Currencies

CHENNAI: Foreign currency inflows through FCNR(B) deposits, external commercial borrowings (ECBs) and overseas foreign currency borrowings (OFCBs) led to accretions of over Rs 7 lakh crore in bank deposits in the fortnight ending June 30. This also helped bank credit offtake hit a two-year high. Aggregate deposits rose to Rs 265.4 lakh crore, with accretions over Rs 7 lakh crore, recording 13.3% yo-y growth compared with 10.1% a year earlier. Sequentially, deposits increased by 2.7%, outpacing credit growth during the fortnight, reflecting sustained deposit mobilisation by banks and improving funding...

The commodity-linked currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the Asian session on Tuesday, as the crude oil prices surged amid intense attacks between the U.S. and Iran over the weekend, renewing Middle East tensions, fueling global inflationary and the possibility of higher interest rates. In addition, contrasting claims by both nations over control of the Strait of Hormuz led to a decline in vessel traffic.West Texas Intermediate crude for August delivery was up $6.87 or 9.62 percent at $78.28...