Economy

Rupee nudges higher as dollar dips; eyes on Fed minutes

The rupee finished at 82.7225 per U.S. dollar, compared with its previous close of 82.83.

Sugar output up nearly 3% at 23 million tonne so far this marketing year: ISMA

Sugar production in India, a major producer of the sweetener in the world, stood at 22.22 million tonne in the same period of the previous marketing year.

Pakistan current account deficit falls to $0.2 billion in January: cenbank

In less than a month, the cash strapped nation’s currency has lost more than a quarter of its value against the U.S. dollar after the removal of artificial caps, and fuel prices have risen by more than a fifth as the government implemented fiscal measures required to unlocking funds from an International Monetary Fund (IMF) bailout.

Dollar edges lower from six-week peak, eyes on Fed

The U.S. dollar index, which measures it against six other major currencies, slipped 0.14% to 103.83, though is up almost 1.8% for the month, keeping it on track for its first monthly gain since last September. It hit a six-week high of 104.67 on Friday.

Economic activities in India cool off in Jan amid chilling slowdown fears

Falling exports and a slack in manufacturing and services drove the weakness in business activity, offsetting improvement in consumption drivers reflected by tax collections and job growth

Budget's focus on capex to crowd-in private investment, push growth to 7%: RBI article

"In our view, the instrument of decoupling will be the Union Budget by raising India's growth prospects over the period 2023-27; and raising India's potential growth," said the article 'State of the Economy' published in the RBI's February 2023 Bulletin.

Global shares sink, dollar soars as rate-hike outlook looms

Data from U.S. Labor Department overnight showed monthly producer prices had accelerated in January and the number of Americans filing new claims for unemployment benefits had unexpectedly fallen last week - another sign of a tight labour market keeping pressure on inflation.

Rupee falls 14 paise to close at 82.84 against US dollar

At the interbank foreign exchange market, the rupee opened at 82.77 against the greenback and finally settled for the day at 82.84 (provisional), registering a fall of 14 paise over its previous close of 82.70.

Oil heads for weekly loss on rate hike worries, ample supply

Two Fed officials on Thursday warned additional hikes in borrowing costs are essential to lower inflation to desired levels. Heightened rate hike expectations boosted the U.S. dollar, making oil more expensive for holders of other currencies.

Dollar powers to six-week peak on expectations rates will rise

Data on Thursday showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, and that monthly producer prices increased by the most in seven months in January.

Gold steadies on dollar pullback; Fed rate-hike fears weigh

Spot gold held its ground at $1,837.50 per ounce by 1056 GMT, after hitting its lowest level since early January on Wednesday. U.S. gold futures were up 0.1% at $1,847.60.

India's exports rise in both value, volume terms in 2022: GTRI report

The outbound shipments rose by 14.6 per cent year-on-year to USD 453.3 billion in 2022.

FCI sells 3.85 lakh tonnes wheat in open mkt via e-auction to boost local supply, cool prices

Last month, the government announced plans to sell 30 lakh tonnes of wheat in the open market from its buffer stock under the Open Market Sale Scheme (OMSS).

Rupee gains 13 paise to close at 82.70 against US dollar

Forex traders said upbeat domestic trade deficit data and foreign fund inflows supported investor sentiments.

Imports of steel minimal; domestic industry progressing tremendously: Steel minister

”If you look at the numbers, the rise is very very minimal. Our market is growing tremendously and our domestic producers are supplying well,” the minister told PTI in reply to a question on increasing imports.

Indian shares rise as beaten-down IT stocks recover

The Nifty 50 index closed 0.48% higher at 18,015.85, while the S&P BSE Sensex rose 0.40% to 61,275.09. Both the indexes had fallen more than 0.4% earlier in the session.

Rising policy rates to upset PM Modi’s Budget math on small savings

Depositors are now more likely to park their monies in attractive bank fixed deposits, instead of government-backed savings schemes, where rate adjustments tend to happen with a lag

Why the RBI is unlikely to raise interest rates again in the near term

Softer growth outlook and improvement in inflation picture suggests that the hiking cycle is now at an end. In fact, by the end of 2023, the RBI could be laying the groundwork for rate cuts, according to Capital Economics.

RBI MPC: FY24 GDP growth seen at 6.4%, says Governor Shaktikanta Das

“Economic activity in India remains resilient, while investment activity continues to gain traction, and rural demand continues to show signs of improvement,” RBI Governor Shaktikanta Das said

Inbound travelers can now use UPI, says RBI Governor Shaktikanta Das

This service will be permitted to travelers from G-20 countries arriving at select international airports.

Rupee gains 10 paise to 82.66 against US dollar in early trade

However, foreign capital outflows restricted the gain in the domestic unit, forex traders said. At the interbank foreign exchange, the domestic unit opened strong at 82.68 against the dollar, then gained further ground to 82.66, a rise of 10 paise over its last close. In early deals, it was moving in a tight range of 82.69-82.65.

Yellen shrugs off recession fears, citing US unemployment at 53-year low

Yellen said inflation remained too high, but it had been falling for the past six months and could decline significantly given measures adopted by the Biden administration

Renewables, hydrogen to make India world's 3rd largest eco, says PM

Modi met top oil and gas industry leaders for the annual brainstorming to discuss ideas and initiatives to put India on a sustainable growth path, sources aware of the matter said.

India will not merge GST tax rates in 2023/24 - government official

The country currently has five tax rates for GST, which was introduced in 2017, bringing numerous state taxes under one umbrella. They range from 0% to 28%.