Of the 15.25 lt of wheat available for sale in the open market by the Food Corporation of India (FCI), 3.85 lt had already been sold. This is 25% of the offer in the February 15th electronic auction’s second round. The second round’s weighted average price was 2,338.01/quintal, according to a statement released by the…
As a stronger currency and concerns about further interest rate hikes by the U.S. Federal Reserve clouded the picture for non-yielding metal, gold prices fell on February 17 in the international markets and were expected to decline for the week. At $1,832.42 per ounce, spot gold prices were down 0.3%. This week, the price of…
Despite government efforts, rupee trade has not taken off. The exchange rate mechanism and money repatriation are experiencing teething problems, according to officials from the ministry of trade. According to a representative of the trade ministry, “It hasn’t really taken off, but there are isolated situations where banks have started it.” India hasn’t, however, formally…
Applications for authorization under the 2007 Payment and Settlement Systems Act from well-known online PAs (non-bank payment aggregators), including Freecharge PayTM Payments Services, Payment Technologies, and PayU Payments, have been rejected by the Indian Central Bank (PSS Act). Also, the central bank amended the Technology Tapits application. Yet, to be fair, within 120 days of…
On February 16, both in the international market and in India, gold was trading marginally higher from a five-week low. At 10.21 am, gold was trading 0.08 percent higher on the Multi Commodity Exchange (MCX) at Rs 56,170 for 10 grams, while silver was trading 0.44 percent higher at Rs 65,712 for a kilogram. Spot…
Telangana, the third-largest cotton-producing State in the nation, increased its cotton production by 33% from 18.85 lakh tonnes (lt) in 2015. This is right despite the crop’s area not significantly expanding. 19 lakh hectares (lh) of cotton were planted over the time period, a 12 percent increase from 17 lh. The state’s ability to export…
In response to lower trade deficit figures for the month of January, the rupee partially recovered from its initial losses on Wednesday to settle lower by 4 paise at 82.82 (provisional). Forex traders claimed that the appreciating bias was curbed by a stronger American dollar in foreign exchange markets. The rupee opened lower at 82.90…
Factory inflation, as assessed by the wholesale pricing index (WPI), decreased to 4.73 percent in January from 4.95 percent in December, following a different trend from retail inflation. Retail inflation based on the Consumer Price Index was reported by the National Statistical Office (NSO) as being 6.52 percent in January as opposed to 5.72 percent…
The world’s oil demand is expected to climb by more than expected in 2023, according to OPEC, which boosted its prediction in its first upward revision in months. The organization cited China’s relaxation of COVID-19 limitations and slightly better expectations for the global economy. The Organization of the Petroleum Exporting Countries (OPEC) predicted on Tuesday…
The Cotton Association of India (CAI), a trade organization, has reduced its projections for cotton crop production even further, from 330.50 lakh bales forecast last month to 321.50 lakh bales (170 kg) for the current season (October 2022–September 2023). The revised estimate coincides with the Ministry of Agriculture’s Tuesday reduction of its cotton crop forecast…
