![]() India, one of the world’s biggest potash importers, is facing demand destruction due to high prices and the loss of critical supplies from Belarus and Russia. ![]() , 11:25:14 AM IST India’s potash demand languishes as world reels from high prices Nevertheless, in the medium term, the outperformance of the Indian rupee will be supported by lower external debt (below 20% as of Mar’22), robust inflows (FDI+FII), a resilient economy, and adequate forex reserve ($540 bn). Most likely, RBI will have to increase repo rates (post the recent FED outcomes) to defend against further pressure on INR. It will be difficult for RBI to continue selling US dollars aggressively any further, as the remaining forex reserves are around 9-10 months of import cover only. In the short term, due to global risk-off sentiment, we can expect more pressure on the Indian rupee. Despite that, INR has outperformed other global currencies, as RBI has been actively supporting the domestic currency by selling US dollars. , 01:00:28 PM IST Ambit Asset Management view's on the fall of rupee: RBI will have to increase repo ratesĪishvarya Dadheech, Fund Manager, Ambit Asset Management: The Dollar index at a 20-year high had led to sharp depreciation in the Indian rupee over the last week. The continent-wide STOXX 600 index is down. The Shanghai Composite Index shed 1.5%.Įuropean shares slid in line with a sell-off in Asian markets as an intensifying energy crisis in the region and the relentless surge in global bond yields. The Hang Seng Index plunged almost 3.5% with tech firms and property developers leading the rout. Hong Kong stocks tumbled more than three per cent due to recession fears and worry over rising tensions between Russia and the west. The Nikkei fell 1.5% at the close on Wednesday. ![]() Japan's Nikkei share average ended at a near three-month low on Wednesday. Hindalco, Axis Bank, JSW Steel and ITC shed more than 3% and ended in the red.Īsian shares tumbled on Wednesday after a wobbly day ended with mixed results on Wall Street as markets churn over the prospect of a possible recession.įurthermore, Bloomberg News reported that Apple would drop a plan to boost production of its new smartphones after an anticipated demand surge failed to materialise. Pharma, IT and Auto were the only indices to end in green.Īmong stocks, Asian Paints, Sun Pharma, Eicher Motors and Dr Reddy gained in today's session. ![]() ![]() Most of the indices lost ground with Bank, Finance, Metal, Metal and Oil & Gas shedding the most. Sensex shed 509 points to close at 56,6598 and Nifty closed at 16,858, a drop of almost 150 points. Sensex gave up on the 57,000 mark and Nifty failed the defend 17,000. Indices shed around a per cent on Wednesday. , 03:42:20 PM IST Indices shed 0.9% with Sensex and Nifty tumbling 500 and 150 points, respectively.īenchmark indices, after remaining flat for most of the day, tumbled towards the end to join their Asian peers to close in the red. ![]()
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