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…
Early trading on Wednesday showed little movement in oil prices as industry data revealed an unexpected increase in U.S. crude and petrol inventories, allaying concerns about a supply shortage prior to OPEC producers cutting their output. U.S. oil futures have shifted into backwardation, with the front-month contract trading 6 cents higher than the second month,…
Steel producers, led by JSW Steel and Tata Steel, have reported record production in the March quarter despite erratic domestic demand and unrest around the world. According to Tata Steel, the slowdown in its global operations was a major factor in the minor increase in its consolidated production, which increased to 7.59 million tonnes (7.55…
After a weakening U.S. dollar in the foreign exchange market, the rupee strengthened by 5 paise to end the day Monday at 81.97 (provisional). The local unit gained 5 paise from its previous finish to close at the interbank foreign exchange market, closing at 81.97 (provisional) versus the dollar after having opened at 81.90 against…
The RBI’s decision to maintain the crucial benchmark policy rate at 6.5 percent on Thursday caused the rupee to pare early losses and close 2 paise weaker at 81.92 (provisional) against the U.S. dollar. Forex traders claimed that after the Reserve Bank of India (RBI) stunned the market by halting the rate hike, the Indian…
The tax on domestic crude oil has been entirely eliminated thanks to a change in the windfall tax that was announced on Tuesday. The tax has now been lowered to zero from roughly a fortnight ago when it was 3,500 per tonne. This comes after a steep 20% drop in global crude oil prices since…
Tata Motors and MG Motor were the first to sell more than 7,000 electric vehicles in March, a 100% increase over the same month last year. TVS Motor Company is second in the market for electric two-wheelers, after Ola Electric. Data from the Federation of Automobile Dealers Associations (FADA) shows that Tata Motors sold 7,137…
Over the previous week, the rupee (INR) had no change. On Monday, it was valued at 82.3313 USD per unit. Good foreign inflows haven’t changed that. The net inflows during the previous week totaled more than $400 million, according to figures from the NSDL (National Securities Depository Ltd). This was aided by strong inflows into…
India became the largest buyer of seaborne crude from the former Soviet Union, overtaking China for the fourth consecutive month, buying a record 51.15 million barrels, or 1.65 million barrels per day (mbd), from Russia. Reliance Industries (RIL) and the Rosneft-backed Nayara Energy were private refiners that accounted for over 858,000 barrels per day, or…
