South Asia

According to shipping data and industry sources, India's Haldia Petrochemicals has turned to Oman in order to compensate for a shortage of naphtha from Kuwait and Qatar due to the Middle East conflict. The loading ports of Oman are located outside the conflict zones and have not been affected by the war. According to the cargo tracking of?consultancy Energy Aspects, the medium-range tanker Rarity?loaded around 23,000 metric tonnes (201,000 barrels), of naphtha?late March and discharged it at Haldia on April 13. Navanit Narayan said, "We are actively sourcing multiple options for naphtha and continually?monitoring? the evolving situation" in response to...

Reliance Jio Platforms, owned by Indian billionaire Mukesh Ambani, is preparing to apply for regulatory approvals to list in Mumbai. This is expected to be the largest-ever stock offering in India. Jio Platforms is the second largest telecom company in the world by number of users, after China Mobile. TELECOM BUSINESS Reliance Jio Platforms is part of Ambani’s oil-to retail conglomerate,?Reliance Industries. Reliance Jio Infocomm is its most well-known business. It has more than 500,000,000 subscribers and is the largest telecom company in the country. In 2016, when Jio was launched, it offered free voice and data to rivals like...

Sources say that Mukesh ambani's company Reliance Jio has shifted to a pure fundraiser for its planned Mumbai listing, selling 2.5% of the shares and abandoning earlier plans which would have allowed shareholders to exit. Investors include Alphabet, Google, and Vista Equity Partners, as well as Indian billionaire Ambani’s Jio Platforms. Jio Platforms is the second largest?telecom company in terms of users, after China Mobile. One source said that investors were not interested in selling and wanted to remain invested for the long-term. The company 'had earlier held discussions with 'its foreign investors to each sell 8% their individual holdings...

The rupee fell to a record low as the risk sentiment was impacted by high crude oil prices related to Middle East conflict. The Nifty 50 fell?0.36% - to 24,032.80, and the BSE Sensex dropped 0.33% - to 77.017.79. The rupee slid - to 95.4325 against the U.S. Dollar. Brent crude reached an intraday peak of $115.3 a bar on Monday, after Iran intensified its attacks against the UAE and other ships in the Gulf. This included several in the Strait of Hormuz. Oil prices fell to about $113 a barrel on Tuesday, as the U.S. Navy began to loosen...

On Tuesday, Indian shares dropped and the rupee reached a new low as investors assessed March-quarter earnings. As of 9:56 a.m. IST, the?Nifty 50 index was down 0.45% to 24,010.20 and the BSE Sensex fell 0.41% at 76.954.34. The rupee has reached a new low. Brent crude soared to an intraday peak of $115.3 per barrel on Monday, after Iran intensified?attacks against the UAE and vessels in the Middle East Gulf region, including several in the Strait of Hormuz. Oil prices remain high despite the fact that they have dropped to $113 early on Tuesday due to a'signal the U.S....

Indian shares opened lower on Tuesday, as investors assessed March quarter corporate earnings and a rise in 'crude oil' prices due to the Middle East conflict. As of 9:15 a.m. IST the Nifty 50 index was down 0.28% to 24,052.60 while the BSE Sensex fell 0.21% to 77,103.72. Brent crude soared to a intraday high of $115.3 per barrel on Monday, after Iran increased its attacks against the UAE and vessels in the Middle East Gulf region, including several in the Strait o'Hormuz. Oil prices remain high despite signs that the U.S. Navy may be easing Iran's strait closure. The...

India's palm oils imports dropped 27% in April to a "one-year low" as refiners slowed purchases due to the sluggishness of demand from institutional buyers, and recent price increases that reduced its discount to competing oils. India's palm oil imports fell 27% to a?one-year low in April, as sluggish demand?from institutional buyers and a recent price rally that eroded?its discount to rival oils prompted refiners to curb purchases, five dealers said. Dealer estimates show that palm oil imports dropped to 505,000 tons in April from 689.462 tons in march. Imports of soyoil rose by 24% in April, compared to March,...

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 charts below, two months after the Iran War began, show the impact of the war on the economy in emerging and developing countries. They are facing increasing inflation, fiscal strains, and trade disruptions. 1/DIRECT HITS Middle East countries and their neighbors are the most directly affected. Qatar recorded its first-ever?trade deficit of $1.2 billion after the Strait?of?Hormuz closure slashed imports by half and exports more than 90%. JPMorgan's economists predict that Qatar's economy will shrink by 9% in this year due to damage caused to an LNG facility, which is more than Iran's forecast of minus 6.1%. The Fund...

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...

Gold remained largely unchanged on 'Thursday as investors digested a rise in U.S. Inflation due to increased energy costs associated with the Iran War. As of 0931 GMT, spot gold was up 0.1% to $4,689.79 an ounce. U.S. Gold futures for June delivery dropped 0.2% to $4,696.20. China's Xi Jinping said that the trade talks are?making good progress on Thursday at the beginning of a two day summit. However, he warned that disagreements over Taiwan may?damage relationships and even lead conflict. Gold is still hovering at $4,700 while markets digest the latest U.S. inflation figures. Carlo Alberto De Casa, a...

Gold prices rose on Thursday as a result of a 'weaker' dollar. Investors were also looking for any signs of progress with the Iran War and focused mainly on talks between U.S. president Donald?Trump & Chinese president Xi Jinping. As of 0440 GMT, spot gold was 0.4% higher, at $4,706.70 an ounce. U.S. Gold Futures for June Delivery rose 0.2% to $4,713.40. Dollar eased making greenback bullion prices more affordable for holders other currencies. GoldSilver Central's Managing Director Brian Lan said, "Gold is consolidating at the moment because everyone is watching what happens in the high level talks between the...

The gold?price remained steady on Thursday as investors centered their attention on the?conversations?between a?U.S. The Iranian war was the focus of attention between President Donald Trump and Chinese president Xi Jinping. As of 0212 GMT, spot gold remained unchanged at $4,688.43 an ounce. U.S. Gold Futures for June Delivery fell 0.2% to $4,695. GoldSilver Central's Managing Director Brian Lan said, "Gold is consolidating right now as everyone is watching what happens in the high level talks between the U.S.A. and China." Lan said: "I think (gold) is also a window for those investors who want to get into metal." Trump...

Bullion dealers reported that gold discounts in India reached a record high of over $200 per ounce on Wednesday. This was due to the surge in price after the 'import duty increase, which triggered investor selling in a weakening 'demand. India raised its import tariffs for gold and silver from 6% to 15% on Wednesday as part of an effort to reduce overseas purchases of these metals and relieve pressure on the country’s foreign exchange reserves. "Discounts were insane in the physical market." "We were double-checking before we executed deals," said the bullion division chief of a Mumbai-based bank who...

Indian stocks plunged on Tuesday. They lost about $115 billion in market value from firms listed on the National Stock Exchange. The outlook for Asia's third largest economy was worsened by fading hopes of a U.S. Iran deal. After Prime Minister Narendra Modi called for a reduction in fuel use and fertilisers, and a restriction on travel abroad and imports as global energy prices surged, the 1.4 billion-person country was prepared to take tough measures. The rupee fell to a new record low, Asia's worst performing currency so far in 2026, as crude remained near $107 a barrel, and outflows...

Gold prices fell on Tuesday as the markets weighed developments in the Middle East conflict and interest rate expectations before key U.S. Inflation data. Gold spot fell 0.6% to $4,705.99 an ounce at 0603 GMT after reaching a session high of three weeks earlier. U.S. Gold Futures for June Delivery fell 0.3% to $4.714.50. The hope for a peace agreement on?Iran has faded since U.S. president Donald Trump said that a ceasefire deal with Iran is "on life support".?Tehran rejected the U.S. proposal and refused to accept a list demands from the U.S. President Donald Trump called the proposal "garbage"....

The rupee and Indian shares both fell to a new record low Tuesday as crude oil prices rose. This was due to fragile negotiations over the end of the Iran 'war, which fueled concerns about global supply and economic fallout. As of 10:15 a.m. IST the Nifty 50?was down 0.69% to 23,652.4 while the BSE Sensex fell 0.82%, to 75,386.61. The benchmarks fell by 1.5% each on Monday. The mood was also affected after Prime Minister Narendra modi, over the weekend, urged fuel conservancy and restraint in gold purchases to help preserve foreign currency reserves. Jewellers, oil companies and travel...

The rupee hit a new record low on Tuesday as crude prices rose. Talks to end the Iran War appeared to be fragile. This fueled concerns about supply and potential economic impacts. The Nifty?50 dropped 0.44% as of?9 :20 a.m. IST to 23,712.2, while the BSE Sensex fell 0.56%?to?75,590.56. Ten of the sixteen major sectors suffered losses. The broader small and mid-caps fell 0.5% and 0.30%, respectively. Other Asian?markets dropped 0.5% as oil prices rose from about $100 a barrel to $105 after U.S. president Donald Trump said that the ceasefire agreement with Iran is "on life support". He had...

Investors awaited the key U.S. Inflation data that is due later this week and assessed developments in 'U.S. diplomacy with Iran. As of 10:20 am EDT (1420 GMT), spot gold had risen 0.3% to $4,730.49 an ounce after having fallen over 1% in the previous session. U.S. Gold Futures increased 0.2% to $4.740.40. Jim Wyckoff of American 'Gold Exchange, a market analyst, said: "There are just some bargain hunters and positions?ahead?of the U.S. Inflation data this week." The U.S. Consumer Price Index is due to be released on Tuesday, and the Producer Price Index (PPI) will be released on Wednesday....

Shares of Indian jewellery retailers fell on Monday after Prime Minister Narendra modi asked people to refrain from purchasing gold for one year in order to protect their foreign exchange reserves. This sparked fears of tariff increases to curb the imports of metal. Oil prices have soared since the Iran War, which has put pressure on India's balance-of-payments and the rupee. India is the third largest oil consumer and importer in the world, importing more than 90% its crude 'oil and half its natural gas needs. Modi's comments about gold on Sunday were made in tandem with other measures that...

Gold prices rose?more?than 2% on Tuesday after the?U.S. President Donald Trump suggested that a possible deal could be made with Iran. This sent the dollar and crude prices lower, as inflation fears waned. As of 0811 GMT, spot gold rose 2.7% to $4680.91 an ounce. This is the highest it has been since April 28. U.S. Gold Futures for June Delivery rose?2.7%, to $4693.20. U.S. president Donald Trump announced on Tuesday that he will temporarily pause a mission to help escort vessels through the Strait of Hormuz. He cited progress towards a comprehensive deal with Iran. Iran's foreign minister said...

The gold price rose by 2% Wednesday due to a weaker dollar. Meanwhile, lower oil prices eased concerns about inflation and interest rates that would be higher for longer, in anticipation of an agreement between the U.S. and Iran. As of 0415 GMT, spot gold was up by 2% to $4,647.09 an ounce. U.S. Gold Futures for June Delivery rose 2% to $4 658. U.S. president Donald Trump said Tuesday that he will temporarily halt an operation to help escort vessels through the Strait of Hormuz. He cited progress towards a comprehensive deal with Iran. The gold price rose as...