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Famous Failures: Michael Jordan, the Beatles, Eminem, Steve Jobs, Walt Disney, Oprah Winfrey, and Albert Einstein

 

Wall Street Week Ahead: Jobs data could spur Fed action on stimulus

 

 

 

By Richard Leong

NEW YORK | Sat Aug 31, 2013 1:17am EDT

(Reuters) - Wall Street is bracing for a wave of economic reports next week, including the August jobs report, which might prove decisive in determining whether the economy is strong enough for the Federal Reserve to dial back its bond purchases in mid-September.


Anxiety about the Fed possibly reducing its $85 billion monthly stimulus, also known as QE3, has hurt the stock market, which recorded its steepest monthly fall since May 2012.

But the stock market's greater anxiety, which has developed in recent weeks, is that the Fed will press ahead with a reduction in support, even as the economy remains fragile. The recent data has failed to provide evidence of the convincing growth the Fed says it wants to see. Until then, stocks will benefit from the cheap money resulting from the Fed's bond purchases.

"Next week's data should make or break the September expectations," said Mike O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.
A strong jobs report will likely reinforce the view the Fed will opt to decrease its bond purchases at its September 17-18 meeting, while a weak one would do the opposite, analysts said.

"From a real economy perspective, QE3 has done very little. From a financial markets perspective, it has had a major influence. If it is really not helping the real economy beyond pushing financial assets higher, there is no point in continuing the risk of increasing the balance sheet," said O'Rourke.

For the month, the Standard & Poor's 500 index fell 3.1 percent in August; the Dow Jones industrial average lost 4.4 percent and the Nasdaq slipped 1 percent. .N
Speculation on the timing of Fed action has triggered a bond market sell-off that sent mortgage rates to two-year highs. The surge in home borrowing costs this summer has shown signs of slowing the housing recovery. Analysts also are watching if the higher rates have discouraged employers from adding workers.

Economists polled by Reuters forecast domestic employers likely hired 180,000 workers in August, more than 162,000 in July, while the jobless rate likely held steady at 7.4 percent, which is a four-year low.

Deutsche Bank economists said that if the payrolls figure exceeds 190,000 and the unemployment rate falls to 7.3 percent, they expect the Fed will start cutting bond purchases. "August employment would have to meaningfully disappoint for the Fed to back away from the timetable presented by Chairman Bernanke in the June post-meeting press conference," they wrote.

Prior to the payrolls data on Friday, traders will face a heavy schedule of economic releases after the three-day holiday weekend. They include the latest readings on vehicle sales and national factory and service activities. <ECI/US>

U.S. financial markets will close on Monday for the Labor Day holiday.

Investors are watching the tense situation between the West and Syria. Signs of a U.S.-led military strike against Syria after chemical weapons were used to kill civilians could hurt the appetite for stocks globally.

Traders pared expectations on such a move after the British parliament voted against a military strike. But France said it supported punishing the Syrian government for the attack on civilians. U.S. Secretary of State John Kerry said on Friday the chemical weapons attack in Damascus last week killed more than 1,400 people.

Despite the sharp moves in equities due to the Syrian unrest, "we still expect the market to stop short of a 10 percent decline," said Mike Dueker, head economist for North America at Russell Investments in Seattle.

Light volume in late summer likely exaggerated August's stock decline, analysts said. The uncertainty has also boosted measures of volatility. The CBOE Volatility Index .VIX rose above 17 on Friday, a two-month high.

Bonds, in comparison, posted small losses. They were poised to lose 0.54 percent in August, according to Barclays' Aggregate bond index that tracks U.S. investment-grade debt returns.

SHAKY SEPTEMBER
While Syria and economic data will be next week's main concerns, other developments, such as President Barack Obama's nominee to succeed Ben Bernanke as Fed chief and another possible showdown between Obama and congressional Republicans over the federal debt might keep investors on edge, analysts said.
"There is no doubt that September is teed up for a tsunami of data coming at us and headlines coming at us," said David Lyon, investment specialist at JP Morgan Private Bank in San Francisco, California, which manages $910 billion in assets.

"So the market will look at September and really start to find its footing based on some of the economic data that comes out as well as clarity around some of these policy decisions at the central bank level or the geopolitical level," he said
History might complicate that view.

September has traditionally been the worst month for stocks, with an average 0.6 percent decline in the S&P 500 index over the past 62 years, although it rose 2.4 percent last September.

This September marks a milestone - the five-year anniversary of the global credit meltdown during which Wall Street witnessed the downfall of Lehman Brothers, the sale of Merrill Lynch, the near-demise of insurance giant AIG.

In that turbulent September 2008, the market tumbled 9.1 percent.


(Additional reporting by Chuck Mikolajczak and Rodrigo Campos; Editing by Kenneth Barry)

 

 

 

 

 

June quarter GDP growth at 4.4 percent - govt

 NEW DELHI | Fri Aug 30, 2013 5:41pm IST

 

(Reuters) - India's economy grew at the slowest quarterly rate since the global financial crisis in the three months through June, lower than expected and hurt by a contraction in mining and manufacturing, government data showed on Friday.

Analysts polled by Reuters had forecast growth of 4.7 percent. June's figure of 4.4 percent was the slowest growth since the Jan-March quarter of 2009.

The economy has been steadily losing momentum in recent years. Economic growth virtually halved in two years to 5 percent in the fiscal year that ended in March -- the lowest level in a decade -- and most economists surveyed by Reuters in the past week expect 2013/14 to be worse.

Manufacturing fell an annual 1.2 percent during the quarter while mining fell by 2.8 percent, the data showed. while farm output rose 2.7 percent.


(Reporting by Rajesh Kumar Singh)

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You as a Trader have an account

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or

which may be 50,000 for aam aadmi

unless you are disciplined, unless you are fully surrendered to your master, unless you are fully wishful by heart and by deed to succeed, you cannot succeed, I repeat YOU CANNOT SUCCEED.

Many a times i have personally mailed to my Clients, even if you have 5 lakhs , you account will be in dustbin in just 1 or 2 months, if you do not FOLLOW PRINCIPLES, YOU CANNOT BE EMOTIONAL, YOU CANNOT BE IRRATIONAL, YOU CANNOT BE ARROGANT, YOU CANNOT BE OVER-CONFIDENT, DO YOU THINK, IF YOU ARE SUCCESSFUL FOR 3 CONSECUTIVE TIMES IN A ROW, YOU ARE A HERO, NO MY BROTHER, YOU ARE WRONG , YOU ARE CERTAINLY GOING TO BE A ZERO.

WATCH MY WORD...................


DEAR TRADERS TO BE SUCCESSFUL, YOU NEED NOT BE ONLINE TRADER, YOU NEED NOT BE AN OFFLINE TRADER.


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YOU CANNOT SUCCEED IF YOU USE YOUR FATHER'S WEALTH, YOUR MOTHER'S WEALTH OR THEIR NAME..... SUCCESS COMES ONLY TO YOU, WHO ARE DEDICATED TOWARDS REACHING THE GOAL, THE GOAL OF SUCCESS. THE GOAL OF ATTAINING SUCCESS AFTER BREACHING ALL THE ODDS OF LIFE THAT WE FACE DAY-TO-DAY.   WE CANNOT WISH A SUCCESSFUL, IT HAS TO BE PRACTICAL, SUCCESS HAS TO BE PRACTICAL, SUCCESS NEEDS HARDWORK, TREMENDOUS HARDWORK, SUCCESS NEEDS DIRECTION, SUCCESS NEEDS ACTION, SUCCESS NEEDS IMPLEMENTATION, SUCCESSION NEEDS A STRATEGY, SUCCESS NEEDS HELP FROM OUR NEIGHBOURS, SUCCESS IS AND WAS AN ACHIEVEMENT OF TEAM BUT NOT INDIVIDUAL.

INDIA IS A NATION BUILD UPON VALUES.

WHERE ARE THE  VALUES GIVEN BY GANDHI, SARDAR, NOT THE GANDHI OF FEROZ, INDIRA, OR RAJIV OR RAHUL, I MEAN MAHATMA GANDHI,
WHERE ARE THE VALUES..

MAHATMA DIED BY SAYING , HEY RAM.

U KNOW, WHAT IS THE MEANING OF HEY RAM...................

DO YOU KNOW WHO IS RAM................

RAM U CALL OR RAMA U CALL.................. IT IS THE SAME...............


WHO IS RAM, WHY IS HE SO BELOVED TO MAHATMA GANDHI,.............. WHY IS HE SO BELOVED TO INDIA...................

RAM  MEANS DHARMA......................


RAM MEANS JUSTICE...........................

RAM MEANS EVERYTHING TO COMMON PEOPLE...................

RAM MEANS EVERYTHING TO FATHER...................................


RAM MEANS EVERYTHING TO A MOTHER.................................

RAM MEANS EVERYTHING TO A BROTHER...................................

RAM MEANS EVERYTHIING TO A SOCIETY....................WHICH SEEKS JUSTICE TO ALL.............

INDIA IS A HOLY LAND.........................

INDIA IS A SPIRITUAL LAND...................


NO ONE EVER SAID INDIA IS A COUNTRY WHERE HATRED IS THERE................


HATRED IS BUILT WITHIN YOUR HEARTS...................BUT INDIANS BELIEVE IN SIMPLE LIVING, SIMPLE CLOTHING, SIMPLE STANDARDS OF LIVING.......................

THERE ARE PESTS LIKE MONTEK SINGH AHLUWALIA WHO BUILD 35 LAKHS OF A BATHROOM FOR HIS OWN FAMILY, AND DOES NOT ALLOW A 70,000/- RUPEES HOUSE FOR A POOR INDIAN ON A 40 SQUARE YARD LAND BY TATA'S WHO WANT TO DO SOMETHING FOR A NATION LIKE INDIA.

WHAT HAPPENED TO THESE SARDARS...............I DONT' KNOW.



TAKE MANMOHAN, TAKE MONTEK SINGH AHLUWALIA.............. TAKE MAJOR BIKRAM SINGH,

THREE SINGHS................MAKING INDIA , DO YOU THINK PROUD..................

SINGH IS NOT A KING ANYMORE...................

THEY ARE THE TATOOOS OF FORTHCOMING HISTORY, IF BEFORE ELECTIONS, THESE SINGH'S DONT WORK FOR THE NATION...................

THEIR NAME WILL BE ..............................I DONT' KNOW WHAT TO SAY.............WE WILL LEAVE IT TO THE COUNTRY.................



....................................

REGARDS
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May the series of August end with a smile on your face too........

Economic growth seen below 5 percent in 2013/14: Reuters poll

(Reuters) - India's struggling economy is likely to grow even more slowly this fiscal year than the decade low of 5 percent struck last year, as investment will stay weak due to inadequate reforms and uncertainty ahead of a looming election, a Reuters poll showed.

 


The parlous state of Asia's third largest economy was reflected in the rupee's 18 percent plunge against the dollar to all time lows since May, when signals emerged that the U.S. Federal Reserve was considering winding down an easy money strategy that had benefitted emerging markets like India.

Burdened with a record high current account deficit, the rupee has suffered a far steeper fall than other emerging market currencies, and investors doubt whether Prime Minister Manmohan Singh's minority government will take bold enough steps needed to remedy the economy with an election due within nine months.

The median consensus estimate by 36 economists surveyed over the past week put annual growth at 4.7 percent in the April-June quarter, slowing from 4.8 percent in the March quarter. The data is due to be released on Friday at 1730 IST.

"The growth momentum was weak even before the latest bout of instability in the domestic markets and these risks have become starker after the measures adopted to arrest the currency depreciation," said Radhika Rao, economist at DBS Bank in Singapore.

"A sharp lift up in productive capacity building is unlikely ahead of the elections, given the need for policy clarity. Policies might be put forth, but could lack regulatory teeth," Rao said.

The Reserve Bank of India's defence of the rupee has put another brake on an economy, as the cost of borrowing for companies increased as the central bank tightened money market liquidity.

Raghuram Rajan, a widely acclaimed economist, who takes over as governor of the RBI next month is expected to prioritise currency stability over inflation and growth, according to a separate Reuters poll this week which also showed the worst is not over for the rupee.

On Tuesday the rupee plumbed lows after the lower house of Parliament approved a nearly $20 billion plan to provide cheap grain to the poor that raised concern over the government's efforts to reduce the fiscal deficit to a target of 4.8 percent of GDP in the current fiscal year.

The government aims to reduce the current account deficit to 3.7 percent of GDP this fiscal year from the record 4.8 percent notched last year, but 16 out of 29 economists regarded that target as optimistic.
India's growth slowed to 5 percent in the 2012/13 fiscal year that ended in March, its worst performance since it grew by 3.9 percent in 2002/03.

Twenty-nine economists responded to questions on how the economy would fare compared to last year's dismal showing.

Fourteen said the economy was likely to grow at a pace slower pace, and five took a stronger stand saying it was highly likely it would be below last's years 5 percent.

Ten said it was unlikely that growth would be worse than last year, but some added that any improvement would be marginal at best.

"Recovery in the Indian economy would be a protracted one," said Vishnu Varathan, economist at Mizuho Corporate Bank in Singapore. "The bottoming could be more prolonged and less distinct."

For all its problems, almost all the economists agreed that the Indian economy was not close to a full blown balance of payments crisis, as suffered in 1990-91.

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How to rescue the falling rupee

How to rescue the falling rupee

By Rajan Ghotgalkar

August 23, 2013

(Any opinions expressed here are those of the author and not of Thomson Reuters)

I can’t predict where the rupee will eventually land and I don’t think anyone else can either.
Of course, we are not the only country at the mercy of the dollar because almost every emerging market is suffering. But surely, that shouldn’t be any consolation.

The rupee has depreciated about 50 percent in the past three years and 15 percent this year. The situation is extremely worrying for us because of the debilitating impact it will have on India’s economic fundamentals that have been pushed to the brink by global factors.

The dollar seems to be flexing its muscle and violently at that. The U.S. Fed minutes did not soothe jangled nerves and markets continue to expect that QE3 tapering will commence in September. 

The U.S. trade deficit seems far healthier than a year ago and the country’s economy is in better shape. QE3 tapering is a foregone conclusion. But when it does hit us, I expect a lot more pain.
In India, there is a sense of despondency in the wake of policy announcements that haven’t really been executed. There is a sense of loss of credibility. It is unfortunate that these strains have surfaced in the midst of a change of guard at the Reserve Bank of India (RBI).

Sadly, we can’t say we did not see it coming. The RBI has been pointing to the twin deficits – fiscal and trade – for long while waging a losing battle on the monetary front. The International Monetary Fund (IMF) pointed out early this year that our fiscal deficit and inflation were among the highest in emerging markets. Our dependence on hot FII portfolio money was always there for all to see.

Our government, the markets and the rupee hid behind a huge wall of liquidity in the global markets. Looking back, it almost seems as though the RBI commenced its interest reduction cycle a bit too early and the outgoing governor did not wish to leave without correcting what he may believe was an error in policy judgment.
The fall in the rupee is a mere manifestation of the deeper malaise – high inflation, low interest rates combined with low growth.
The root of the problem lies in the consistently negative rate of interest imposed on savers. An open economy has its own ways of correcting artificial imbalances created by its policymakers. 

Negative real interest rates will almost always break out into currency depreciation. When this happens, no amount of intervention can help till the currency finds its right level.
Holding on to negative real interest rates for a long time has driven household savers into non-financial assets – in India, that means gold.

To begin with, there needs to be a true gold alternative. In the past few years, gold ETFs and loans added to its liquidity. Banks and PSUs pushed gold coins to cash in on the craze. Buying gold in India is as easy as buying a bar of chocolate.

Inflation-linked bonds can never be successful as an alternative to gold unless the government is courageous enough to give post-tax inflation-linked real returns. At the same time, gold loans and ETFs should be made inaccessible.

It’s time to also go back grovelling to the NRIs hoping that they will return for the premiums over international dollar interest rates.

Also, shouldn’t we open up incoming FDI for all sectors, except those considered sensitive to national interests? Especially for infrastructure, capital-intensive and environmentally safe projects. One would rather approve outgoing FDI on a case-by- case basis ensuring that, like in the case of China, they are in national strategic interest.

I do not see anything wrong in heavily taxing imports of luxury consumables and durables; and preventing low-value imports that can be produced locally. Given our vulnerabilities in coal and oil-based energy, pretending that we can do away entirely with capital controls is utopian.

The other day, a friend told me that “it was easier to import than transport” in India and there lies the real solution in the long run. Our manufacturing sector has to grow aggressively and has to be provided with enabling infrastructure. India needs to promote its own economic union with the goods and services tax. We spend an estimated $25 billion on defence imports; after 60 years we surely can do something to substitute this.

While NREGA and food security can be justified, inflation led by fiscal deficit has to be controlled by eliminating indirect subsidies and freeing up agricultural trade. To revive the rupee, we need to rein in the twin deficits. At the same time, painful as it may seem, we need to hold on to interest rates at a ‘real’ level to encourage household savings.

Most importantly, we need a majority government with a clear mandate for development. For now, India will have hold on till the next elections.

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Rupee undervalued, but no need to panic: Chidambaram

Last Updated: Thursday, August 22, 2013, 19:27 

 

New Delhi: With rupee falling by 5.5 percent in five days, Finance Minister P Chidambaram Thursday said the currency is undervalued and has overshot appropriate levels but sought to assuage investors asserting there is no need for "excessive and unwarranted pessimism".

After maintaining silence for the whole of this week on rupee's steady fall, Chidambaram addressed a press conference on a day when the rupee breached 65-mark against dollar to assert that there was no cause for panic and said stability will return to currency markets as government continues to promote investment and growth.

"We believe that rupee is undervalued and has overshot what is generally believed to be a reasonable and appropriate level," he said.

Chidambaram, who earlier in the day held a three-hour long discussions with RBI Governor D Subbarao and his successor Raghuram Rajan, said: "There is no cause for panic that seems to have gripped the currency market and that is feeding into other markets.

"We are confident that stability will return to these markets and we can get on with the task of promoting investment and growth."

Stressing that there was no reason for "excessive or unwarranted pessimism", the Finance Minister said the recent steps taken by the Reserve Bank to reduce volatility in forex market and quell speculation would be revisited.

Subbarao in a separate media briefing said India has adequate forex reserve to meet the current situation and the central bank will take appropriate measures to curb rupee volatility.
Chidambaram also said there was no move to introduce any capital control measures to check CAD.

"There was -- and is -- no intention to introduce any type of capital control, including controls on repatriations. It is not the policy of the government or the RBI to resort to capital control or reverse the direction of capital account of liberalisation. The measures that were taken last week will be revisited as stability returns," Chidambaram said.

To restrict outflows of foreign currency, the RBI on August 14 announced stern measures, including curbs on Indian firms investing abroad and outward remittances by resident Indians.

Chidambaram hoped that capital inflows in due course will correct the position of rupee.

With increase in FDI inflows by over 70 percent in the first quarter and exports putting up better performance, the current account deficit (CAD) is showing improvement, he said.

"... CAD is narrower. We are exploring structural measures to further reduce CAD to sustainable levels and, in the mean time, to improve capital flows," he said, adding that the growth promotion will continue to be the focus of the government.

"Stronger growth will, in the course of time, alleviate many of the challenges that we face," he said.

Growth in the first quarter of current fiscal is likely to remain flattish, Chidambaram said.

"We are in better health than many other countries of the world.... We expect growth will pick up in Q2 to Q4, he added.

India's debt indicators, he said, were within the prudent limits. "The overall public debt to GDP ratio has declined from 73.2 percent in 2006-07 to 66 percent in 2012-13. The economy's external debt is only 21.2 percent of GDP. India's reserves are USD 277 billion," he said.

The Minister reiterated that government will make all efforts to contain fiscal deficit at 4.8 percent and CAD at 3.7 percent of GDP or USD 70 billion this year.

"The figures suggest that CAD could be even lower than USD 70 billion," he said.

Admitting that there is a rise in non-performing assets of the banking sector, Chidambaram said the government is making efforts to push stalled projects.

He said all banks have a capital adequacy ratio higher than the Basel norms and the government intend to infuse Rs 14,000 crore this fiscal to capitalise the PSU banks.

PTI

First Published: Thursday, August 22, 2013, 19:27

Rupee recovers after hitting record low of 64.13 per dollar

The rupee fell past 64 to the dollar for the first time on Tuesday and bond yields spiked to a five-year high before the RBI stepped in to sell dollars, as India bore the brunt of the global emerging markets selloff.  

Nifty ends at lowest in almost a year; blue chips fall

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Track Markets: BSE Sectoral Indices

By Abhishek Vishnoi

MUMBAI | Tue Aug 20, 2013 5:14pm IST
 

(Reuters) - The Nifty pared some of its initial losses, but closed at its lowest in almost a year on Tuesday, weighed down by blue chips as the rupee hit a record low and on expectations of a cut in U.S. stimulus as early as next month.

Indian shares have slumped nearly 6 percent in the last three sessions as the rupee went past 64 to the dollar and bond yields spiked to a five-year high as Asia's third-largest economy bore the brunt of the global emerging markets selloff.

Stocks also extended declines after global shares sank to their lowest level in more than a month as unease about an expected cut in U.S. stimulus and a related rise in bond yields left investors on edge.

J.P. Morgan also downgraded Indian equities to "neutral" from "overweight", citing strains in the country's balance of payments, while Citi cut its target on India's benchmark index to 18,900 from 20,800.

"If the rupee stabilises then the RBI can roll back some of its recent measures which should aid Indian shares battered in the past few weeks," said Deven Choksey, managing director at K R Choksey Securities.

The benchmark BSE index fell 0.34 percent, or 61.48 points, to end at 18,246.04, marking its third consecutive day of falls.

The broader NSE index declined 0.25 percent, or 13.30 points, to end at 5,401.45, after falling as much as 2 percent earlier in the session.

Among blue chips, Sun Pharmaceutical Industries Ltd (SUN.NS) fell 2.5 percent, while Tata Consultancy Services Ltd (TCS.NS) ended 2.3 percent lower.

In financial shares, Housing Development and Finance Corp Ltd (HDFC.NS) fell 1.3 percent while HDFC Bank Ltd (HDBK.NS) ended flat.

Oil and Natural Gas Corp Ltd (ONGC.NS) fell 2 percent after Moody's said credit quality of Indian oil companies may weaken if the government continues to use the same subsidy-sharing mechanism as it did for the June quarter.

Shares in Tata Motors Ltd (TAMO.NS) fell 4.6 percent adding to Monday's 3.9 percent decline after Moody's said the company's shrinking market share in passenger and commercial vehicle sales was credit negative and would lead to weaker operating performance.

Titan Industries Ltd (TITN.NS) fell 6.1 percent, slumping 19.3 in the past three sessions as the central bank banned imports of gold coins and medallions and required domestic buyers to pay cash for the yellow metal, among other measures.

However among stocks that gained, shares in Indian units of oil and mining group Vedanta Resources Plc (VED.L) surged on news channel CNBC TV18 report that the government has cleared legal hurdles to the stake sale in the company's unit Hindustan Zinc Ltd (HZNC.NS).

Vedanta's unit Sesa Goa Ltd (SESA.NS), which holds 64.92 percent stake in Hindustan Zinc, rose 16.4 percent, while Hindustan Zinc gained 13.4 percent. Sterlite Industries (India) Ltd (STRL.NS) rose 9.8 percent.

(Editing by Anand Basu)

PM rules out chance of return to 1991 crisis - report

PM rules out chance of return to 1991 crisis - report

 

 

MUMBAI | Sat Aug 17, 2013 6:37pm IST

(Reuters) - 
There is "no question" of India going back to an economic crisis experienced in 1991, as its rupee currency is now linked to the market and foreign exchange reserves are adequate, Prime Minister Manmohan Singh said on Saturday.

Asia's third largest economy is growing at its slowest pace in a decade, while the rupee, the region's worst performer this year, is at an all-time low, and the central bank has enough cash to pay for seven months of imports.

"There is no question of going back to 1991," Singh said in a Press Trust of India report published by the Economic Times newspaper on its website, making reference to a balance of payments crisis the country suffered that year.

"At that time foreign exchange in India was a fixed rate. Now it is linked to market. We only correct the volatility of the rupee."

In 1991, with just enough reserves to cover three weeks of imports, India was forced to pledge its gold in order to pay its bills and had to push through reforms to start opening up the economy.

Singh was finance minister at the time and is widely regarded as the man who saved the economy.

The news agency report said Singh acknowledged India's ballooning current account deficit, which he blamed on large imports of gold as a contributing factor.

"We seem to be investing a lot in unproductive assets," Singh said.

India is trying to curb its citizens' apparently insatiable demand for gold, through measures such as hiking import duties, banning the import of coins and medallions and making domestic buyers pay cash.

The government wants to hold bullion imports this year to "well below" last year's figure of 845 tonnes.

Imports by the world's biggest bullion buyer hit a record 162 tonnes in May as global prices fell, prompting a duty increase to 8 percent. Though they then fell to about 31 tonnes in June, imports revived to 47.6 tonnes in July.

India's current account deficit stands at a record high of 4.8 percent of gross domestic product, while economic growth has slowed to 5 percent.

Concerns that policymakers were losing control over the currency spread this week to the stock market, which dropped 4 percent on Friday for its biggest one-day decline in nearly two years.

(Reporting by Anurag Kotoky; Editing by Clarence Fernandez)