Thursday, August 1, 2013

Positive measures

Indian government announced a 1% increase in the interest subvention offered to exporters, effective from 1st August, in a bid to prop up falling exports. Presently, they are getting an interest subvention of 2% and the commerce minister has assured that all pending claims of interest subvention would be cleared immediately. The government is also considering raising the plan allocation for market access initiative, market development assistance and central assistance to states for developing export infrastructure and other allied activities scheme.

According to Reserve Bank of India, liquidity tightening steps were not a panic reaction; measures are aimed at checking undue volatility in the foreign exchange market and will be rolled back in a calibrated manner as stability is restored to the foreign exchange market.

Today, RSS3 grade closed with a positive note at `.150.07 a kg at Bangkok, while Malaysian SMR20 closed at `.135.74 a kg. On the Tokyo Commodity Exchange, August futures series closed at ¥245, September at ¥242.3, October at ¥242.8, November at ¥243.7, December at ¥244.9, and the contract for delivery in January closed at ¥245.8 a kg. On National Multi Commodity Exchange, natural rubber August futures were trading at `.194.01, September at `.182.65, October at `.171.90, November at `.166.40 and December at `.167 a kg, at 2.15 pm IST.

Read lot more in Rubber4U – 15th August 2013 issue

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