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RBI cuts repo rate by 50 bps to 5.5 pc, third consecutive reduction

Mumbai, Jun 6 (PTI) The RBI on Friday cut repo rate by a higher-than-expected 50 basis points to prop up growth, which has slowed to a four-year low of 6.5 per cent in FY25. Following the rate cut, the key policy rate eased to a three-year low of 5.5 per cent, providing relief to home, auto and corporate loans borrowers. This is the lowest repo rate in three years. The repo rate — the rate at which banks borrow funds from the RBI — had last stood at 5.40 per cent on August 5, 2022. After a detailed assessment of

Musk calls Trump’s tax-cut and spending bill ‘a disgusting abomination’

Elon Musk speaks during a press conference with U.S. President Donald Trump (not pictured), at the White House in Washington, D.C., U.S., May 30, 2025. (Photo: Reuters)

WASHINGTON, June 3 (Reuters) – Billionaire Elon Musk plunged on Tuesday into the congressional debate over President Donald Trump’s sweeping tax and spending bill, calling it a “disgusting abomination” that will increase the federal deficit. Several fiscally conservative Republicans in the U.S. Senate supported the views Musk expressed in social media posts, which could complicate the bill’s path to passage in that chamber. “I’m sorry, but I just can’t stand it anymore,” Tesla and SpaceX CEO Musk wrote in a post on his social media platform X. “This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.” He added:

Markets rebound in early trade after 3-day decline tracking global equities

Mumbai, Jun 4 (PTI) Benchmark stock indices Sensex and Nifty rebounded in early trade on Wednesday after three days of decline tracking a rally in global markets. The 30-share BSE Sensex climbed 230.17 points to 80,967.68 in early trade. The NSE Nifty went up by 70.25 points to 24,612.75. From the Sensex firms, Bharti Airtel, Eternal, IndusInd Bank, Maruti, Tata Motors and Bajaj Finance were the major gainers. However, Tata Consultancy Services, UltraTech Cement, Titan and ICICI Bank were among the laggards. In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang

Rupee falls 25 paise to 85.86 against US dollar in early trade

Mumbai, Jun 4 (PTI) The rupee depreciated 25 paise to 85.86 against the US dollar in early trade on Wednesday amid outflows of foreign funds. Forex traders said the decline was limited by a positive domestic equity market, softer global crude oil prices and a weak American dollar. At the interbank foreign exchange, the rupee opened on a weak note at 85.69 and slipped further by 25 paise to 85.86 against the American currency in early trade. On Tuesday, the rupee fell 22 paise to settle at 85.61 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s

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