Banking

New RBI chief faces calls to unshackle rupee amid surging dollar

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The RBI’s foreign-exchange reserves, which hit a record high of $705 billion in September, slid to an eight-month low of $640 billion as of December 27. The erosion roughly coincided with Donald Trump’s latest presidential election victory. The authority’s forwards book also showed a shortfall of about $60 billion as of November. This means it will have to buy a matching amount to settle maturing contracts or deplete its reserves further.

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Banking

Exim Bank opens debt markets with USD 1 billion bond at tightest spread ever from India

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In terms of geographic distribution, the bonds were well distributed, with 50% in Asia, 32% in EMEA region and 18% in the USA. In terms of distribution to investor types, the bonds were distributed to high quality investors with around 64% distributed to Asset and Fund managers, 18% to Banks, and 16% to Insurance, Pension Funds & Public Sector, followed by private banks and others.

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