Mumbai: The rupee regained 92 levels and closed at 92.93, 27 paise stronger then its previous close. The gains followed reports that the RBI has asked oil companies to not purchase dollars from the open market but to rely on a line of credit provided through SBI.Such a move would remove one of the major…
NEW DELHI: Indian oil companies, fertiliser importers and exporters are cheering the opening of the Strait of Hormuz for global commercial vessels.There are 41 India-bound ships, both Indian and foreign-flagged, loaded with cargo, including crude, LPG, LNG and fertiliser, that are waiting to cross the narrow channel, where Iran has blocked normal movement since Feb…
New Delhi: Aiming to eliminate bulk transportation of liquefied petroleum gas (LPG) through roads by 2030, the Petroleum and Natural Gas Regulatory Board (PNGRB) has initiated the bidding process for new pipeline infrastructure connecting refineries, import terminals and bottling plants. The regulator Friday said that the proposed pipelines are designed to connect key supply sources,…
India is rapidly strengthening its position in global electronics trade, now supplying about 40 per cent of the smartphones imported by the United States that were previously sourced from China.According to a recent report by McKinsey & Company, cited by ANI, the United States has been actively diversifying its import sources and has replaced about…
New Delhi: Italian luxury carmaker Ferrari expects the proposed India–EU Free Trade Agreement (FTA) to significantly improve accessibility and accelerate demand in the Indian market, even as it maintains its global strategy of limited volumes and brand exclusivity. While India remains a relatively small market for ultra-luxury performance cars, Ferrari sees strong structural tailwinds, from…
India’s foreign exchange reserves rose by $3.825 billion to $700.946 billion in the week ended April 10, according to Reserve Bank of India (RBI) data.The reserves had increased by $9.063 billion to $697.121 billion in the previous week ended April 3. They touched an all-time high of $728.494 billion in the week ended February 27,…
Crude oil prices plunged more than 10% on Friday after US President Donald Trump and Iran announced that the Strait of Hormuz is fully open again for oil tankers carrying crude from the Persian Gulf to customers worldwide, easing fears of supply disruptions.The sharp drop in oil prices lifted global markets, with US stocks rallying…
The Indian rupee strengthened to a one-week high on Friday, supported by steps taken by the Reserve Bank of India (RBI) to limit the impact of dollar buying by state-run oil refiners.The currency rose 0.5% to 92.7250 per dollar by 10:50 am, marking its strongest level since April 10. Traders said the move followed a…
Gold has entered a phase of consolidation after a strong rally driven by retail demand across key markets, global investment firm Jefferies said in its latest report.The firm noted that the surge in buying seen late last year and early this year—particularly in India, China and the United States—has begun to moderate, signalling a stabilisation…
West Bengal chief minister Mamata Banerjee expressed her “extreme happiness” on Thursday following the Supreme Court’s order regarding appellate tribunals and the relaxation of the earlier freeze on voter lists. Despite the ruling, the Election Commission (EC) has yet to clear the air regarding the operational procedures of the 19 tribunals that commenced work earlier…
