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Treasury Connect - April 2019

May 16, 2019
7 mins | Views 5510

Economic Update

Goods and Services Tax (GST) collections reached a monthly record high. India's eight core industries grew 4.7% in March compared with 2.2% in February on the back of strong output in coal and cement.

According to the Reserve Bank of India (RBI) panel’s minutes for the April meeting, the Rate Setting Committee expressed concerns over a slowing economy.

Debt Market Update

Tightness was observed in overall systemic liquidity during the fortnight as banks demanded funds to meet their mandatory reserve requirements.

Government bond prices ended lower.The heavy supply of dated securities that hit the market in the form of weekly gilt sales and state development bonds exerted pressure on bond prices.

Forex Update

The rupee ended weaker against the US dollar weighed by intermittent dollar demand from importers. Sporadic rise in crude oil prices also dented sentiment.

Some losses were recovered after the central bank’s forex swap auction saw better- than-expected demand.

Regulatory Update

The Reserve Bank of India( RBI) allowed foreign portfolio investors (FPIs) to invest in municipal bonds under prescribed limits.

Securities and Exchange Board of India (SEBI) amended net worth criteria for clearing corporations in International Financial Services Centre.

Insurance Regulatory and Development Authority of India will soon start approving minor changes to products quicker if it benefits policyholders.

The above report is sourced from CRISIL Research, a division of CRISIL Limited (CRISIL) and Aditya Birla Sun Life Mutual Fund / Aditya Birla Sun Life AMC Limited does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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