Because of pressure from India’s lingering current account deficit and the central bank’s efforts to increase its foreign exchange reserves, the rupee’s recent gains may prove to be temporary. This month, the currency has lagged behind peers such the Thai baht and Indonesian rupiah, rising just 1.4% despite persistent dollar depreciation. According to QuantEco Research,…
Oil prices dropped on Monday, giving up earlier gains, as investors remained cautious ahead of a U.S. Federal Reserve meeting that may cause market turbulence and global producers this week decided to keep output steady. Brent crude futures were down 20 cents, or 0.2%, to $86.46 per barrel, while U.S. West Texas Intermediate crude was…
The Food Corporation of India (FCI) has chosen to launch the first tender on Friday, one day after the central government made the decision to sell 3 million tonnes (mt) of wheat that was in official reserves on the open market. The actual online auction could happen on February 1. According to sources in the…
The government has been requested by rice exporters to relax limitations on the export of non-basmati rice by eliminating the 20 percent export levy on white (raw) rice and permitting the transport of one million tonnes (mt) of broken rice. The Centre must evaluate the Food Corporation of India’s purchase of paddy cultivated in the…
On Wednesday, January 25, 2023, data available on NSE shows that foreign institutional investors (FII) sold shares worth a net Rs 2,393.94 crore while domestic institutional investors (DII) purchased shares worth a net Rs 1,378.49 crore. FII sold shares worth a net of Rs 23,254.43 crore for the month of January up until January 26…
According to refinery executives, India’s oil processors are willing to purchase additional Russian crude if the price is right, potentially giving Moscow a larger market almost a year after its invasion of Ukraine. The South Asian country expanded its imports of Russian oil in 2022, finishing the year with record-high volumes every month as cheap…
The rupee recovered after a slow start, reaching an intraweek high of 81.08 on Friday before ending the week at 81.1250 against the dollar. The local currency rose to 80.88 on Monday before reversing drastically lower. It posted a daily loss of 0.32% and closed at 81.72 on Tuesday.Positive foreign flows were mostly responsible for…
India’s stock market is expected to surpass the US and Canada as the one with the fastest settlement times for equity deals. All blue-chip and large-cap stocks in India, which account for 80% of the market capitalization, will be settled on a T+1 (today plus one day) cycle starting on January 27. To put it…
Keeping up with the strong trend in the global markets, gold rates in the futures market may reach a new high of ₹68,350 per 10 grams. On Tuesday, when the U.S. dollar fell, gold for March delivery saw a high of ₹68,700 and a low of ₹68,210. The near-month price of the February gold contract…
Traders and industry executives said it will be difficult to restock the depleted government granaries given the record-high wheat prices, which are currently nearly 50% higher than the minimum support price (MSP) of Rs 2,125 per quintal for the current 2022–23 rabi selling season. After Baisakhi, the pace of harvesting the new wheat crop will…
