It looks like there is a combination of factors coming together to boost the Indian economy — a good monsoon forecast, steady growth in areas of automobile and cement sales in the first quarter of the year, as well as India’s banks being in a better position to lend and spur growth after meeting the central bank’s requirements to earmark funds to shield themselves against bad, or nonperforming loans.
There are also expectations that in the next parliamentary session lawmakers may pass legislation that would allow the implementation of the uniform, countrywide Goods and Services tax next April. This could boost Indian economic growth by up to 2%.
On the other side, the AUD dollar had opened lower at .7329 on 18 May against the greenback, which had surged after the chances of US interest rate rises rose. RBA Monetary Policy Minutes were released 17 May, which provided a short lived boost for the Aussie but also showed a bit of disagreement from the RBA board in regards to the rate cuts earlier this month. But we all know that eventually they did cut rates by 0.25% but the disagreement did provide a relief rally following the release.
At the moment AUD/INR trading around 48.65 and AUD/USD is at .7266.
The writer is Senior Dealer Foreign Exchange with Compass Global Holdings Pty Ltd.
Priyanka Mehta is a Senior Foreign Exchange Dealer with Compass Global Markets which is one of the leading FX solutions provider to Individuals, Businesses, Importers, and Exporters in Australia.
For a professional and personalised service, please call Priyanka on 0421 699 620 or email at priyanka@compassmarkets.com
Support Independent Community Journalism
Dear Reader,The Indian Sun exists for one reason: to tell stories that might otherwise go unheard.
We report on local councils, state politics, small businesses and cultural festivals. We focus on the Indian diaspora and the wider multicultural community with care, balance and accountability. We publish in print and online, send regular newsletters and produce video content. We also run media training programs to help community organisations share their own stories.
We operate independently.
Community journalism does not have the backing of large media corporations. Advertising revenue fluctuates. Platform algorithms change. Costs continue to rise. Yet the need for credible, grounded reporting in a multicultural Australia has never been greater.
When you support The Indian Sun, you support:
• Independent reporting on issues affecting migrant communities
• Coverage of local and state decisions that shape daily life
• A platform for small businesses and community groups
• Media training that builds skills within the community
• Journalism accountable to readers
We cannot cover everything, but we work to cover what matters.
If you value thoughtful reporting that reflects Australia’s diversity, we invite you to contribute. Every donation helps us maintain the quality and consistency of our work.
Please consider making a contribution today.
Thank you for your support.
The Indian Sun Team
