One month after the government reduced the minimum export price (MEP) of basmati rice to $950/ton in an effort to increase exports, mandi prices of several varieties of basmati paddy are currently 11–14% higher than they were the previous year. Basmati paddy prices have increased during the peak arrival season, according to exporters, due to…
As investors anticipated the OPEC+ meeting later this week in hopes of reaching an agreement to limit supplies through 2024, oil prices were little moved on Monday, with Brent remaining above $80 per barrel. U.S. West Texas Intermediate crude futures were up 10 cents, or 0.1%, at $75.64 a barrel, while Brent crude futures up…
Following a downward trend in domestic equities, the rupee lost 2 paise and hit an all-time low of 83.36 against the US dollar in the morning session on Friday. The opening rate of the rupee versus the dollar at the interbank foreign exchange was 83.33. In the first trades, it fell 2 paise from its…
A surprise storage withdrawal, approaching colder weather, and increased demand for heating over the next two weeks were among the unanticipated variables that drove up natural gas prices, which closed at 242 with a 0.67% gain. In sharp contrast to the 60 bcf withdrawal during the same week last year and a five-year average decline…
Cottoncandy saw a small increase of 0.07%, ultimately settling at 56740, as a result of factors affecting cotton production worldwide. India, a major participant in the cotton market, is predicted to produce 29.5 million bales of cotton in 2023–2024, a 7.5% decrease from the previous year. Contributing variables mentioned include lower planted areas and the…
According to government data, foreign direct investment inflows into the computer software and hardware, commerce, and construction industries sharply declined during the July–September quarter, resulting in a 7.3% year-over-year decline to $9.54 billion. FDI equity inflows for the April–September period totaled $20.4 billion, a 24% decrease from the previous year. Reinvested earnings and other capital…
The reason behind the -0.33% decline in gold prices that occurred recently, with a closing price of 61024, is traders assessing the monetary policy environment. The Fed’s cautious approach and intention to continue a tight policy for an extended length of time were evident in the FOMC minutes. With a minor decline in betting on…
Crude oil prices dropped 1.62% to settle at 6363, which was caused by the OPEC+ meeting being rescheduled for November 30. The delay resulted from Saudi Arabia’s discontent with other members’ production levels, which at first raised concerns about possible supply cuts. Significant news showing a 9 million barrel increase in U.S. crude inventory, over…
In early trading on Wednesday, the rupee was moving in a limited range vs the US dollar, with local equities showing little movement. Because of the ongoing withdrawals of foreign funds, forex traders reported that investor mood was negatively impacted by the rupee’s narrow trading range. The local currency’s value versus the dollar at the…
Prices for natural gas fell by -1.16% to settle at 238.7. The main causes of this fall were record supply, high storage levels, and low demand. By mid-November, US petrol stockpiles were already 6% above average, and by November 17, they should be 7% above average. High natural gas output and milder winter temperatures, which…
