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  • Rupee hits 20-month low; weakness in offshore market
    Rupee hits 20-month low; weakness in offshore market

    The rupee fell to its lowest in 20 months on Thursday, weighed down by concerns over the government's taxation policies that threaten to reduce the allure of local assets for foreign institutions, while a global debt sell-off also hurt. Traders said the uptick in non-deliverable forwards traded in Singapore was hitting sentiment for the local unit and prompting custodian banks to sell the rupee. …

  • Modi backed RBI in turf war with finance ministry
    Modi backed RBI in turf war with finance ministry

    By Rajesh Kumar Singh NEW DELHI (Reuters) - Prime Minister Narendra Modi sank his finance minister's plans to strip powers from the Reserve Bank of India (RBI) last week, sources told Reuters, evidence of a new-found respect for the bank's governor and a recognition that Modi needs his calming influence on markets. When Modi came to power just under a year ago, the position of central bank boss Raghuram Rajan, an appointee of the outgoing Congress government, looked precarious. Senior …

  • Modi backed central bank in turf war with finmin
    Modi backed central bank in turf war with finmin

    By Rajesh Kumar Singh NEW DELHI (Reuters) - Prime Minister Narendra Modi sank his finance minister's plans to strip powers from the central bank last week, sources told Reuters, evidence of a new-found respect for the bank's governor and a recognition that Modi needs his calming influence on markets. When Modi came to power just under a year ago, the position of central bank boss Raghuram Rajan, an appointee of the outgoing Congress government, looked precarious. Senior members of Modi's …

  • India and Iran sign port deal despite U.S. warning about haste
    India and Iran sign port deal despite U.S. warning about haste

    India reached a deal on Wednesday to develop a strategic port in southeast Iran despite U.S. pressure not to rush into any such trade agreements before world powers clinch a final nuclear accord with Tehran. Shipping Minister Nitin Gadkari and his Iranian counterpart Abbas Ahmad Akhoundi signed a memorandum of understanding to develop the Chabahar Port on the Gulf of Oman, near Iran's border with India's arch rival Pakistan. India and Iran agreed in 2003 to develop the port, but the venture …

  • Yaks, helicopters race against time to feed Nepal quake survivors
    Yaks, helicopters race against time to feed Nepal quake survivors

    By Chris Arsenault ROME (Thomson Reuters Foundation) - Eleven days after a devastating earthquake rocked Nepal, U.N. officials are scrambling to get aid to remote mountain regions, deploying yaks, goats and old Russian helicopters to carry rice and high-energy biscuits to 1.4 million hungry people. "It's a race against time," Richard Ragan, a senior official with the U.N. World Food Programme, told the Thomson Reuters Foundation on Wednesday. Some of the worst-affected places are …

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