FX VOICE: How India can save the rupee
Aug 4, 2013
India's rate spike sends corporates rushing for short-term cash
India's 200-basis-points commercial rates hike last month forced cash-strapped companies to start borrowing at shorter tenors. Those lucky enough to be cash-rich are being offered juicy deposit rates as banks plug their own funding gaps.
India’s decision to increase commercial lending rates from 8.25% to 10.25% has compelled corporates to fund working capital deficits by borrowing at shorter tenors (typically less than 90 days) as banks got stung by the sudden spike in overnight lending rates.
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