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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