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…
Edible oil manufacturers, including Adani Wilmar, Emami Agrotech, and Ruchi Soya, on Thursday, “In principle agreed to cut prices further” in a meeting with the food ministry officials here, sources said. Landed prices of these items have seen a steady fall in recent weeks. Since May, the global price of palm oil has been declining after Indonesia,…
Power Minister RK Singh on Wednesday introduced the Energy Conservation (Amendment) Bill, 2022 in Parliament, which provides for setting up Carbon markets. Further, the Bill also seeks to mandate the use of non-fossil sources, including green hydrogen, green ammonia, biomass, and ethanol for energy and feedstock. The amendments aim to promote renewable energy and the…
Gold prices traded in a tight range on Wednesday in international markets, pressured by a stronger dollar and Treasury yields as hawkish comments from U.S. Federal Reserve officials pulled the metal further away from last session’s one-month peak. But the yellow metal prices were steady on Thursday, supported by a pullback in the U.S. Treasury…
The central government has approved an additional 1.2 million tonnes (MT) of sugar exports for the current season in expectation of higher domestic production in the next season. This approval is in addition to around 10 MT of sugar already exported in the current season (October 2021-September 2022). The projected sugar exports in excess of…
The Indian Rupee has been on a climb since last Thursday against the U.S. dollar. On Tuesday, the domestic currency gained 0.4 percent to close at 78.72. Thus, the year to date loss of INR versus USD is now down to 5.9 percent. The gain was largely due to the weakness in the dollar over…
Improved semiconductor supply and new launches in the last few months led to growth in automobile sales in July, not only in the passenger vehicle (PV) segment but also in the two-wheeler and commercial vehicle segments. Some companies recorded one of the highest monthly sales in July post-Covid restrictions and some reported highestever monthly sales…
Oil prices edged lower on Tuesday, extending losses from the previous session, as investors worried about global oil demand following weak manufacturing data in several countries. Brent crude futures fell 29 cents to $99.74 a barrel, with WTI crude futures down 22 cents at $93.67 a barrel. Prices have been volatile, as investors weigh tight…
The Rupee (INR), which has been one of the weakest Asian currencies in the past one month, remained stable against the dollar (USD) over the past week and has been gradually appreciating over the past few sessions. The currency market participants seem to be waiting for the announcements from the U.S. Federal Reserve which can…
Wheat prices have gained 6 percent in agricultural produce marketing committee (APMC) yards across the country over the past four weeks with trade and flour millers complaining that arrivals of the cereals are meager. This has now led to demand from the user industries to ban exports of maida, which are not being used to…
