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ICICI Securities Report
Financial conditions tightened for the second consecutive month in July 2020. Our proprietary Financial Conditions Index fell to 10.15 in July 2020 down from 10.86 in June and 11.8 in May.
Out of the five sub-components, four recorded worsening conditions, with equity market being the sole exception. The main factors contributing to worsening conditions were falling non-food bank credit, lower surplus liquidity in banking system, and rising rupee forward premia.
Despite the recent modest tightening, financial conditions have improved substantially since March 2020 as the Reserve Bank of India and government took a number of measures to keep financial conditions easy during Covid-19 pandemic.
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