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“The market was expecting something from the RBI to soothe the nerves and stop rupee weakness,” a dealer with a state-run bank says.

The dollar held near a five-week high against a basket of currencies on Thursday,steadying as investors looked to a string of potentially market-moving events,including the European Central Bank’s policy review and U.S. payrolls report.

Amid India’s push to extradite Vijay Mallya and Nirav Modi, British officials visit Tihar jail to inspect conditions

British officials inspect Tihar jail as India pushes to extradite Mallya, Nirav Modi

Cities11 hr ago

A team from the British CPS visited Tihar jail to inspect inmate conditions and security, amidst India's efforts to extradite fugitives Vijay Mallya, Nirav Modi, and Sanjay Bhandari from the UK. They discussed setting up a specialized enclosure for high-profile prisoners and addressed concerns about violence within the jail. As of 2024, India has made 178 extradition requests to various countries.

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