The RBI reported on Friday that India’s foreign exchange reserves climbed by $6.306 billion to $584.755 billion for the week ending April 7. The currency kitty dropped by $329 million to $578.45 billion in the most recent reporting week, reversing a two-week upward trend. It should be mentioned that the nation’s currency reserves reached an…
India’s domestic steel prices are still unstable due to weak purchasing, delayed international demand, a decline in export offers, and lower-than-expected demand in traders’ markets. This week, the benchmark hot-rolled coil (HRC) price was about 59,200 per tonne, a 2–3% decrease from the same time last month (mid-March). After mid-March, there had been some cooling…
Following additional indications that U.S. inflation was slowing, gold prices increased for a fourth straight session on Friday. Demand for the yellow metal as a safe haven was also supported by ongoing concerns about a 2023 recession. A day after data revealed that consumer price inflation also decreased, information released on Thursday revealed that the…
Oil prices increased on Friday as supplies tightened and Russian production appeared to be declining. The market was anticipating the IEA’s monthly report, which would provide more insight into the forecast for global demand, later in the day. The price of Brent crude futures had increased by 34 cents, or 0.39%, to $86.43 per barrel….
On Friday, traders increased predictions of an impending halt to the U.S. Federal Reserve’s rate-hike cycle on signs of slowing inflation, sending the U.S. dollar plummeting to a one-year low versus a basket of currencies while the euro reached a one-year high. A day after inflation statistics indicated a moderating in consumer prices, data from…
In India, fast-moving consumer goods (FMCG) saw a growth of 17.5% in rural regions and a growth of 6.1% in urban areas in March. FMCG sales increased by 14.1% year over year in March, according to data issued monthly by Bizom, a retail intelligence platform that measures consumer goods sales across 7.5 million places. While…
The rupee increased 18 paise to 81.93 against the US dollar in early trade on Thursday, reflecting the American currency’s widespread weakness in the foreign exchange market. Forex brokers claimed that foreign funds were also supporting the local currency. The dollar index, which measures how strong the dollar is relative to a basket of six…
This season (October 2022–September 2023) will likely see cotton exports reach a 19-year low due to weak demand from importing nations as a result of the slowing economies in the U.S. and Europe. The U.S. Department of Agriculture (USDA) projects that Indian cotton exports will fall by 500,000 bales this month to 1.8 million (U.S….
As stockpiles in London Metal Exchange (LME) warehouses fell to 56,800 tonnes, the lowest level since 2005, supply concerns caused copper to end yesterday up 0.96% at 782.5. The global physical inventories have reached their lowest point in 14 years, according to Goldman Sachs (NYSE: GS), and the copper supply market is still experiencing a…
A near-record amount of natural gas was produced for the month, which kept prices under pressure. Yesterday, natural gas prices decreased by -3.63% to 172.8 in anticipation that milder weather would lower the need for heating. The United States Energy Information Administration (EIA) predicted that due to milder weather, the country’s power consumption will decrease…
