The Indian rupee hits a fresh record low against the U.S. dollar on Wednesday amidst growing concerns over global growth expectations and investors awaiting U.S. Federal Reserve Chair Jerome Powell’s twoday testimony before Congress. The weak global cues also hit benchmark equity indices as they closed over one percent lower on Wednesday. The rupee closed…
India’s steel exports is expected to fall by 40% to 12 million tonnes (mt) this fiscal, owing to duty related measures taken by the government last month, “Steel exports will drop 35-40% to 10-12 mt this fiscal following the 15% export duty imposed on several finished steel products last month. Exports of iron ore and…
Oil prices declined in early trade on Wednesday amid a push by U.S. President Joe Biden to bring down rising fuel costs, including pressure on major U.S. companies to help ease the pain for drivers during the country’s peak summer demand. U.S. West Texas Intermediate (WTI) crude futures fell $1.34, or 1,2%, to $108.18 a…
Auto parts manufacturers’ revenues are expected to grow by 8-10 per cent in FY23, supported by stable demand in the vehicle sector and likely easing of supply chain related limitations in the second half of the fiscal, according to a report by rating agency ICRA. In the last fiscal year, 31 auto component companies with…
With demand reducing amid a slowdown in the global economy, cotton prices in the `international market are set to come under pressure, experts have said. “There is no demand for yarn from the spinning mills. They are losing about ₹30-40 a kg in yarn sales. But stocks are limited with them. This is stopping the…
Commodity prices traded lower with most of the commodities in the non-agro segment ended lower during the week as stronger dollar and recession fears discouraged demand. Bullion prices declined on aggressive FED despite record inflation. Base metals traded weak on China lockdown and demand growth concerns. Crude oil prices declined by more than 9% as…
The rupee increased by 12 paise to 77.93 against the U.S. dollar in opening trade on Monday as soften crude oil prices supported the local unit. However, unabated foreign fund outflows, a dull trend in domestic equities and strong American dollar overseas restricted the gain, forex dealers said. At the inter-bank foreign exchange, the rupee…
Indian markets ended lower for the second consecutive week of June and also posted their biggest weekly fall since May 2020 as global inflation pressure worries lead to monetary policy tightening by central banks. For the week, Nifty fell 908.3 points (5.6€%) to end at 15,293.5, while Sensex fell 2,943.02 points (5.41%) to close at…
India’s crude oil production rose by 4.6% year on year to 2.6 million tonnes (mt) in May 2022. Compared with the target for the month, the output was higher by 2.4%. Progressively, the output during the first two months of FY23 raised around 2% y-o-y to 5.1 mt, while it was higher by 2.9% compared…
After two successive years of rush in earnings, steel companies are now staring at a notable decline over the next one year as the industry faces multiple headwinds emerging from trade barriers export duty on finished steel, unfamiliar coal/energy cost pressures and muted domestic demand growth so far. The operating environment will become far less…
