Indian rupee depreciated 9 paise to 79.71 against the U.S. dollar in opening trade on Friday, tracking the strength of the American currency in the overseas market and rising crude oil prices. At the interbank foreign exchange, the rupee opened at 79.67 against the U.S. dollar and lost further ground to 79.71, registering a decline…
The supply of coal to electricity generating plants increased by 17.09 percent to 58.45 million tonnes in July due to a rise in power demand, the government data said. The government in the last few months has taken various measures to ensure the sufficient availability of coal for power stations. The total coal dispatch to power utilities…
ITC plans to invest Rs. 2,500 crores to set up five new plants in different parts of the country, including a state-of-the-art packaging plant at Nadiad in Gujarat, over the next two years. ITC chairman Sanjiv Puri said apart from the packaging plant at Nadiad, a spice plant will come up at Guntur in Andhra…
Gold prices struggled for momentum on August 10 in the international markets, as investors refrained from making big bets ahead of U.S. inflation data, which is expected to influence the pace of Federal Reserve rate hikes. Today morning the gold contracts were trading 0.24 percent lower on the Multi-Commodity Exchange (MCX) at Rs. 52,361 for 10 grams…
The upcoming festival season and export opportunities emerging from the crisis-ridden textile sectors in neighboring countries may help the textile industry in India battle the declining global demand. “Textile industries of Bangladesh and Sri Lanka are in complete boredom both on account of political instability and their complete reliance on exports for survival. This is a…
The Central government could scrap a 40 percent duty on wheat imports and cap the amount of stocks traders can hold to try to decrease record high domestic prices in the world’s second-biggest producer, government and trade officials told Reuters on Monday. The government banned wheat exports in May as the crop suffered a heatwave,…
Oil prices pulled back slightly on Tuesday on the latest progress in last-ditch talks to revive the 2015 Iran nuclear accord, which would clear the way to boost its crude exports in a tight market. Brent crude futures dropped 14 cents, or 0.1%, to $96.51 a barrel, paring a 1.8% gain from the previous session….
Indian rupee depreciated 22 paise to 79.46 against the U.S. dollar in early trade on Monday, tracking soften sentiment in the domestic equities. However, persistent foreign fund inflows into the capital market restricted the rupee’s fall, forex traders said. At the interbank foreign exchange, the rupee opened weak at 79.50 against the U.S. dollar and…
With a severe deficiency of monsoon rainfall in the eastern regions hitting paddy sowing activities, the country’s rice production for the 2022-23 crop year (July-June) may turn out to be at least 10 million tonnes (MT) less than last year’s record level of 129 MT, according to trade sources. Paddy sowing has been adversely impacted…
The Reserve Bank of India on Friday raised the repo rate by 50 basis points, the third straight increase since May in an effort to cool rigid high inflation and defend the rupee. The repurchase rate was raised by 50 basis points to lift the interest rate to the pre-pandemic level. The 5.40% repo rate was last…
