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S&P says India's demonetisation hurts confidence in RBI | Reuters

MUMBAI India's surprise move to abolish high-value rupee notes has undermined the central bank's reputation for competence and independence, even as it remains a credible institution, Standard & Poor's director Kyran Curry said on Wednesday.The comments come as the Reserve Bank of India (RBI) and the government face criticism for their implementation of the demonetisation initative in November, abolishing 500 and 1,000 rupee notes ($7.41-$14.82), which accounted for 86 percent of the currency in circulation. The slow replacement of the abolished bills has sparked a shortage of cash that has hit large parts of the economy, and the RBI and government have had to subsequently announce a series of ad hoc measures to ease the impact of the measure. At the same time some policy makers, including former Prime Minister Manmohan Singh, now part of the opposition, has also questioned the RBI's independence for agreeing to implement the action without much preparation.

Stronger U.S. spending under Trump could help Israel - central bank chief | Reuters

By Steven Scheer | TEL AVIV TEL AVIV Bank of Israel Governor Karnit Flug said on Sunday that an expansion of U.S. spending once Donald Trump takes office could benefit Israel's economy.Asked what it means for Israel should President-elect Trump embark on a dramatic fiscal expansion, Flug said: "If the policies that will be followed will imply a stronger recovery of the U.S. economy that's good for Israel."As a small, open economy we are very dependent on our major trading partner and the United States is a major trading partner," she added.The United States is Israel's third-largest trading partner after Europe and Asia.While the U.S

India inflation likely cooled further in November after cash clampdown: Reuters poll | Reuters

By Krishna Eluri | BENGALURU BENGALURU Indian inflation is expected to have cooled to a 14-month low in November after Prime Minister Narendra Modi's surprise removal of high denomination bank notes caused an intense cash shortage and severely hurt consumption, a Reuters poll found.Modi's announcement on November 8 that he was withdrawing 500 and 1,000 rupee bank notes in an attempt to curb corruption and tax evasion made it much harder for consumers to make purchases in the predominantly cash-based economy.Consumer spending makes up 55 percent of India's economy and most people buy and get paid in cash. The virtual overnight removal of 86 percent of the currency in circulation has left companies, farmers and households suffering.Inflation is expected to ease to 3.90 percent in November from a year earlier, according to the median consensus from the Reuters poll of over 20 economists. That would compare with October's 4.20 percent and the Reserve Bank of India's target of 4 percent to be reached by 2021."Overall, I think there is a 10- to 20-basis point impact on inflation due to demonetization

No need for panic on rupee fall, govt monitoring situation: official | Reuters

NEW DELHI There is no need to panic about the Indian rupee's fall on Thursday, a finance ministry official said, after it fell to a record low of 68.86 against the U.S. dollar amid capital outflows from emerging markets and worries about the country's demonetisation drive."The government is monitoring the situation," Finance Ministry Spokesman D.S. Malik told Reuters

Fed policymakers confident of need for rate hikes on eve of Trump win | Reuters

By Jason and Lange | WASHINGTON WASHINGTON Nov 23 Federal Reserve policymakers appeared confident on the eve of the U.S. presidential election that the economy was strengthening enough to warrant interest rate increases soon, minutes from the Fed's Nov. 1-2 meeting showed.The minutes released on Wednesday back the consensus view on Wall Street that the Fed is poised to raise rates in December.

RBI allows foreign investors to buy securitised debt | Reuters

MUMBAI The Reserve Bank of India on Thursday allowed foreign investors to buy securitised debt, which refers to securities such as mortgages structured by issuers, as part of efforts to attract more flows into debt markets.The securitised debt can include any securities issued by special purpose vehicles in which banks or certain financial firms are the originators, the RBI said.For securitised debt investments, the RBI also waived a rule that requires foreign investors to invest only in debt with at least three years in remaining maturity. The central also allowed foreign investors to invest in unlisted corporate bonds, though it forms only a small segment of the debt market. In a separate statement, the RBI also allowed insurance companies to invest abroad, while allowing residents outside India to pay for premiums with foreign currency, among measures targeting foreign exchange activities in the insurance sector.

India's cooling retail inflation bolsters rate cut hopes | Reuters

NEW DELHI India's retail inflation eased for a third straight month in October, helped by smaller rises in food prices, boosting the chances of an interest rate cut by the central bank next month.Consumer prices INCPIY=ECI rose by an annual 4.20 percent last month, their slowest pace in 14 months, government data showed on Tuesday.The figure matched the median consensus in a Reuters' poll of economists. Retail prices were up 4.39 percent in September on the year.Food inflation was 3.32 percent, lower than 3.96 percent recorded in September.The data comes days after Prime Minister Narendra Modi ordered the withdrawal of large denomination banknotes from circulation, in a shock "demonetization" drive to fight tax evasion, corruption and forgery.The sudden move to cancel old 500-rupee and 1,000-rupee banknotes, which accounted for 86 percent of the cash circulating in Asia's third-largest economy, has caused huge disruption to daily life, depressing consumer demand. People struggling to get new bills are holding back on spending, except for immediate and urgent needs.

Fed's Kaplan says U.S. needs 'intelligent' fiscal policy | Reuters

WICHITA FALLS, Tex. Saying the coming year under a new U.S.