S&P 500   4,140.06 (-0.12%)
DOW   32,832.54 (+0.09%)
QQQ   321.05 (-0.22%)
AAPL   164.88 (-0.28%)
MSFT   280.53 (-0.84%)
META   170.47 (+2.01%)
GOOGL   117.41 (-0.05%)
AMZN   139.63 (-0.83%)
TSLA   871.50 (+0.81%)
NVDA   178.14 (-6.19%)
NIO   20.18 (-0.20%)
BABA   90.95 (-1.74%)
AMD   100.05 (-2.21%)
MU   61.45 (-1.62%)
T   18.00 (-1.91%)
CGC   3.28 (+21.48%)
GE   75.19 (+1.12%)
F   15.78 (+3.14%)
DIS   109.09 (+2.31%)
AMC   23.96 (+8.03%)
PYPL   96.33 (+1.06%)
PFE   49.33 (+0.12%)
NFLX   233.37 (+2.91%)
S&P 500   4,140.06 (-0.12%)
DOW   32,832.54 (+0.09%)
QQQ   321.05 (-0.22%)
AAPL   164.88 (-0.28%)
MSFT   280.53 (-0.84%)
META   170.47 (+2.01%)
GOOGL   117.41 (-0.05%)
AMZN   139.63 (-0.83%)
TSLA   871.50 (+0.81%)
NVDA   178.14 (-6.19%)
NIO   20.18 (-0.20%)
BABA   90.95 (-1.74%)
AMD   100.05 (-2.21%)
MU   61.45 (-1.62%)
T   18.00 (-1.91%)
CGC   3.28 (+21.48%)
GE   75.19 (+1.12%)
F   15.78 (+3.14%)
DIS   109.09 (+2.31%)
AMC   23.96 (+8.03%)
PYPL   96.33 (+1.06%)
PFE   49.33 (+0.12%)
NFLX   233.37 (+2.91%)
S&P 500   4,140.06 (-0.12%)
DOW   32,832.54 (+0.09%)
QQQ   321.05 (-0.22%)
AAPL   164.88 (-0.28%)
MSFT   280.53 (-0.84%)
META   170.47 (+2.01%)
GOOGL   117.41 (-0.05%)
AMZN   139.63 (-0.83%)
TSLA   871.50 (+0.81%)
NVDA   178.14 (-6.19%)
NIO   20.18 (-0.20%)
BABA   90.95 (-1.74%)
AMD   100.05 (-2.21%)
MU   61.45 (-1.62%)
T   18.00 (-1.91%)
CGC   3.28 (+21.48%)
GE   75.19 (+1.12%)
F   15.78 (+3.14%)
DIS   109.09 (+2.31%)
AMC   23.96 (+8.03%)
PYPL   96.33 (+1.06%)
PFE   49.33 (+0.12%)
NFLX   233.37 (+2.91%)
S&P 500   4,140.06 (-0.12%)
DOW   32,832.54 (+0.09%)
QQQ   321.05 (-0.22%)
AAPL   164.88 (-0.28%)
MSFT   280.53 (-0.84%)
META   170.47 (+2.01%)
GOOGL   117.41 (-0.05%)
AMZN   139.63 (-0.83%)
TSLA   871.50 (+0.81%)
NVDA   178.14 (-6.19%)
NIO   20.18 (-0.20%)
BABA   90.95 (-1.74%)
AMD   100.05 (-2.21%)
MU   61.45 (-1.62%)
T   18.00 (-1.91%)
CGC   3.28 (+21.48%)
GE   75.19 (+1.12%)
F   15.78 (+3.14%)
DIS   109.09 (+2.31%)
AMC   23.96 (+8.03%)
PYPL   96.33 (+1.06%)
PFE   49.33 (+0.12%)
NFLX   233.37 (+2.91%)

India raises interest rate to 5.4%, in 3rd hike since May


Construction workers prepare a scaffolding at a construction site at Hajji Ali in Mumbai, India, on Jan. 8, 2022. India’s central bank on Wednesday, Aug. 3, raised its key interest rate by 50 basis points to 5.4% in its third such hike since May as it focuses on containing inflation. (AP Photo/Rajanish kakade, File)

NEW DELHI (AP) — India’s central bank on Friday raised its key interest rate by 50 basis points to 5.4% in its third such hike since May as it focuses on containing inflation.

Reserve Bank of India Governor Shaktikanta Das projected inflation at 6.7% in this financial year. June was the sixth consecutive month with inflation above the central bank's tolerance level of 6%, he said in a statement after a meeting of the bank's monitoring committee.

The committee decided ``to remain focused on the withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth," he said.

Das said the global economic and financial environment has deteriorated with the combined impact of monetary policy tightening across the world and the war in Ukraine raising risks of a recession.

The Indian rupee has plunged to an all-time low of 79.05 rupees to one U.S. dollar. Das attributed its weakness to a strengthening dollar as interest rates rise in the United States.

Multiple waves of COVID-19 outbreaks have badly hit India's large informal sector and contact-intensive services like restaurants, hotels, retailing and tourism.

Unemployment has risen to nearly 8%, according to data from the think tank Center for Monitoring Indian Economy.

The main opposition Congress party on Friday organized marches across the country protesting rising prices of petrol, gas, foodstuffs and goods and the services tax.

India’s Finance Minister Nirmala Sitharaman defended the government’s handling of the economy in Parliament earlier this week. She said there is zero probability of India slipping into recession, even though there are some other major economies are at greater risk of doing so.

On Friday, Das projected that the economy would expand at a 7.2% annual pace in the current fiscal year, which ends in March 2023, slowing to 6.7% in the next financial year.


``On the outlook for growth, rural consumption is expected to benefit from the brightening agricultural prospects," he said. Demand for services as the pandemic wanes and an improvement in business and consumer sentiment should boost discretionary spending and urban consumption, he said.

Given that inflation remains above the target, “It's clear that the tightening cycle still has legs," Shilan Shah of Capital Economics said in a report that forecast a full 1 percentage point of hikes by early next year.

The International Monetary Fund has projected 7.4% economic growth for India in 2022, down from 8.7% in 2021 and slipping to 6.1% in 2023.

The IMF on Thursday suggested that India withdraw fiscal and monetary policy stimulus gradually, develop better infrastructure for exports, such as ports and railways, and scale up shipments by forging free trade agreements with key trading partners to keep its economy balanced over the medium term.

Former RBI governor Raghuram Rajan said earlier this week that India should focus on services instead of blindly following China's model of manufacturing-led growth.

Even if India's economy is growing faster than many other nations, he said the country still needs more growth to sustain its huge population, now at 1.4 billion and due to overtake China's within a few years.

7 Blue-Chip Dividend Stocks That Won’t be Impacted by Rising Interest Rates

Stock markets move in cycles. Historically, bull markets last longer than bear markets, but both can last longer than investors expect. But inside bull markets and bear markets, there can still be volatile price changes in the opposite direction. And when the market does reverse direction, the biggest gains are made by investors that stay the course.

In a volatile market, one option for staying the course is to invest in quality blue-chip dividend stocks. Blue-chip stocks are companies that have a large market capitalization. That means there are companies in mature industries.

That maturity allows these companies to deliver consistent performance that is independent of whatever is happening with the country's monetary policy. When interest rates fall, these companies are poised for growth. And when interest rates rise, these companies have strong balance sheets that allow them to maintain pricing power and profits to provide stability.

All of this means that investors with lower risk tolerances can stay in the market without having to give up on growth. And in this special presentation, we're giving investors seven blue-chip names that investors can buy with confidence no matter what is happening with interest rates.

View the "7 Blue-Chip Dividend Stocks That Won’t be Impacted by Rising Interest Rates".

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