India

Three sources with knowledge of the situation said that India's state-run oil refineries are using a special FX credit line provided by the largest bank in the country to help ease the pressure on the rupee. This is a sign that the rupee may fall even further. Three sources familiar with the matter said that India's?state-run oil refiners are making limited use of a special FX?credit line offered by the country's largest bank to ease pressure on?the rupee. This is indicating concerns about a further fall in the rupee. Forex traders claim that the currency has been affected by dollar...

Three sources with knowledge of the matter said that India's state oil refineries are only using a limited amount of the "special FX credit lines" offered by India's largest banks to help ease the pressure on the rupee. They expressed concern about the rupee falling further. The rupee is under pressure again, and has dipped near its record low of 95.21. This comes after several steps taken by the Reserve Bank of India to support the currency. According to FX traders, the currency has been affected by dollar purchases related to oil in recent sessions. India's biggest imports are crude?oil,...

The Indian rupee finished modestly stronger on Monday as the dollar sales made by state-run banks helped to ease the pressure of higher oil prices after the U.S.-Iran negotiations stalled. The rupee closed at 94.19 compared to its previous closing of 94.2475. Traders said that state-run banks, likely acting on behalf of Reserve Bank of India (RBI), offered dollars to limit the fall of the currency early in the session. A trader from a Mumbai bank stated that this was what triggered a broader interest in selling dollars, giving the rupee breathing space. As shipments of oil through the Strait...

The Indian rupee limped in a 'narrow band' on Monday. It was wedged between higher oil prices, demand from importers to hedge their positions and dollar sales by state-run banks. As of 10:30 am IST the rupee was trading at 94.1650 to the dollar, which is a little stronger than it closed at 94.2475 during the previous session. Brent crude oil futures rose to $106.6 during Asia trading, as the hopes for peace talks between Iran and the U.S. dwindled after U.S. president Donald Trump cancelled a trip by his envoys to Islamabad. Iran's foreign minister shuttled between Pakistan and...

The Indian rupee will continue to be under pressure on Monday due to importer hedging and a demand spurred by high oil prices. After settling at 94.2475 last Friday, traders expect the rupee to open between 94.26 and 94.30. Last week, the currency fell by 1.42%. This was its worst performance in over three and a half years. The fall was caused by a number of factors including the sharp rise in oil price amid the?absence of any sign of a solution to the disruptions around Strait of Hormuz? and the partial rollback of the central bank's measures that supported...

Mukesh Ambani's Reliance Industries posted a 12% drop in its fourth-quarter net profit, falling short of market expectations as rising input costs impacted the core businesses. Reliance's refinery business, which is a major profit generator, had a difficult quarter. Higher crude costs and higher freight rates resulting from the Iran War coincided with operational restrictions and export levies to boost domestic fuel supplies. Mukesh D. Ambani, Chairman and Managing Director, said that the war in West Asia had caused a 'unprecedented disruption in global supply chains. The core earnings of the company's refinery business, which accounts for nearly a third...

A 'Indian court extended Friday the pre-trial detention of an aviation regulator and a 'Reliance Industries executive?until May 6, in connection with a bribery probe relating to drone import approvals. India's top criminal agency announced on Sunday that it had arrested Mudavath devula, deputy director general of Directorate General of Civil Aviation and Bharat mathur, senior vice president of Reliance, for accepting a $16,000 bribe in order to clear drone import requests by Asteria aerospace, an?unit of billionaire Mukesh ambani-led Reliance. The agency didn't disclose the source of the imports. Two men dressed in formal shirts appeared briefly at a...

India's federal crime fighting agency launched a bribery probe into the drone technology company Asteria Aerospace. It is a lesser-known subsidiary of Mukesh Ambani's Reliance Industries. The Central Bureau of Investigation (CBI) arrested officials of India's aviation watchdog and Reliance Industries this week on allegations of bribery to?secure? approvals for certain drones imports. Reliance previously stated that it had not authorized or been aware of such transactions. However, the lawyer representing the official from the Aviation Watchdog has opposed his custody. DRONES BUSINESS Since Prime Minister NarendraModi's government liberalised drone policy in?2021, India's drone sector has seen a steady growth....

Analysts said that Mukesh Ambani's Reliance Industries, led by billionaire Mukesh, is expected to report a decrease in its March-quarter profit on Friday as the Middle East War-driven spike?in crude oil prices weighed down on their mainstay business of oil-to chemicals. According to an average estimate from six brokerages, the consolidated net income of the 'company' is expected to drop 3.7% in comparison to last year during a 'fourth quarter. Meanwhile, revenue is projected to rise 8.1%. Reliance Industries faces pressure because Brent crude has risen more than 40% in the last few months due to the U.S./Israeli conflict with...

Two Pakistani security sources and a diplomatic source have confirmed that Pakistan has suspended a $1.5billion deal to provide weapons and 'jets to Sudan after Saudi Arabia demanded the agreement be terminated and stated it would not finance the purchase. Conflict between Sudan's army, and its paramilitary Rapid Support Forces, has caused the worst humanitarian crisis in the world for three years. It is now a focal point for foreign interest and threatens to split the Red Sea nation, which is a major producer of gold. Saudi Arabia brokered the deal in January, but Riyadh did not disclose any financing...

Three sources claim that India's central banks has urged the state-run oil refineries to reduce their dollar spot purchases and use a special credit line to meet their foreign exchange requirements. This is a return to the measures taken during the Ukraine conflict to help ease the pressure on the rupee. The Indian currency has been battered by a surge in oil price and heavy outflows of foreign portfolios. The Indian currency has dropped more than 3% this year to new lows, making it Asia’s worst performing major currency. Two sources claimed that the use of the special credit facility...

In a phone call that took place on Tuesday, Modi revealed in a blog post. Indian media reported that the conversation between the two leaders lasted for nearly 40 minutes. "Received an?a call from my friend President Donald Trump. We analyzed the significant progress made?in various sectors of our bilateral cooperation," Modi said on X. We are committed to strengthening our Comprehensive Global Strategic Partnership across all fields. We also discussed West Asia, and stressed the importance of keeping the Strait of Hormuz secure and open. The conflict in 'Middle East' has affected a wide range of sectors, from air...

Gold prices jumped Thursday as the dollar eased, and oil prices fell. Some analysts also cited an increase in demand for safe-haven assets due to growing fears that the U.S. - Iran war could escalate. As of 1158 GMT spot gold rose 1.9%, to $4,629.83 an ounce, after dropping to its lowest level since March 31, in the previous session. Bullion has fallen by about 0.9% this month. U.S. Gold Futures for June Delivery rose by 1.8% to $4642.90. Dollar fell sharply against yen after Bank of Japan officials gave firm signals about possible intervention to help the Japanese currency....

The demand for gold in India slowed this week due to volatile global prices and the weaker rupee. Meanwhile, premiums from China rose as they stocked up ahead of May Day. Indian dealers quoted discounts This week, premiums up to $9 per ounce, including 6% import duties and 3% sales taxes, are down to as low as $5, compared to the $15 premium last week. Chanda Venkatesh is the managing director of CapsGold, a bullion dealer based in Hyderabad. She said that after Akshaya Tritiya, jewellers have seen a drop in footfall and retail demand. On Thursday, domestic gold prices...

Vedanta, an Indian conglomerate that converts metals into oil, reported a 92.3% increase in quarterly profit on Tuesday. This was attributed to strong base metal prices which boosted the margins. The Iran War caused a disruption in supply, which led to a spike in prices for 'base metals' during the March quarter. Vedanta is India's largest aluminium producer and its business accounts for nearly 40% of revenue. The conglomerate announced earlier this month that it had approved the demerger of its four listed companies. This will take place on May 1. Its?businesses such as steel and ferrous, oil and aluminum,...

Gold was largely unchanged on Wednesday as investors awaited the comments of U.S. Federal Reserve Chair Jerome Powell to assess the economic impact of the Iran War as peace negotiations stall. As of 0611 GMT spot gold was down 0.1%, at $4,590.80 an ounce. It had fallen to its lowest level in April 2 the previous session. U.S. Gold futures for delivery in June?fell by 0.1% to $4604 Investors are expecting the Fed to maintain interest rates at the end its two-day meeting, later that day. War-driven energy shocks have reignited already-high inflation. "Much market resilience since last April's panic-driven...

India's gold investment demand surpassed jewellery consumption for the first quarter in history, according to the World Gold Council. Investors turned to the precious metal due to a subdued equity market. The WGC reported that a rise in gold prices had led to a drop in jewellery sales in the second largest consumer of the metal. This helped keep the overall demand steady. Sachin Jain is the chief executive officer of WGC's Indian operations. He said that for the first time, investment demand has surpassed jewellery. Investors will be more interested in gold, both retail and financial. The World Gold...

Investors waited for a U.S. report on gold. Federal Reserve Chair Jerome Powell's comments will be used to assess the economic impact of the Iran War as the peace talks stagnate. As of 0439 GMT spot gold rose 0.2% to $4,602.82 an ounce after dropping to its lowest level in April 2 the previous session. U.S. gold futures for June delivery rose 0.2% ?to $4,616.40. Investors anticipate that the Fed will hold interest rates at a steady level after its two-day session later in the day. The market's resilience has been built on the assumption that the Fed will step...

Gold prices were largely stable despite choppy trading on Wednesday, as investors awaited the comments of U.S. Federal Reserve chair?Jerome Powell to assess the economic impact of the Iran War in the face stalled talks. As of 0243 GMT spot gold rose 0.1% to $4,597.07 an ounce after dropping to its lowest level in April 2 the previous session. U.S. Gold Futures for June Delivery were stable?at $4610.20. As markets anticipate the FOMC meeting, gold remained stable. Much of the market's resilience following last April's tariff panic was built on the assumption the Fed would be ready to intervene if...

On Tuesday, gold fell to a near four-week low, due to persistent inflation fears after U.S. President Donald 'Trump' appeared unsatisfied by Iran's most recent proposal to end war. Investors were also awaiting the Federal Reserve's meeting on monetary policy this week. Gold spot dropped 1.7%, to $4,600.61 an ounce as of 1:42 pm EDT (1742 GMT), having hit its lowest level in April 2. U.S. Gold Futures closed 1.8% lower at $4,608.40. It's rekindled pessimism in the Middle East about peace. "The strait is closed because the Trump administration has rejected Iran's most recent offer," said Peter Grant. Gold...

Gold prices were steady on Monday as traders remained 'cautious' ahead of central bank meetings. They were wary that the persistent rise in oil prices might lead to a more hawkish stance. As of 1100 GMT, spot gold was unchanged at $4,707.16 an ounce. U.S. Gold Futures for June Delivery fell 0.4% to $ 4,722.60. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that the main message traders are preparing to hear is that central banks would be more hawkish in their approach because oil prices had risen, which has increased inflationary pressures. The (gold)...

Gold prices were largely stable on Monday as traders remained 'cautious' ahead of central bank meetings. They feared that the persistent rise in oil prices would lead to a more hawkish stance. As of 0910 GMT, spot gold was down 0.1% at $4,704.01 an ounce. U.S. Gold Futures for June Delivery fell 0.4% to $ 4,719.90. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that the main message traders are preparing to hear 'is that central bankers will be more hawkish in their approach than they previously were because oil prices have increased and inflationary...

Investors remained largely 'on the sidelines' on Monday as they awaited clarity regarding the stalled talks between Iran and the United States. As of 0728 GMT, spot gold was up by 0.1%, at $4,714.51 an ounce. Last week, gold fell 2.5% and ended a four-week streak of gains. U.S. Gold Futures for June Delivery fell?0.2% at $4,729.40. Kyle Rodda is a senior financial analyst at Capital.com. He said, "We are just watching to see if there is any progress in the U.S.-Iran talks?in the next few days. That's going be the biggest driver of gold." After a report that said...

Investors remained largely on the sidelines as they awaited clarity regarding the ongoing peace talks between Iran and the United States. As of 0553 GMT, spot gold was unchanged at $4,709.50 an ounce. Last week, gold fell 2.5% and ended a four-week streak of gains. U.S. Gold Futures for June Delivery fell?0.3% at $4,725.10. Kyle Rodda is a senior financial analyst at Capital.com. He said, "We are just watching to see if there is any progress in the U.S.-Iran talks in the next few days. That's what's going be the biggest driver of gold." Dollar eased, lending support to the...