Page 87 - ie2 August 2019

Foreign exchange rates – Indian rupee against major traded currencies, June 2019
Currency/Time period USD GBP EUR JPY (=100)
% change in June 2019 -1.27 -0.75 0.81 -0.17
Direction Appreciation Appreciation Depreciation Appreciation
% Change in 2019 -1.25 -1.36 -1.78 1.20
Direction Appreciation Appreciation Appreciation Depreciation
Source: RBI reference rates
The rupee appreciated vis-à-vis the dollar in June 2019.
During 2018, the rupee reached its record months of 2019, rupee remained stable by 1.25 percent during 2019 till June.
low of 74.5 per US dollar in the first half at around 69-70 per US Dollar and then Note: For real time data and statistics,
of October 2018, but recovered to some strengthened to enter the level of 68 per please visit EEPC India website: https:
extent to finally end the year slightly USD in June 2019 with a 1.27% appreci- //www.eepcindia.org/forex-rate.aspx-
below 70 per USD. During the first five ation over the month. Rupee appreciated ?id=none&ms=26&page=Forex-Rates

Credit growth of scheduled commercial banks(SCBs) y-o-y (%)
Sector Between 26 May 2017 and 25 May 2018 Between 25 May 2018 and 24 May 2019
Gross bank credit 10.9 11.5
Non-food credit 11.1 11.4
Industry 1.4 6.4
Micro and small (mfg only) 0.2 1.1
Medium 4.1 3.0
Large 1.5 7.4
Priority sector 6.2 9.9
Micro and small enterprises 8.9 11.8
Manufacturing 0.2 1.1
Export credit -48.1 -30.9
Source: RBI
• Credit disbursal towards industry accelerated substantially in 2019 on a negative base.
• Credit disbursal towards manufacturing has been improving slowly.
• Export credit disbursal from foreign banks continued to be dismal.
Prevailing policy rates, ratios, and interest rates as on 25 July 2019
Instruments Existing rates
Policy repo rate 5.75
Reverse repo rate 5.50
Marginal standing facility rate 6.00
Bank rate 6.00
Cash reserve ratio (CRR) 4.00
Statutory liquidity ratio (SLR) 18.75
Lending/deposit rates
Base rate 8.95-9.40
MCLR (overnight) 8.00-8.40
Savings deposit rate 3.50
Term deposit rate > 1 year 6.25-7.30
Source: RBI

AUGUST 2019 l INDIAN ENGINEERING EXPORTS l 87