Indian rupee weakened to a fresh all-time low against U.S. dollar ahead of the release of U.S. inflation data, which is seen influencing the pace of future rate hikes by the Federal Reserve. Constantly raised crude oil prices also hurt sentiment for the domestic currency, with market participants fearing a fresh time of FII outflows,…
The Union Cabinet on Wednesday approved 4% to 9% increase in the Minimum Support Prices (MSPs) of kharif crops for the 2022-23 crop year (July-June) with sowing just starting on the onset of the monsoon. The benchmark rates have been fixed to increase farmers’ income as the guiding principle of 50% profit over cost has…
The Reserve Bank of India’s monetary policy committee (MPC) in its June meeting raised the repo rate for a second straight month and stated that it would now focus on withdrawal of accommodation while dropping all mention of an accommodative stance from its script. The MPC collectively raised the repo rate by 50 basis points…
Oil prices edged up on Wednesday ahead of data on U.S. oil inventories data, with crude futures supported by tight supplies and recovering fuel demand as China’s top cities relax COVID-19 lockdowns. Brent crude futures for August raised 22 cents, or 0.2%, to $120.79 a barrel after closing at the highest since May 31 on…
Cement company stocks continue to rolls under weak demand and high operational cost concerns for the second consecutive day. UltraTech Cement stock was down ₹425 in the last two days to ₹5,582 on Tuesday. The country’s largest cement company has announced ₹12,886 crore investment to enhance its production capacity by 23 mpta to 159 mtpa….
Exports of wheat flours have witnessed a sudden spike in the after the ban the outbound shipment of wheat, indicating that many traders may be using this route to beat the ban on the grain’s exports. The spike is likely to alarm the government, which has already tightened its scrutiny of wheat shipments. Wheat flour…
Gold prices down for a third straight session on Tuesday, as expectations of interest rate hikes in the United States and Europe edged the bullion’s demand. The opening price for gold was Rs 51,167 per 10 grams, down Rs 288 from Friday’s closing price of Rs 51,455, while the silver price was Rs 62,471 per…
The RBI’s policy decision would be the major event driving trading sentiment in the equity market this week, while global cues, foreign funds movement and crude oil prices will be the other key factors to watch out for, analysts said. Markets have been witnessing a rebound recently. However, the move lacks determination amid remaining challenges like…
Indian rupee gains 4 paise to 77.62 against the U.S. dollar in opening trade on Monday, supported by a weak American currency in the overseas markets. However, muted domestic equities, uplifted crude oil prices and persistent foreign fund outflows controlled the rupee’s rise, foreign exchange traders said. At the inter-bank foreign exchange, the rupee opened…
Central government may announce increases in minimum support prices (MSP) for the summer crops in 2022-23 year soon, taking into consideration a sharp rise in costs of farming inputs. The MSP increases this year could roughly be in the range of 5-20%, the highest since 2018-19 when a new policy of 50% profits over computed…
