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Stock impact report

Stocks, bonds rally on quick appointment of new RBI governor, but rupee weak [Reuters]

HDFC Bank Limited (HDB) 
Company Research Source: Reuters
Stocks, bonds rally on quick appointment of new RBI governor, but rupee weak | Reuters 3 Min Read MUMBAI (Reuters) - Indian stocks and bonds rallied on Wednesday after the government moved quickly to calm markets and appoint a new central bank governor whose predecessor quit after a months-long tussle over policy. The rupee weakened slightly, however, in response to a sharp rise in global crude oil prices which threatens to aggravate India’s current account deficit. The appointment of ex-finance ministry official Shaktikanta Das on Tuesday as the new Reserve Bank of India governor came just a day after Urjit Patel resigned from the post following clashes with the government, which wants more economy boosting measures ahead of a general election. The benchmark 10-year bond yield was trading at 7.43 percent as of 0505 GMT, after earlier falling as much as 12 basis points to 7.41 percent. The partially convertible rupee was trading at 72.03 per dollar versus its previous close of 71.84, Show less Read more
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