i Develop Stocks Advisory

Expect $100 bn accretion to forex reserves in FY08: FM Finance Minister P Chidambaram said moderating inflows without capital control is an issue. He added that they expect USD 100 billion accretion to forex reserves in FY08.

Fed Cuts Interest Rate to 3% as U.S. Growth Falters The Federal Reserve lowered its benchmark interest rate by half a point to 3 percent, the second cut in nine days, and indicated its willingness to do so again to prevent a U.S. recession. ``Downside risks to growth remain,'' the Federal Open Market Committee said in a statement after meeting today in Washington. In a reference to the volatility of the past five months, the Fed added that ``financial markets remain under considerable stress and credit has tightened further for some businesses and households.''