Latest news with #rateCut
Yahoo
a day ago
- Business
- Yahoo
Rupee ends higher as rate-cut boost for equities blunts dollar strength
By Jaspreet Kalra MUMBAI (Reuters) - The Indian rupee strengthened modestly on Friday as the Reserve Bank of India's steepest rate cut in five years boosted local equities, helping the South Asian currency eke out a gain even as the dollar firmed against major peers. The rupee closed at 85.6250 against the U.S. dollar, up from its close at 85.79 in the previous session. The rupee declined 0.2% on the week. The Reserve Bank of India (RBI) cut its key repo rate by 50 basis points on Friday and slashed the cash reserve ratio (CRR) for banks as low inflation gave policymakers room to focus on supporting growth. India's benchmark equity indexes, the BSE Sensex and Nifty 50, about 1% each on Friday, posting their best one-day gain in two weeks as the rate cut fuelled domestic growth expectations. India's benchmark 10-year bond whipsawed between gains and losses as traders digested the central bank's policy moves, including a shift in stance from 'accommodative' to 'neutral.' The yield on the benchmark paper was last quoted a tad higher at 6.2237%. Meanwhile, dollar-rupee forward premiums fell in reaction to the rate cut with the 1-year implied yield dropping 10 basis points to 1.81%. The Indian central bank's "larger-than-expected 50 bps rate cut and 100 bps cut in the cash reserve ratio should support INR," DBS said in a Friday note. "We will consider lowering USD/INR's forecast if the US Federal Reserve pivots towards a rate cut later this year and sets the stage for more USD weakness," the noted added. On the day, the dollar index was up 0.3% at 98.9 in the run-up to release of closely watched U.S. non-farm payrolls data which will offer cues on how the world's largest economy is faring in the face of trade policy spurred uncertainty. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News.com.au
26-05-2025
- Business
- News.com.au
RBA rate cuts expected to ‘stimulate' buyer demand in the housing market
REA Group Senior Economist Anne Flaherty discusses "signs of buyer demand' in the housing market following the RBA's most recent rate cut. The Housing Industry Association last week reported the first increase in home sales in four years after the February Reserve Bank rate cut 'This is going to stimulate more buyer demand; hopefully, it will also help to stimulate more construction activity, which we desperately need,' Ms Flaherty told Sky News Business Editor Ross Greenwood. In partnership with
Arab News
22-05-2025
- Business
- Arab News
Egypt central bank cuts key interest rates by 100 basis points, statement says
CAIRO: Egypt's central bank lowered its key interest rates by 100 basis points on Thursday, its second rate cut in 2025 after keeping rates unchanged for a year.
Daily Mail
12-05-2025
- Business
- Daily Mail
All the savings rates that have been slashed since base rate cut, including Chip and Plum
Products featured in this article are independently selected by This is Money's specialist journalists. If you open an account using links which have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence. Yesterday the Bank of England bit the bullet and cut the base rate from 4.5 per cent to 4.25 per cent. Five members of the nine-strong Monetary Policy Committee at the Bank of England -which decides rates - agreed to cut rates to a two-year low of 4.25 per cent. The majority voted to cut by 0.25 percentage points while two members of the committee voted for a larger 0.5 percentage point drop. The pace of base rate cuts is only expected to ramp up, with markets pricing in three more rate cuts before the end of the year. Rate cuts are bad news for savers, as banks reduce the interest rates paid on their savings accounts. Savings experts say easy-access accounts and fixed-rate bonds are the accounts most likely to be in the firing line for rate cuts. This is Money analysis has found at least 17 savings accounts have already had their rates cut or been pulled from the market, including easy-access and fixed-rate savings accounts and Isas. Chip* 4.76% easy-access account Chip's best buy easy-access account* paying 4.76 per cent was one of the victims of the Bank of England's base rate cut. Chip's 4.76 per cent deal, which included a 1.2 per cent bonus for 12 months, has now fallen to 3.3 per cent. The instant access version* of this account, which has no withdrawal restrictions, has also dropped from 4.6 per cent to 3.24 per cent. The next best easy-access account on the market comes from Atom Bank which continues to pay 4.75 per cent. Monument Bank has launched an easy-access account which also pays 4.75 per cent. > Find the top easy-access rates using our best-buy tables Other easy-access rate cuts: Plum* 5.06% easy-access cash Isa Plum has withdrawn its 5.06 per cent easy-access cash Isa and replaced it with one paying 4.81 per cent. Plum's 5.06 per cent easy-access cash Isa* included a 1.52 per cent bonus for 12 months. The new 4.81 per cent rate still includes a 1.52 per cent bonus for 12 months, after which it will revert to the underlying 3.29 per cent. Monument Bank withdrew its 4.76 per cent easy-access cash Isa after the Bank of England Base rate cut. Wealthify cut the rate on its 4.33 per cent easy-access cash Isa to 4.07 per cent, while Chip cut its easy-access Isa rate down from 4.32 per cent to 4.06 per cent. There are still strong Isa deals to be found elsewhere. CMC Invest* and Moneybox are both offering three-month bonuses on cash Isas. Even though these providers may cut the underlying rates, the bonus rates are fixed for three months. Moneybox is paying 5.71 per cent making it the market-leading rate for an easy-access Isa. This includes the three month bonus of 1.51 per cent. It allows three free withdrawals before the rate drops. CMC Invest* is paying 5.7 per cent including a three-month bonus of 0.85 per cent. It is a flexible Isa and has unlimited withdrawals. > Find the top cash Isa rates using our best-buy tables Other cash Isa rate cuts: Saffron Building Society one-year fix: Cut from 4.25 per cent to 4.2 per cent Secure Trust Bank five-year fix: Withdrawn, paid 4.2 per cent Cynergy Bank 4.55% one-year fix Cynergy Bank cut its one-year fixed-rate account from 4.55 per cent to 4.5 per cent. This was one of the market leading one-year fixed accounts. There are still three one-year fixed rate accounts which pay 4.55 per cent - Access Bank, GB Bank and Tandem Bank. Gatehouse Bank also withdrew its one-year account paying 4.45 after the Bank of England cut the base rate to 4.25 per cent. > Find the best fixed savings rates using our best-buy tables Other fixed-rate cuts:
