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Strategies & Market Trends : India Stocks

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From: Julius Wong	7/14/2010 11:58:47 AM
	of 2517

India Inflation Accelerates, Increasing Rate Pressure (Update2) By Kartik Goyal July 14 (Bloomberg) -- India’s inflation accelerated in June, increasing pressure on the central bank to raise interest rates for a second time this month. The benchmark wholesale-price index jumped 10.55 percent from a year earlier, after a 10.16 percent gain in May, the commerce ministry said in a statement in New Delhi today. The inflation reading for April was raised to 11.23 percent, a 19- month high, according to the statement. Reserve Bank of India Governor Duvvuri Subbarao is facing Asia’s fastest pace of inflation, which he says is a tax on the poor in a nation where almost three-quarters of the people live on less than $2 a day. Prime Minister Manmohan Singh’s top economic advisers yesterday signaled Subbarao may have to act at the bank’s July 27 policy meeting. “Today’s data shows they still have more work to do,” Brian Jackson, an emerging-markets strategist at Royal Bank of Canada in Hong Kong, said in e-mailed comments. “Indian inflation has been bouncing around 10 to 11 percent for five months now and there is a real risk that this will impact inflation expectations.” The yield on the benchmark 10-year government bond rose one basis point to 7.63 percent at the 5:30 p.m. close in Mumbai. The Bombay Stock Exchange’s Sensitive Index fell 0.3 percent and the rupee gained 0.2 percent to 46.69 against the dollar. Read more noir.bloomberg.com

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