Tuesday, May 11We Break the News

Sensex Jumps 1%, Indian Rupee Appreciates From 9-Month Low, Czech Consumer Morale at 7-Month High, Kazakhstan Leaves Key Rate Unchanged

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Sensex Jumps 1%
The S&P BSE Sensex climbed more than 500 points or 1% to 48,382 on Monday, led by a rally in shares of private-sector lender ICICI Bank, which reported a more than three-fold surge in March-quarter profit.
Indian Rupee Appreciates From 9-Month Low
The Indian rupee bounced back to 74.7 against the greenback at the end of April, after touching last week its weakest level since last July, helped by broad dollar weakness. However, concerns about rising COVID-19 cases and their impact on India’s economic recovery continued to mount, after the country set a new global record for a rise in daily COVID-19 cases, prompting many state governments to re-impose fresh restrictive measures to curb the spread of the pandemic. Earlier this month, the Reserve Bank of India left interest rates at record-low levels and pledged to maintain its accommodative monetary policy until the prospects of sustained recovery are well secured.
Czech Consumer Morale at 7-Month High
The consumer confidence indicator in the Czech Republic rose by 9.9 points from the previous month to 93.9 in April of 2021. It was the highest reading since last September, amid optimism around the relaxation of some Covid-19 restrictions. Consumers were less worried about a deterioration in the overall economic situation and unemployment. Additionally, the number of respondents who expect to save some money in the next twelve months increased. At the same time, prospects regarding the financial situation were almost unchanged, while concerns about rising prices were still high.
Kazakhstan Leaves Key Rate Unchanged
The central bank of Kazakhstan left its key policy rate unchanged at 9% on April 26th 2021, saying inflationary expectations were rising despite the decline in actual inflation figures. The bank has kept the rate steady since a 50 bps cut in July, when Kazakhstan entered its second national lockdown amid a novel coronavirus flare-up. In March, headline inflation eased to 7.0% from an three-year high of 7.4%, but the bank now expects inflation to reach 6.9% in 2021, from the prior 6.7% estimate.

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