The rupee strengthened during the past week despite a steep decline in crude oil prices. Additionally, the rupee received support from large inflows into local equity markets and a reduction in the federal fiscal deficit of India. In response to Jerome Powell’s hawkish remarks, the dollar index increased slightly and reached its highest level in…
The likelihood that OPEC+ will vote to cut output caused oil to rise, and Europe’s energy situation got worse as the Group of Seven nations backed a proposal to attempt and limit the price of Russian crude. After falling by about 7% the previous week because of worries that demand would be harmed by slowing…
To control the spike in future prices, the central government has extended concessional duties on edible oil imports by six months to March 31, 2023. At present, crude palm, soybean, and sunflower oils imports attract only the 5% agri infra cess and a 10% education cess upon it, meaning a total tax incidence of 5.5%. Basic…
Petrol sales in India recovered in August but diesel continued to show a decline over the last month as rains in several parts nicked away demand in some sectors, mainly industry data showed. Petrol sales, which had declined 5% in July, increased 5.8% to 2.81 million tonnes in August when compared with 2.66 million tonnes of demand in…
Indian rupee, which on August 29 hit a new record low versus the dollar, is expected to strengthen during the following ten years. The Indian rupee has dropped to a historic low of 80 per dollar this year, continuing a long-term trend of devaluation versus the U.S. dollar. It may still weaken further in the…
Early on Thursday, crude oil futures prices declined due to a modest expansion in the Chinese PMI (purchasing managers’ index). The information about the state of the U.S. market for crude oil also had an impact on futures pricing. On Thursday morning, October crude oil futures on WTI were trading at $89.25, down 0.34 percent,…
