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Government building consensus to announce relief measures for FPIs, NBFC sector

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The government is likely to come up with an announcement to provide some relief to FPIs and the NBFC sector.

A senior government official told Moneycontrol that the government is aware of the issue of surcharge on foreign portfolio investors (FPIs) and it is building a consensus on the issue.

The official said, "Some relief for FPIs on higher surcharge may be announced soon. We are trying to build consensus on relief for FPIs surcharge issue."

In her maiden budget, Finance Minister Nirmala Sitharaman had proposed raising surcharge on the super-rich. This surcharge also increased the tax burden on FPIs as most are organised as non-corporate entities such as trusts and associations where taxation is similar as for individuals.

The announcement made way for the bears to take hold of the market as the average market capitalisation of the BSE-listed companies fell from Rs 151.35 lakh crore on budget day, to Rs 138.37 lakh crore on August 5, wiping out Rs 12.98 lakh crore.

Some relief measures on sectors like the non-banking financial companies (NBFCs) would be announced by the government soon, the official said.

The official also said that relief for NBFCs along with measures announced by the Reserve Bank of India (RBI) for NBFCs are expected to have a multiplier effect on the economy.

On August 7, in its monetary policy, the RBI announced the setting up of a central payments fraud registry to track the systems for frauds and increasing exposure limits for lending banks to single NBFCs to 20 percent. The previous limit was 15 percent of the bank’s Tier-I capital.

The RBI also said that to boost credit flow to certain priority sectors, bank lending to registered NBFCs for on-lending to agriculture (investment credit) up to Rs 10 lakh; micro and small enterprises up to Rs 20 lakh; and housing up to Rs 20 lakh per borrower will be classified as priority sector lending.

Dollar slips as markets recover; China data helps

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LONDON (Reuters) - The dollar edged lower across the board on Thursday, as risk sentiment stabilized after resilient Chinese trade data and Beijing's efforts to slow a slide in the value of the renminbi encouraged investors to buy riskier currencies.

Data showed Chinese exports rose 3.3% in July from a year earlier, while analysts had looked for a fall of 2%, and policymakers fixed the daily value of the yuan at a firmer level than many had expected, even though it was beyond the 7 per dollar level for the first time since the global financial crisis.

Against a basket of currencies (DXY) the dollar was broadly steady at 97.58, but it weakened 0.1% versus the Australian dollar and the British pound

"The recent comments from Chinese officials suggest they want to stabilize their currency, otherwise a sharp currency drop may fuel capital outflows," said Manuel Oliveri, an FX strategist at Credit Agricole (PA:CAGR) in London.

"The other factor helping risk sentiment is a growing swathe of central bank cuts."

This week, New Zealand joined India and Thailand in cutting interest rates, with market expectations growing that other major central banks will join in further easing monetary policy.

Indeed, market expectations for more than a quarter point rate cut from the U.S. Federal Reserve in September is still firmly baked into bond markets, despite an overnight bounce in global markets.

Those expectations forced the dollar to weaken also against the euro and the yen.

The yen was a tad firmer at 106.185 per dollar. It touched 105.500 yen overnight, its strongest level since Jan. 3, before pulling back slightly.

"The yen's appreciation versus the dollar may have slowed for now, but it stands to keep gaining in the longer term," said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo. "Its other peers, notably the antipodean currencies, have weakened severely and this provides overall support to the yen."

The kiwi nudged up 0.1% to $0.6452, following a slide to a 3-1/2 year low of $0.6378 on Wednesday after the rate cut.

U.S. Stock Futures Climb After Yuan Fix Stronger Than Expected

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U.S. stock index futures rose in Asia after China’s central bank set its daily fixing stronger than expected, tempering concerns that the nations’ trade war will worsen.

S&P 500 Index futures contracts expiring in September rose 0.2% as of 11:30 a.m. in Tokyo, rebounding from an earlier 0.4% loss after the People’s Bank of China set its daily reference rate at 7.0039 per dollar. Analysts and traders had projected a rate of 7.0156, according to the average of 21 forecasts compiled by Bloomberg in a survey. Futures on the Nasdaq 100 and Dow Jones Industrial Average rebounded as much as 0.3% and 0.2%, respectively.

“If the Chinese government intervenes less and lets the currency find its own level, it’s actually better from a reputational point of view,” Nader NaeImi, AMP Capital’s head of dynamic markets in Sydney, said on Bloomberg Television.

The bounce in Asia came after U.S. equities and benchmark Treasury yields mounted an impressive comeback late Wednesday, reversing sharp drops as investors turned more positive on the outlook for global growth amid central-bank moves to ease monetary policy. The S&P 500 Index eked out a modest gain after tumbling as much as 2%, while yields on 10-year Treasuries edged higher after an earlier plunge.

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