Rupee gains 11 paise vs dollar in early trade

MUMBAI: The rupee on Thursday appreciated by 11 paise to 52.43 against the US dollar in early trade on the Interbank Foreign Exchange market, as the American currency fell against other currencies overseas.Besides gains in euro and other currencies against the American currency, a higher opening in the equity market and dollar selling by exporters and some banks supported the rupee, dealers said.The rupee strengthened by 14 paise to close at 52.54/55 yesterday against the US currency on fresh dollar selling by banks and exporters.see more : http://timesofindia.indiatimes.com/business/india-business/Rupee-gains-11-paise-vs-dollar-in-early-trade/articleshow/12876606....

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India Inc’s funding costs to soar after S&P's negative outlook

MUMBAI: Indian corporates could see their overseas borrowing costs shoot up should Standard & Poor's negative outlook result in an actual downgrade. A downgrade would hit overall funding and would inevitably end up being a self-fulfilling prophecy by hurting the economy rather than merely providing an opinion on its creditworthiness ."A downgrade would have huge implications for the economy. India is at the lowest rung of the investment grade and a downgrade would result in the country falling to the junk category. This will result in certain allocation for India going away and a rise in the funding costs of corporates. This will also have implications for funding of the country's growing balance sheet/ funding requirements,"...

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SBI targets 25% deposit growth in 2012-13

HYDERABAD: The country's largest lender State Bank of India today said it is targetting a growth of 25 per cent in deposits and 22 per cent in advances in the current fiscal. A Krishna Kumar, Managing Director and Group Executive (National Banking), SBI, said mid corporate and retail sectors, which did not fare well in the last fiscal, are expected to contribute to the growth in advances."The preliminary figures (of SBI) indicated that as on March 12, we have roughly grown about 18 per cent in deposits and 15-16 per cent in credit.In the current year 2012-13, we are targetting a growth of 25 per cent in deposits and 20 to 22 per cent growth in credit," Krishna Kumar told reporters."We have more than 14,000 branches right now and we expect to open may be another 1,000 branches in...

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IMF doubles its lending firepower

The IMF says it has received firm commitments of more than $430bn. The money is to help economies in trouble and includes just under £10bn ($15bn) from the UK in loans to the International Monetary Fund (IMF). It is part of a global effort to bolster the fund's lending capacity, which IMF managing director Christine Lagarde wanted to increase by $400bn. The money doubles the fund's firepower which threatened to become overwhelmed by the eurozone crisis. Australia will contribute $7bn, Singapore $4bn and the Republic of Korea $15bn. The IMF's managing director, Christine Lagarde, said that some countries including Russia, India, China and Brazil had made private pledges but did not want to go public...

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