Exclusive: India’s RBI Asks Banks To Stop Building Positions In Offshore Market - Doo Prime News
Doo Prime News > Industry Dynamics > Exclusive: India’s RBI Asks Banks To Stop Building Positions In Offshore Market

MUMBAI, Oct 13 (Reuters) – The Reserve Bank of India, seeking to arrest the rupee’s slide, is asking local banks to not build additional positions in the non-deliverable forward market, a move that could lead to offshore volatility spilling into local markets, bankers and traders said.

The build-up of positions in this segment of the market is forcing the RBI to spend more reserves to defend the rupee, one of the bankers said.

Full coverage: REUTERS

TSMC Profit Highest In 2 Years As High-Tech Chip Sales Swell

TAIPEI, Oct 13 (Reuters) – Taiwanese chipmaker TSMC (2330.TW) posted an 80% surge in third-quarter net profit on Thursday, its strongest growth in two years, boosted by strong sales of its advanced chips used in data centres and electric cars.

TSMC’s business has swelled thanks to a global chip shortage that was sparked by pandemic-fueled sales of smartphones and laptops. While the shortage has eased and companies including AMD (AMD.O) and Micron Technology Inc (MU.O) have warned of weakening demand, analysts say TSMC’s dominance in making some of the world’s most advanced chips has kept its order book full.

Full coverage: REUTERS

Saudi Arabia Says OPEC+ Oil Cut ‘Purely Economic’

CAIRO, Oct 13 (Reuters) – Saudi Arabia rejected as “not based on facts” statements criticising the kingdom after an OPEC+ decision last week to cut its oil production target despite U.S. objections, saying it serves the interests of both consumers and producers.

The OPEC+ decision was adopted through consensus, took into account the balance of supply and demand and was aimed at curbing market volatility, the Saudi foreign ministry said in a statement on Thursday.

Full coverage: REUTERS

China Chip Industry Group ‘Troubled’ By U.S. Export Curbs

SHANGHAI, Oct 13 (Reuters) – China’s top trade group for the chip sector said on Thursday it was “disappointed” by recent U.S. export controls and warned they could put more stress on global supply chains.

Last week, the U.S. Commerce Department passed a sweeping set of regulations aimed at kneecapping advancements in China’s semiconductor industry.

If enforced broadly, the regulations could bar research labs and commercial data centres’ access to advanced AI chips, prevent Chinese chip fabs from purchasing critical manufacturing equipment, and force U.S. nationals working at advanced Chinese chip companies to resign.

Full coverage: REUTERS

Morning Bid: Absolutely, Absolutely!

A look at the day ahead in European and global markets from Ankur Banerjee

All sides in the UK gilt markets are hanging tough. Prime Minister Liz Truss is ‘absolutely’ committed to her spending plans, the Bank of England is absolutely determined to end its bond-buying by Friday and the markets are absolutely unconvinced about stability and calm.

Sterling is rallying but volumes have thinned in a market weary of the histrionics, and gilt yields are at their highest in two decades. If that wasn’t enough cause for worry, August GDP data showed the United Kingdom is on the brink of recession.

Full coverage: REUTERS

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