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In an attempt to boost growth and save the sliding rupee, the Reserve Bank of India (RBI) Monday announced a series of measures like allowing Indian companies to borrow more money from overseas for refinancing their outstanding rupee loans.

The surprise decision Monday by the Reserve Bank of India to hold its interest rate steady because of inflation concerns puts fresh pressure on the ruling Congress Party to find a fiscal solution to the country's flagging economy.

The Reserve Bank of India disappointed the industry as it left the repo rate and cash reserve ratio unchanged at 8 percent and 4.75 percent, respectively, in its mid-quarter policy review Monday. The reverse repo rate, at which banks lend money to the RBI, also remains unchanged at 7 percent.

Indian Finance Minister Pranab Mukherjee Saturday expressed confidence that the Reserve Bank of India would adjust the monetary policy on its mid-quarter monetary policy review June 18.

The Reserve Bank of India will hold its mid-quarter monetary policy review June 18 amid strong demands from the industry and economists for a cut in interest rates. However, the central bank is still weighing the options on rate cuts as curtailing inflation remains top priority.

The Index of Industrial Production for April rose just 0.1 percent, corroborating fears that economic slowdown will persist in the current quarter.

The rupee weakened on Friday on worsening global risk sentiment, but posted its first weekly gain against the dollar in more than two months as the local currency recovers from oversold conditions.

Asian stock markets reported their first weekly gains in six weeks amid hopes that major central banks, including the U.S. Federal Reserve, might act to tackle deteriorating global economic conditions.

The Reserve Bank of India is expected to ease rates at the forthcoming mid-quarter review June 18 to lift constraints on lending as it seeks to tackle the shortage of cash in the banking sector and the slowing economy.

The outflow from India-focused funds reached an alarming rate in May amid concerns about the sharp fall of the Indian rupee against the dollar and sluggish policy reforms from the government, according to a report.

Asian markets rose Thursday amid hopes that the U.S. Fed would announce another round of monetary easing and European policy makers would take concrete measures to tackle the debt crisis looming over the euro zone.

Asian markets rose Wednesday amid positive economic data from the U.S. and the G7 finance ministers' decision to work closer together to tackle the euro zone economic crisis.

India's BSE Sensex rose Wednesday following positive cues from Asian markets and the rupee gaining.

Falling global oil prices as well as declining core inflation and growth in India give the Reserve Bank of India room to adjust interest rates, a deputy governor said, two weeks before a policy review for which expectations have been growing for a rate cut.

India's economic growth slumped to its lowest level in nine years in the first three months of 2012, marking a dramatic slide in the fortunes of a country whose economy was boasting nearly double-digit growth before the global recession.

Corroborating the fears of an economic slowdown, India's economic growth slumped to 5.3 percent, a nine-year-low in the fourth quarter ending March 31, according to a Thomson Reuters data. The growth rate was 9.2 percent in the same period a year earlier.

The Q4 GDP data for India plunged the volatile rupee further in the morning trade Thursday, as the Indian currency hovered near an all-time low of 56.52 against the dollar. The rupee was trading at 56.38/39 at 10 am IST, after testing the 56.52 level in early trade.

Morgan Stanley has received an in-principle approval from the Reserve Bank of India (RBI) for a banking license, a leading business daily reported Wednesday quoting a spokesperson of the bank.

Global rating agency Moody's on Monday said that the steep depreciation of rupee against a dollar will not affect India's sovereign ratings negatively. However, it added that private sector companies with huge overseas debts will be hurt by the slip in the value of the rupee.

The Indian rupee descended to the all-time-low of 56.04 per dollar Wednesday even as the Reserve Bank of India and the Indian government said that they were monitoring the situation closely and taking corrective measures.

Blaming the Euro Zone crisis for a weak Indian economy Indian Finance3 Minister Pranab Mukherjee said that government is taking several steps to protect the economy and rupee from further pressures.

Bombay Stock Exchange's benchmark Sensex fell Tuesday by more than 145 points, or 1 percent, as the rupee tumbled to a record low of 55.39 against the dollar.

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The Indian rupee Monday touched a record low of 55 against the dollar because of the strong demand for dollar from importers, weak global cues and delay over policy reforms from the government.

India Friday announced a set of austerity measures in a desperate attempt to prop up economy and to instill investor confidence.

India?s rupee recovered slightly Thursday following the rebound seen in Asian markets led by positive data from Japan and the US.

The Indian rupee rebounded on Tuesday after Reserve Bank of India's (RBI) intervention and profit booking by foreign banks, and gained 20 paise.

Despite RBI's desperate efforts to prop it up, rupee declined by 18 paise to reach 53.60 against dollar in the late morning trade on Friday. However, rupee stabilized in the later sessions at 53.54/55 before closing at 53.45 and India's industrial production surprisingly declined by 3.5 percent in March, for the first time in five months, prompting the industry to seek cut in interest rates.

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