Michael Patra explains the underlying principles of exchange rates, how they shape the economy, and how the rupee has undergone regime shifts.
Michael Debabrata Patra
iStock.com
The RBI has calmed the spot rupee, but surging forward premia, thinner liquidity and a growing forward book show the rising cost of engineering currency stability.
Madhavi Arora
The October MPC minutes reveal a decisive hawkish shift, but divisions over the policy stance show that agreement on a rate hike does not guarantee consensus on further tightening
Rudra Sensarma
istock.com
GIFT City was meant to be India's answer to Singapore and Dubai. In April-June, its banks held over $120 billion in assets, but fewer than 25,000 people work there
Ganga Narayan Rath and Chirayu Sharma
giftgujarat.in
YES Bank’s AT-1 case explains why the write-off was overturned, where selling rules fall short and how investors can seek redress.
Babuji K
From semiconductors and patents to healthcare, startups and the rupee, India’s challenge is turning talent, investment and growth into lasting economic value.
Phynix
The regulator’s goals on coverage and affordability are sound, but capping commissions treats only a symptom. Inverting how commission is paid can target the cause.
Alpana Killawala
The RBI’s information advantage helps explain its pre-emptive rupee measures and their role in preserving orderly market functioning.
The RBI sees inflation spreading, yet its leaders sound tentative about the tightening needed to reach 4%, even as growth gives them room to act.
Basis View
India cannot build lasting rupee resilience through intervention alone. Stronger export earnings and lower foreign exchange dependence are essential.
Anupam Sonal
As the RBI defends the rupee and India pursues its growth ambitions, a common question runs through markets, bank rescues and quick commerce: who ultimately pays for the fixes?
Forward foreign exchange market implied interest rates are already at punitive levels, curbing the need for an MSF hike to tackle rupee speculation; MPC could consider a 50 bps hike in December meeting to ensure real policy rates do not turn negative as inflation picks up to close to 6%
Abhishek Upadhyay
Wholesale and retail inflation continued to accelerate as the war in West Asia pushed up prices, raising concerns about the inflation outlook.
Datametricx
Istock.com
October policy action reflects a forward-looking response to widening inflation, unfinished cost pass-through and a narrowing real-rate cushion.
Sparsh Chhabra
The Supreme Court has revived Yes Bank AT1 bondholders’ claims, but the ruling stops short of guaranteeing repayment, leaving coupons, valuation and enforcement unresolved.
Rahul Ghosh
iStock.com/naveen0301
As surplus liquidity drains, SBI Research sees scope for an interim MSF rate hike to tighten funding conditions before a December repo-rate increase.
Richard Fargose
SEBI’s closing auction may improve price discovery, but that does not automatically make the same price the best benchmark for derivatives settlement.
wikimedia commons
The court ruling revives bondholders’ claims, but any resulting cost will fall on a bank whose ownership has changed since its 2020 rescue.
Anil Katia
BasisPoint Insight
Vivek Kaul is a writer and an economic commentator.
Michael Patra is an economist and former RBI Deputy Governor.
Dr Subbarao is a former governor of RBI
Arvind Mayaram, former Finance Secretary, is Chairman of the Institute of Development Studies, Jaipur.
Dr Ashima Goyal is an Economist, Ex MPC Member.
Ajay Srivastava is the founder of the Global Trade Research Initiative.
Abheek Barua is the former Chief Economist of HDFC Bank. He teaches at Ashoka University.
Vijay Singh Chauhan, a former IRS official, is a Senior Visiting Fellow at ICPP, Ashoka University
Gurumurthy is an ex-central banker who handled markets, and later, financial stability for RBI.
Gaura is Chief Economist at IDFC First Bank.
Sharmila Kantha is an industrial policy specialist and author.
Lt Gen Hasnain is Governor, Bihar, and Former Commander of Chinar Corps.
Dhananjay, a D-School alum, is CEO and Co-Head of Equities at Systematix Group.
Ex-civil servant Chavaly held key Railways, Finance roles; specialises in infra & PPPs
Srinath is an author, corporate advisor, and independent director on corporate boards.
Amitabh Tiwari tracks politics with a strategic eye