In comparison to the previous finish of 82.80 per dollar, the Indian Rupee started the day slightly higher at 82.77 per dollar. On Thursday, the local currency is anticipated to strengthen due to a weaker dollar and falling crude oil prices. Furthermore, the currency pair may be supported by upbeat mood on the world market….
Tuesday’s opening rate for the Indian rupee was slightly lower than the previous day’s close of 82.65 to the dollar. Due to a rise in risk appetite on international markets and the depreciation of the dollar, the local currency is anticipated to increase in value. Market confidence increased on expectations of more gradual Fed rate…
As optimism from China’s reopening and a resurgence in oil demand overshadowed worries of a global recession, oil prices recovered ground on Monday after dropping more than $2 per barrel in the previous session. While U.S. West Texas Intermediate crude was at $74.89 a barrel, up 60 cents or 0.8%, Brent crude futures increased 72…
The government on Thursday reduced the windfall tax on exports of domestically produced crude oil and diesel due to the decline in the price of oil globally. The windfall tax on locally produced crude oil has been reduced by Rs 1,700 per tonne from Rs 4,900 per tonne, according to a notice from the finance…
The first month of the oil year 2022–2023 saw an increase in imports of 34.24 percent (November to October). Data from India’s Solvent Extractors’ Association show that edible oil imports rose to 15.28 lt in November 2022–23 from 11.38 lakh tonnes (lt) in November 2021–22. (SEA). India imported 9.31 lt of CPO in November, up…
In anticipation of U.S. inflation statistics and a number of central bank meetings around the world, including the Federal Reserve, gold prices moved lower on Monday. Gold’s spot price fell 0.3% to $1,792.15 per ounce. The price of US gold futures decreased 0.4% to $1,803.70. The U.S. central bank’s final meeting of 2022, planned for…
On Friday, the market began to weigh fears about high inflation as optimism about a potential increase in energy consumption in China faded. The price of Brent crude futures had dropped by 5 cents to $92.33 per barrel. The price of U.S. West Texas Intermediate futures increased by 7 cents to $84.58 per barrel. “With several…
Oil prices rose after OPEC+ agreed to limit production by 2 million barrels per day, a rate more than the market had anticipated. Oil prices rose in response to the news, but the gains were limited as the market awaited the U.S. response. OPEC+ has been undershooting its own output for months, so the market…
Saudi Arabia defied expectations by keeping oil prices for its primary market of Asia relatively stable and lowering those for Europe, defying predictions that it would raise them and put additional pressure on consumers a day after OPEC+ decided to reduce output. For supplies to Asia in November, state-controlled Saudi Aramco kept the price of…
Oil and Natural Gas Corp sold oil through a three-month local tender for the first time, commanding $5-$8 per barrel more than existing rates under new rules that enable producers’ marketing freedom, according to industry sources. According to the report, ONGC, the country’s leading oil explorer, accepted bids at that level through an auction of…
