This was primarily on account of a greater decline in imports relative to the fall in exports.

India’s bank deposits increased (y-o-y) by 13.0 per cent in FY24, net of merger of a non-bank with a bank with effect from July 1, 2023 (13.5 per cent including the impact of merger) during 2023-24 as compared to 10.2 per cent growth in the previous year; deposits of all population groups (viz., rural, semi-urban, urban and metropolitan) accelerated in the latest year. Household sector remained the largest group of depositors with 61.1 per cent share; female depositors within this sector held 20.7 per cent of total deposits of SCBs in March 2024.

Kalpataru Projects International jumped 5.44% to Rs 1,166.20 after the civil construction company announced that the executive committee of its board is scheduled to meet on 10 June 2024 to consider the proposal of fund raising.

The US dollar edged lower following US data that revisited possibility of a rate cut this year. ADP reported that private sector employment in the US rose by 152K in May as compared to 173K anticipated and the previous month’s downwardly revised reading of 188K indicating a softening labor market. ISM Services PMI, however, rose to 53.8 in May, registering its highest level since August and surpassing consensus estimates of 50.8. All eyes are now on upcoming non-farms data for further cues on Federal stance. ECB monetary policy decision due later today will also be watched carefully. US treasury yields fell to 4.3% and dollar index edged lower towards 104 mark at 104.15, down 0.07% on the day. Among the basket currencies, EURUSD and GBPUSD are quoting marginally higher at $1.0890 and $1.2795 respectively.