On Tuesday, the Indian rupee depreciated against the dollar, opening at 81.59 against the previous close of 81.50. The local currency is probably going to lose value today due to a strong dollar and further FII withdrawals. Investors will also pay special attention to important US macroeconomic data, such as the CB consumer confidence index,…
Due to unfavourable global cues, the price of gold is trading unchanged on Tuesday, while the price of silver is down 0.11%. Gold April futures were selling at Rs 56,996 per 10 kilos on the Multi Commodity Exchange, down Rs 51 or 0.09%. On the MCX, silver March futures were selling at Rs 68,515 per…
The fear of additional interest rate hikes and ongoing Russian crude exports caused oil prices to decline by more than 2% in the previous session. However, prices stabilized in early Asian trade on Tuesday. Brent crude futures were up 28 cents to $85.18 per barrel, while U.S. Crude oil futures for West Texas Intermediate (WTI)…
Due to lower arrival quality and rumors of a larger crop, turmeric prices have fallen to about 5,000 per quintal in some areas of Maharashtra. Due to significant stockpiles held by consumers and stockists, prices in other regions of the country are generally lower than they were during the same time last year. Turmeric prices…
Because of pressure from India’s lingering current account deficit and the central bank’s efforts to increase its foreign exchange reserves, the rupee’s recent gains may prove to be temporary. This month, the currency has lagged behind peers such the Thai baht and Indonesian rupiah, rising just 1.4% despite persistent dollar depreciation. According to QuantEco Research,…
Oil prices dropped on Monday, giving up earlier gains, as investors remained cautious ahead of a U.S. Federal Reserve meeting that may cause market turbulence and global producers this week decided to keep output steady. Brent crude futures were down 20 cents, or 0.2%, to $86.46 per barrel, while U.S. West Texas Intermediate crude was…
The Food Corporation of India (FCI) has chosen to launch the first tender on Friday, one day after the central government made the decision to sell 3 million tonnes (mt) of wheat that was in official reserves on the open market. The actual online auction could happen on February 1. According to sources in the…
The government has been requested by rice exporters to relax limitations on the export of non-basmati rice by eliminating the 20 percent export levy on white (raw) rice and permitting the transport of one million tonnes (mt) of broken rice. The Centre must evaluate the Food Corporation of India’s purchase of paddy cultivated in the…
On Wednesday, January 25, 2023, data available on NSE shows that foreign institutional investors (FII) sold shares worth a net Rs 2,393.94 crore while domestic institutional investors (DII) purchased shares worth a net Rs 1,378.49 crore. FII sold shares worth a net of Rs 23,254.43 crore for the month of January up until January 26…
According to refinery executives, India’s oil processors are willing to purchase additional Russian crude if the price is right, potentially giving Moscow a larger market almost a year after its invasion of Ukraine. The South Asian country expanded its imports of Russian oil in 2022, finishing the year with record-high volumes every month as cheap…
