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Are international funds worth it ?!
…s of these funds Risk of currency performance: The performance of all mutual funds depends on the quality of the fund management and international funds are no exception. However, international funds are denominated in the US dollar and hence open to currency risk. That is if you take into consideration only the performance of the Indian unit in rupee against the US greenback and not other factors the depreciation or appreciation of INR against t…
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RBI has said NRIs can hold accounts in any convertible currency
According to a recent press release the Reserve Bank of India has said that the Non residents of India (NRIs) or the persons of Indian origin are now allowed to hold their accounts in the country in any convertible currency. Earlier, Foreign Currency Non Resident (FCNR) bank Account holders were allowed to hold their accounts in certain major currencies such as the Pound Sterling, US dollar, Japanese Yen, euro, Canadian dollar and Australian dol…
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Investment options for NRIs
… interest can be repatriated. The interest is not taxable. FCNR Account: This is a term deposit accounts for maximum of 3 years in foreign currency denominated form. The foreign currencies allowed are US, Australian, Canadian dollar, Euro, Pound, and Japanese Yen. Investment in securities and debt: Indian market has been a darling for foreign investors for quite a few years. The market will keep its momentum as India is expected to grow with a re…
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SBI increases foreign currency deposit rates
State Bank of India has hiked its interest rates on foreign currency non-resident bank deposits and non-resident external rupee term deposits with immediate effect. FCNR(B) deposits in US Dollar with maturity period of one year to below 2 years will now carry a rate of 1.92% (1.84%) while deposits for 2 years to below 3 years will fetch a rate of 2.24% (2.08%), said a release of the bank. Similarly, deposits with maturity periods of 3-4 years, …
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CRR hike possible in January-Macquarie report
…xpects RBI to cumulatively hike policy rates by 100 basis points over the course of the next fiscal year. The report also touched upon exchange rates and states that the rupee is expected to appreciate sharply against the US dollar by middle of 2010. The report said, “We maintain our expectations of INR/USD forecast of 46 for end-December and 43 for June 2010,” and adds “it is quite likely that the RBI will have a challenging t…
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Forex reserves of India has declined $4 billion (A per RBI reports)
As per a recent report from the RBI, India’s foreign exchange reserves have gone down $4.056 billion to $312.707 billion. The report said that India’s foreign exchange reserves raised $266 million to $316.763 billion. Reports said that the reserves had declined due to a fall of $3969 billion in the country’s foreign currency assets to $276.934 billion. Reports also mentioned that the foreign currency assets expressed in US dollar ter…
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RBI may not raise interest rates in a hurry
…ar because of the high base effect in the associated period last year and, if monsoon is good, as predicted, the inflationary pressure would reduce. So RBI can stop for some time, after looking at the liquidity condition. The rupee is also anticipated to be under pressure in the near future due to the sell-off pressure from foreign institutional investors in the Indian markets. The positive aspect is that the survey excludes the likelihood of any…
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Union Bank cuts foreign currency deposit rates
Interest rates for NRE deposits having one to two years, two to three years and three years and above tenures have been revised to 3.01 per cent (3.08), 3.10 per cent (3.10) and 3.67 per cent (3.74) respectively The Union Bank of India has reduced interest rates on foreign currency non-resident bank account deposits and non-resident external rupee account deposits with immediate effect. Following are the new rates. – US Dollar deposits, having…
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What’s in store post the RBI review?
This Tuesday (Jan 24, 2012) saw an upbeat in the Money Market resulting from the positive move from RBI monetary policy of reducing the CRR rate by 0.5%. The revised CRR now stand at 5.5% which was earlier 6% which would be effective from January 28th 2012. The CRR reduction was targeted to control the inflation .This news also saw the rupee strengthen against the dollar. The share market too rose to a 10 week high. What does this mean for the …
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