Oil prices were steady on Tuesday, supported by worries over conflict between Iran and the United States but pressured by concerns about a potential decline in demand for crude. Benchmark Brent crude futures were up 3 cents at $64.89 a barrel by 0034 GMT. They rose 0.5% on Monday.
After opening on a weak note, the rupee recovered the lost ground and finally settled 23 paise higher at 69.35 to the US dollar amid weakening of the greenback against major currencies.
Unaccounted wealth outside the country held by Indians was estimated in the range of $216.48 billion to $490 billion over various periods between 1980 and 2010, according to three separate studies conducted by three premier institutes- NIPFP, NCAER and NIFM.
RBI panel deciding on guidelines for transfer of the central bank’s surplus funds to the government has further delayed submitting its report, an official said.
Acharya, who has quit six months before his three-year term as the deputy governor in charge of the monetary policy department ends, had said many nations are seeing the central bank independence being compromised.
Oil minister Dharmendra Pradhan expressed concerns about rising crude oil prices to his Saudi Arabian counterpart, Khalid al-Falih, on Friday amid worsening US-Iranian tensions, a government statement said.
The coming budget may see a plethora of measures for the agriculture sector. In order to achieve the objective of doubling farm income by 2022, the government also needs to provide an incentive to agri term loans for investment purpose in the upcoming budget, the report said.
Sovereign wealth funds are piling into India, buying stakes in everything from airports to renewable energy, attracted by political stability, a growing middle class and reforms making it more enticing for foreigners to invest.
India’s government is likely to overshoot the budget deficit target previously set for the current fiscal year, three officials have warned, as a slowing economy creates a big shortfall in tax collections and prompts new stimulus plans.
The rupee Friday fell 28 paise to trade at 69.72 against the US dollar in early trade following foreign fund outflows and rising crude prices after Iran said it had shot down a US military drone.
India announced a hike in customs duties on as many as 28 US products, including almond, apple, pulses and walnut, in response to higher tariffs imposed by Washington on Indian products like steel and aluminium.
Oil prices rose on Friday, with Brent crude heading for its first weekly gain in five weeks on tensions in the Middle East after Iran shot down a US military drone and on hopes for a drop in US interest rates that may stimulate global growth.
The rupee Thursday surged 24 paise to close at a one-week high of Rs 69.44 against the US currency on the back of a rally in equities and losses in the dollar after the US Federal Reserve hinted at a possible rate cut in near future.
The economy has been clearly losing traction and needs a decisive monetary policy to promote growth, said RBI Governor Shaktikanta Das while voting for a 25 bps rate cut along with other five members at the MPC meet earlier this month.
Both bank credit and deposits slowed to 9.92 percent and 12.31 percent at Rs 96.52 lakh crore and Rs 125.40 lakh crore, respectively, for the fortnight ending June 7, according to the RBI data.