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RBI announces reverse repo to arrest fall in overnight rates

MUMBAI, June 24 (Reuters) – the RBI said on Tuesday it will conduct a seven-day variable rate reverse repo auction worth one trillion rupees ($11.62 billion) on June 27, following a review of liquidity conditions in the banking system. The Reserve Bank of India (RBI) added that after reviewing evolving liquidity conditions, it will not conduct the 14-day main operation scheduled for Friday, for the ensuing fortnight, according to a press release. India’s banking system liquidity surplus stood at 2.44 trillion rupees as of June 23, as per RBI data. The RBI in June announced a surprise 100-basis-point reduction in

Gold declines Rs 900 to Rs 98,900/10 g on Iran-Israel ceasefire hopes

New Delhi, Jun 24 (PTI) Gold prices plummeted Rs 900 to Rs 98,900 per 10 grams in the national capital on Tuesday as the expectations of a ceasefire between Iran and Israel reduced the precious metal’s safe-haven appeal in the global market. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 99,800 per 10 grams in the previous market session. Gold of 99.5 per cent purity depreciated by Rs 800 to Rs 98,300 per 10 grams (inclusive of all taxes). It had finished at Rs 99,100 per 10 grams on

Markets trim gains on renewed geopolitical tensions in Middle East; Sensex rises 150 pts

Mumbai, Jun 24 (PTI) Equity benchmarks Sensex and Nifty on Tuesday gave up most of their sharp intra-day gains due to the emergence of profit-taking as investors turned cautious amid reports of a ceasefire violation between Iran and Israel. In the morning trade, markets bounced back sharply, mirroring a rally in global peers and a steep decline in crude oil prices amid hopes of a potential de-escalation in the Middle East conflict. After surging 1,121.37 points or 1.36 per cent to 83,018.16 in intra-day trade, the 30-share Sensex later trimmed most of its gains as reports surfaced of the ceasefire

Rupee logs steepest single-day gain in nearly 5 years; ends 73 paise higher at 86.05 Vs dollar

Mumbai, Jun 24 (PTI) The rupee rebounded from record low level and registered the steepest single-day gain in nearly five years to settle 73 paise higher at 86.05 against the US dollar on Tuesday after global crude oil prices tanked amid expectations of deescalation in Middle East tensions. A weak greenback and firm domestic equity markets further boosted the local unit, according to forex traders. Brent crude, the global oil benchmark, plummeted 3.19 per cent to USD 69.20 per barrel in futures trade after US President Donald Trump announced that Iran and Israel agreed to a ceasefire. At the interbank

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