Oil prices fell for the third day in a row on Wednesday, as investors worried about the impact on fuel demand from rising global economic threats and increasing COVID-19 regulations in China. Brent crude futures had fallen 51 cents, or 0.5%, to $93.78 per barrel. West Texas Intermediate crude in the United States was trading…
The Reserve Bank of India (RBI) on September 30 announced a 50 basis points hike in the repo rate stepping up its fight against persistently high inflation. Repo is the rate at which the central bank lends short-term funds to banks. One bps is one-hundredth of a percentage point. With the latest rate hike, the…
S&P Global Ratings maintained its economic growth prediction for India at 7.3% in FY23 and 6.5% in FY24, with “risks weighted to the downside.” Retail inflation is expected to remain over the central bank’s medium-term objective of 2-6% through the end of 2022. According to the agency’s new Economic Outlook for the Asia Pacific, rising…
Vegetable inflation is high but that of spices is higher, retail inflation data shows. According to experts, pest attacks and decreased production are the main causes of rising spice inflation. The planting of spice seeds is hoped to benefit from a delayed monsoon. Vegetable retail inflation in August reached 13.23%, while spice retail inflation hit…
Indian rupee appreciated 28 paise to 79.25 against the U.S. dollar in opening trade on Tuesday, tracking the dollar’s decline versus its major peers and foreign fund inflows. At the interbank foreign exchange, the local unit struck 79.25 in initial deals after starting at 79.30 against the dollar, gaining 28 paise from its previous close….
On the Multi-Commodity Exchange (MCX) in the morning, gold contracts were trading 0.2% down at Rs 50,427 for 10 grams while silver prices were up 0.3% at Rs 55,213 for a kg. Spot gold prices increased globally by 0.1% to $1,717.17 per ounce. At $1,728,70, U.S. gold futures were unchanged. A key U.S. inflation reading…
India’s economic growth is accelerating, and after increasing until April 2022, inflation has declined. Mid-September 2022’s monthly macroeconomic data releases are anticipated to continue most of these tendencies world economy is presently experiencing a significant slowdown in growth. Nevertheless, despite some initial signs of a slowdown, average global inflation is still very nearly at its…
Copper futures increased by almost 4% on Thursday. With the gains, copper is now on track to post a weekly rise of more than 4%. The mine’s 44-day strike in 2017 caused a serious shortage of copper, which in turn drove up prices. On Friday, copper futures were unchanged. Copper prices were poised for a…
India’s demand for petroleum products like petrol and diesel will grow by 7.73% in 2022, the fastest speed in the world, an OPEC report said, India’s demand for oil products is projected to rise from 4.77 million barrels per day (BPD) in 2021 to 5.14 million BPD in 2022, OPEC said in its monthly oil…
The Reserve Bank of India on Friday raised the repo rate by 50 basis points, the third straight increase since May in an effort to cool rigid high inflation and defend the rupee. The repurchase rate was raised by 50 basis points to lift the interest rate to the pre-pandemic level. The 5.40% repo rate was last…
