Govt Sources: India likely to unveil measures to boost growth, Rupee tests 71.00 vs. USD


Reuters quotes two Indian government sources, as saying that the country’s Finance Minister Sitharaman is likely to roll out stimulus measures to boost economic growth.

Key Headlines:

The measures include a review of import tariffs on certain items.

We are waiting for the approval from the prime minister’s office, and the measures could be announced on Friday.

The federal government is also urging the Goods and Services Tax (GST) council to cut tax rates on items including auto sector products and tourism.

India's GST panel could recommend tax cuts on 20-25 products.

India's proposed GST tax cuts to have limited impact on govt revenue.

India's GST council may defer or reject tax cuts on products with higher revenue implications.

We were planning to spend RBI money (the extra dividend) for new investments. It does not seem possible now.

Meanwhile, USD/INR witnessed a bearish opening gap on Friday, down -0.33%, testing the 71 handle amid economic stimulus hopes.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD bounces from daily lows, remains depressed

The EUR/USD is recovering from a fresh weekly low of 1.1122 but trades at the lower half of its daily day, amid the prevalent wait-and-see stance ahead of Brexit definitions.

EUR/USD News

GBP/USD losses 1.2900 as Parliament says “NO”

The UK Parliament has rejected PM Johnson’s time table, lifting odds of an upcoming election in the kingdom. Volatile trading ahead of more clarity as the drama continues.

GBP/USD News

USD/JPY holds steady above mid-108.00s

The USD/JPY pair failed to capitalize on the early uptick to multi-day tops and is currently placed at the lower end of its daily trading range, just above mid-108.00s.

USD/JPY News

Gold erases daily gains, eyes $1480

Gold failed to hold to gains and pulled back, approaching again the $1480 area.

Gold News

Top 3 price prediction BTC, ETH, XRP: CFTC takes a surprisingly bold step to move cryptos forward

The CFTC is open to Ethereum futures without anyone picking-up the ball. XRP is currently the only bullish option currently in the Top Three. Current volatility levels have last been seen in May.

Read more

Forex MAJORS

Cryptocurrencies

Signatures