On Monday, the rupee lost 10 paise to settle at 82.31 (provisional) against the U.S. dollar as investor mood was dampened by the robust foreign exchange performance of the U.S. dollar and high crude oil prices. The rupee depreciated by 10 paise from its prior close of 82.21 to 82.31 (provisional) on the interbank foreign…
The unexpected declaration by OPEC+ to further reduce output in an effort to sustain market stability caused an increase in oil prices of approximately $5 per barrel on Monday. In the opening, Brent crude reached its highest price in almost a month, trading at $84.95 a barrel, up $5.06 or 6.3%. With a price of…
India’s exports of coffee reached a new high of $1.126 billion for the fiscal year that ends in March 2023 due to a rise in worldwide prices. The exports exceeded the Commerce Ministry’s fixed target of $1.088 billion, up by approximately a tenth in dollar value terms from the previous year’s $1.027 billion. In fact,…
Consumer Affairs Secretary Rohit Kumar Singh issued a directive to retailers on Friday warning them against maintaining a “unreasonable level” of profit margin on pulses, particularly tur dal. This was done out of concern over the rising price of tur dal. The secretary of the Retailers Association of India (RAI) instructed the main organized retailers…
Eight core industries’ combined output increased by 6% in February as compared to 5.9% in the same month last year. It’s interesting to note that the Commerce and Industry Ministry increased the core sector growth estimate for January 2023 from 7.8 to 8.9 percent. An official statement stated that the core industries’ overall growth rate from…
Sunil Barthwal, India’s secretary of commerce, stated on Friday that his country is willing to conduct business in dollars with nations who are having problems with their currencies or are short of dollars. The secretary also stated that the government is concentrating on improving the rupee payment system after the announcement of the Foreign Trade…
Yesterday, Jeera prices increased as poor weather conditions hindered supply from the key producing areas, and they eventually decreased by -1.05% to end at 35430 on profit taking. This year, jeera production is down, demand for exports is up, and there is a shortage in stocks. Gujarat has seen an increase in cumin harvests over…
Gold prices were unchanged on Friday, maintaining their proximity to the important $2,000 mark following wild swings this week, but safe-haven demand in the face of a potential banking crisis has left the yellow metal on track for a significant increase this quarter. Prior to staging a rebound on Thursday, when higher-than-expected U.S. jobless claims…
The world’s second-largest consumer of crude oil, China, saw an increase in manufacturing activity on Friday morning, which helped lift confidence. At the same time, fears over Middle Eastern supply also increased. Brent futures, up almost 6% this week, were up 15 cents, or 0.19%, at $79.42 per barrel. After increasing by approximately 8% this…
According to a research, the auto parts industry’s sales are expected to climb by 58% in FY24, driven by higher domestic demand. With greater premiumization of automobiles, an emphasis on localization, and enhanced export and regulatory standards, the industry is anticipated to reach revenues of over 2.5 lakh crore. The sector’s income increased by more…
