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Bank holiday today: All scheduled and non-scheduled banks observe holidays on the second and fourth Saturdays of each month, according to the Reserve Bank of India (RBI) rules. Note that if a month includes a fifth Saturday, banks remain operational on that day, along with the first and third Saturdays of the month.

Economic commentators in India are discussing the rupee's depreciation against the dollar and its effects. Exporters may benefit, but importers, companies, and households face challenges. The RBI's stance on currency management is critical. Clear communication from the RBI can help mitigate uncertainty and transition costs for economic agents.

The rupee hit an all-time low against the US dollar, closing at 86.63. The drop is attributed to the strengthening US dollar, geopolitical tensions, and economic factors. Despite intervention by the RBI, the rupee's depreciation impacts import costs and inflation. Experts predict further weakening due to ongoing global and domestic economic issues.

The Reserve Bank of India assigned portfolios to three deputy governors, effective Wednesday. M Rajeshwar Rao will handle 11 portfolios, T Rabi Sankar will manage 13 portfolios, and Swaminathan Janakiraman will oversee nine portfolios. Each of them will be responsible for different departments within the RBI, ensuring smooth operations and management.

Wall Street indexes increased as the producer inflation report came in softer than expected. Investors believe this could impact the Federal Reserve's monetary policy this year. Gains were led by consumer discretionary stocks. Key upcoming events include the consumer price index report and quarterly earnings from major banks. Trump's potential policies may also influence future market trends.

The Indian rupee hit an all-time low of 86.6475 on Tuesday due to strong dollar bids, partially spurred by maturities in the NDF market. RBI intervention helped limit losses. The rupee saw its sharpest decline in nearly two years on Monday due to a robust dollar, influenced by optimistic U.S. job reports affecting interest rate cut expectations.

November 2024 Wholesale Price Index (WPI) inflation at 1.89%, with food prices easing in December 2024.

RBI Governor Sanjay Malhotra is showing a willingness to allow the rupee to move more freely in tandem with peers in the region. The rupee weakened sharply, losing as much as 0.14 per cent to touch a new record low of 86.7025 per dollar.

Rupee fall: India's central bank plans to use foreign exchange reserves judiciously to handle currency market volatility amid global challenges. While the RBI will intervene to manage volatility, it will not massively protect specific levels, especially with a declining rupee and reduced foreign portfolio inflows since November.

India's wholesale inflation increased to 2.37% in December from 1.89% in November, driven by slower food price rises. Retail inflation eased to 5.22% from 5.48% in the same period. The RBI downgraded growth forecasts, raising inflation estimates due to concerns over food inflation.