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Interest Rate Derivatives


An interest rate derivative is an instrument where the underlying asset is the right to pay or receive an (usually notional) amount of money at a given interest rate. In other words, interest rate derivatives are financial instruments based on an underlying financial security whose value is affected by interes rate changes. These products are used by a variety of participants in order to hedge their exposures against adverse interest rate movements. Such instruments are also used for speculation purposes, which broadly serve as an indicator for interest rate expectations. In India, the interest rate derivatives segment is at a growing stage. As of now, the interest rate derivatives permitted by regulatory guidelines in India include

 

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Gross Domestic Product
• Real gross domestic product for Q3FY24 noted a growth of 8.4% on a year-on-year basis, as compared to 4.3% in Q3FY23
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.Monetary Policy
• In the Sixth Bi-monthly Monetary Policy for FY24, the MPC decided to maintain status quo on policy rates. Consequently, key policy rates stand unchanged: Repo rate at 6.50%, Standing Deposit Facility rate at 6.25% and Marginal Standing Facility and Bank rate at 6.75%.
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.Consumer Price Index
Consumer Price Index (Combined) inflation for February 2024 printed at 5.09%, slightly lower than the previous month’s reading of 5.1%.
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.Wholesale Price Index
• Headline WPI inflation for January 2024 printed at 0.3% as compared to 0.7% in the previous month.
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.Index of Industrial Production
IIP growth for January 2024 printed at 3.8%, lower than the revised reading of 4.2% in December 2023, on a year-on-year basis.
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