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The Indian rupee appreciated to close above the 96 per dollar mark for the first time in a week on Friday, as the Reserve Bank of India intervened aggressively to contain depreciation, after the currency nearly touched the 97 level on Wednesday.

The rupee closed at 95.69 per dollar on Friday, versus its previous close of 96.20. It traded between 95.67 and 96.31, giving importers an opportunity to hedge their exposure, traders said.

“We saw public sector banks offering dollars throughout the day today and yesterday (Friday and Thursday). Such massive intervention is seen after a long time, and it seems the RBI wants to cut back rupee-negative positions that were in the market,” a trader from a PSU bank said.
Dealers expect the rupee to trade between 95 and 96 on Monday.
Meanwhile, Asian currencies were mostly weaker, with losses led by a 0.6% fall in the Korean won, Reuters data showed.

India’s near-term economic outlook is clouded by supply-side pressures and weather-related uncertainties, while the potential second-round effects of geopolitical uncertainties in West Asia on domestic prices need careful monitoring, the Reserve Bank of India said in its monthly state of economy report.

“India has entered this phase from a position of macroeconomic strength. Domestic demand continues to be the key driver of growth. However, the near-term outlook is somewhat clouded by supply-side pressures,” the report prepared by the central bank researchers observed.

They expressed caution on the likelihood of the pass-through to domestic prices. “Although headline inflation remains firmly within the tolerance band, the pass-through to domestic prices needs to be monitored,” they said.

The April inflation measured by the Consumer Price Index (CPI) rose to 3.5% from 3.4% in March, largely driven by food inflation, while core inflation remained steady.

The Wholesale Price Index (WPI) inflation, however, rose to 8.3% in April from 3.9% in March, recording a 42-month high, indicating “incipient price pressures in India”, the report observed.

RBI maintains that the views expressed in the report are of the researchers, who were guided by Deputy Governor Poonam Gupta.
“The financial conditions, crude oil prices and capital flows continue to pose challenges to the external sector outlook. Nevertheless, robust services exports, positive net FDI flows, foreign exchange reserve buffers and a number of proactive policy measures undertaken by the government and the RBI are likely to cushion the Indian economy against external headwinds,” they said.Economic activity showed a mixed trend in April. Industrial and services activity stayed strong in many segments, with most listed private non-financial companies showing quarter-on-quarter improvement in business performance in the fourth quarter. On the other hand, the merchandise trade deficit widened month-on-month in April on a rising import bill, primarily due to crude oil and gold.

In the agriculture sector, rapid progress of summer sowing was supported by above-normal pre-monsoon rainfall. However, a higher probability of above-normal minimum temperatures and unseasonal rains in some parts of the country pose risks to the harvesting of remaining rabi crops, the authors warned.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Operator

Good day, ladies and gentlemen, and welcome to the Sanlam 2026 3-month Operational Update. [Operator Instructions] Please note that this event is being recorded. I will now hand the conference over to Paul Hanratty. Please go ahead, sir.

Paul Hanratty
Group CEO & Executive Director

Irene, thank you very much, and good afternoon, ladies and gentlemen, and thank you very much for joining us on this call today. I am joined on the call today by our Group Finance Director, Abigail Mukhuba; our Group Chief Risk Officer and Chief Actuary, Mlondolozi Mahlangeni; and our Head of Investor Relations, Tokelo Mulaudzi.

Earlier today, we released our operational update for the first 3 months of 2026. I’ll provide a very brief overview of our strategic progress and operational performance before we’ll open the line for questions.

The group is investing in organic growth. And while this puts some short-term pressure on earnings, it underpins future growth. Against this backdrop, I’m going to cover 5 points briefly in order, I hope, to assist you in making some sense of the quarter’s performance.

First off, the group continued to make excellent progress in the execution of strategic priorities in the quarter. We closed the Ninety One transaction in early

Indians remitted $2.59 billion overseas in March 2026 under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), a 10.9% jump from $2.34 billion in the previous month, but lower than the $2.68 billion recorded in January, RBI data showed.

Travel remained the single largest category of outward remittances, accounting for $1.09 billion in March, and lower than the $1.31 billion in February and $1.66 billion in January, suggesting a seasonal moderation after the peak travel months.

Investment in equity and debt saw a sharp uptick, rising by 65.5% to $440 million in March 2026 from $266 million in February. Deposits abroad recovered sharply to $176 million in March 2026, up from $56.9 million in February and $48.6 million in January.
Remittances for studies abroad moderated to $151.7 million in March from $267.4 million in January, the latter number likely reflecting the January semester commencement cycle when fee payments are typically concentrated.

India’s Real Estate Investment Trusts (REITs) are steadily emerging as a mainstream investment avenue for retail investors seeking stable yields, long-term capital appreciation, and exposure to institutional-grade real estate assets without directly owning property.

Industry experts believe the next phase of growth for India’s REIT market could significantly broaden retail participation as the ecosystem expands beyond office assets into sectors such as warehousing, logistics, hospitality, retail, and data centres.

REITs, or Real Estate Investment Trusts, were originally introduced in the US during the 1960s to enable retail investors to participate in income-generating commercial real estate through stock exchanges.

In India, REIT units are listed on the NSE and BSE and are regulated by the Securities and Exchange Board of India (SEBI), offering high levels of disclosure, governance, and transparency.

According to data from the Indian REIT Association, India currently has five listed REITs with a combined market capitalisation of nearly Rs 1.7 lakh crore as of May 15, 2026.

Cushman & Wakefield’s Q1 2026 Capital MarketBeat report also highlighted that REITs accounted for 26% of institutional real estate inflows during the quarter, underscoring their growing relevance in the investment ecosystem.

REITs Becoming a Bridge Between Real Estate and Financial Markets

Pratik Tibrewala- Senior-Vice President & Head Corporate Finance – M3M said REITs have emerged as a critical mechanism to address India’s high cost of capital while supporting the country’s long-term urbanisation and infrastructure needs.
According to Tibrewala, REITs have evolved into a preferred monetisation route for stable income-generating office and retail assets over the last eight years and are now expanding into new-economy sectors such as logistics and data centres. He noted that predictable quarterly yields have attracted increasing participation from family offices, mutual funds, and debt investors.

Tibrewala added that India remains at an early stage of REIT penetration despite being one of Asia’s largest real estate markets across office, retail, warehousing, and data centres. He expects the ecosystem to grow significantly in terms of scale, value, and asset diversity in the coming years.

Importantly, he pointed out that REITs are accelerating the financialisation of Indian real estate by channeling domestic savings into infrastructure-linked income assets, while also opening monetisation opportunities for regional developers through acquisition of third-party assets.

Retail Participation Expected to Rise Sharply

Raunaq Arora & Maanu Dewan (Founders Ace Consulting – Real Estate Consultancy Firm based out of Gurugram) said, India’s REIT ecosystem is rapidly transitioning from an early-stage product into a mainstream investment category.

The founders noted that listed REITs in India have already distributed more than Rs 22,000 crore to unitholders since inception, reflecting stable income generation and rising investor confidence. They believe growing domestic participation is helping widen the capital base of the sector.

Arora and Dewan expect three major trends to shape the next phase of REIT growth in India — expansion beyond office assets into retail, warehousing, hospitality, and mixed-use developments; greater retail investor participation due to predictable yields and lower ticket sizes; and stronger institutional participation as REITs increasingly become part of core investment portfolios.

They added that as India’s Grade A office stock and income-generating assets continue to expand, REITs could play a role similar to mature global markets by improving liquidity, transparency, and long-term capital formation in the real estate sector.

Democratising Access to Real Estate Investments

Pushpender Singh, Managing Director, JMS Group said REITs have significantly changed the nature of real estate investing in India by making the sector more accessible and transparent for investors who may not have the ability or desire to buy physical real estate assets directly.

He believes that as regulations strengthen and the market matures further, REITs will increasingly become an integral part of investment portfolios while helping bridge the gap between real estate and traditional financial investments.

Meanwhile, Manik Malik, CEO and President, BPTP said India’s REIT market still remains at an early stage compared to mature global economies, suggesting substantial room for future growth.

According to Malik, REITs are gradually transforming real estate from a traditionally illiquid and ownership-driven asset class into a transparent, yield-oriented financial product. He also highlighted that REITs are democratising access to institutional-quality real estate assets for both retail and institutional investors.

Malik added that regulatory developments such as the introduction of SM-REITs could further deepen retail participation in the sector. He expects the next phase of REIT growth to be driven by diversification into sectors including hospitality, logistics, warehousing, retail, and data centres.

A Long-Term Wealth Creation Opportunity?

Industry experts believe India’s REIT ecosystem is approaching an important inflection point as rising investor awareness, stable yield expectations, and improving market depth continue to attract both retail and institutional capital.

With lower ticket sizes, predictable distributions, and exposure to premium commercial assets, REITs are increasingly being viewed as a potential long-term wealth creation avenue for retail investors looking beyond traditional options such as fixed deposits, equities, or direct property ownership.

As India’s commercial real estate market expands and becomes more institutionalised, REITs could emerge as one of the most important investment categories in the country’s evolving financial landscape.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Choosing PEZA favors export-focused operations with zone controls; BOI suits domestic or mixed markets, offering broader site flexibility and simplified compliance, influencing incentives, operations, and supply chain setup.

Choosing Between PEZA and BOI

Deciding between the Philippine Economic Zone Authority (PEZA) and the Board of Investments (BOI) hinges on whether a business focuses on export compliance or domestic market access. PEZA is tailored for export-driven operations, offering benefits for companies that generate approximately 70% or more from exports. Conversely, BOI caters to domestic market activities, including local distribution, retail, wholesale, and e-commerce, suitable for businesses with a primarily internal sales focus. This choice impacts revenue eligibility, tax incentives, and supply chain design.

Operational and Location Considerations

PEZA requires physical presence within designated economic zones, providing customs supervision and duty facilitation but limiting operational flexibility. BOI allows companies to set up anywhere nationwide, such as Metro Manila, Cebu, or Davao, enhancing distribution efficiency. While BOI offers greater location freedom, it lacks automatic access to bonded systems available within PEZA zones, influencing logistics and import/export processes.

Eligibility, Compliance, and Transition

PEZA registration demands continuous export performance monitoring within a controlled environment, favoring companies committed to export growth. BOI emphasizes performance-based reporting aligned with registered activities, offering more operational flexibility but requiring diligent compliance. Transitioning between PEZA and BOI involves restructuring, often costly and disruptive, underscoring the importance of choosing the appropriate registration pathway during the initial setup.

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Read the original article : PEZA vs BOI in the Philippines: Which Incentive Structure Fits Your Manufacturing or Logistics Model?

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