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<keyword id="19895282" type="General" weightage="20" keywordseo="Mumbai" source="keywords">Mumbai</keyword>: Rupee traded in a narrow range in morning trade on Thursday, as the support from positive <keyword id="20024980" type="General" weightage="20" keywordseo="domestic-equities" source="keywords">domestic equities</keyword> was negated by relentless <keyword id="20024981" type="General" weightage="20" keywordseo="dollar-demand" source="keywords">dollar demand</keyword> from importers. At the <keyword id="20520118" type="General" weightage="20" keywordseo="interbank-foreign-exchange-market" source="keywords">interbank foreign exchange market</keyword>, the local unit opened at 83.93 and fell to 83.95, registering a loss of 5 paise from its previous close. On Wednesday, the Indian rupee fell 13 paise to 83.90 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword>. "The rupee's ongoing decline has been fuelled by a growing trade deficit and relentless dollar demand from importers, placing it under significant pressure," CR Forex Advisors MD Amit Pabari said. Pabari further noted that "the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> is expected to step in to prevent the rupee from breaching the critical 84.00 threshold. The market anticipates that the central bank might sell USD to maintain stability. Additionally, the recent dip in crude oil prices to around USD 75.48 per barrel could offer the rupee some much-needed relief." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.17 per cent to 101.21 points. Brent crude, the global oil benchmark, was 0.01 per cent up at USD 76.06 per barrel in futures trade, Meanwhile, the Federal Reserve's recent meeting minutes revealed that most officials are inclined towards a rate cut in September, provided inflation continues to cool. This has increased the likelihood of a Fed rate cut, putting downward pressure on the US dollar and offering some support to the rupee. Now, all eyes will turn to the Jackson Hole symposium, where Fed Chair Jerome Powell's remarks could set the tone for global currency markets, Pabari said. In the domestic equity market, the 30-share BSE Sensex gained 166.66 points, or 0.21 per cent, to 81,071.96 points, while the Nifty increased by 55.10 points, or 0.22 per cent, to 24,825.30 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 799.74 crore, according to exchange data.

Rupee trades in narrow range against US dollar in early trade

Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

India remains highly dependent on imports for minerals critical to accelerating its <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>, with a full reliance on shipping in lithium, cobalt and nickel, according to a report released Monday. The report, published by the Institute for Energy Economics and Financial Analysis (IEEFA), said that India's demand for <keyword id="19978839" type="General" weightage="20" keywordseo="critical-minerals" source="keywords">critical minerals</keyword> is expected to more than double by 2030, while domestic mining operations may take over a decade to start producing. It stresses that India needs a carefully crafted import strategy to mitigate potential trade risks while balancing international relationships to secure these essential minerals. IEEFA's report examines five critical minerals (and their compounds) - cobalt, copper, graphite, lithium and nickel - from the perspectives of import dependency, trade dynamics, domestic availability, and global price fluctuations. The findings show that India remains largely import-dependent for these minerals and their compounds, with 100 per cent import reliance for minerals like lithium, cobalt, and nickel. "India should strive to de-risk its critical minerals sourcing by identifying new international resources and expediting <keyword id="20681115" type="General" weightage="20" keywordseo="domestic-production" source="keywords">domestic production</keyword>. A concerted effort to partner with and foster bilateral relations with <keyword id="23713985" type="General" weightage="20" keywordseo="mineral-rich-nations" source="keywords">mineral-rich nations</keyword> should be a priority for India," said the report's co-author Charith Konda, Energy Specialist, IEEFA. "The country can also explore investment opportunities in resource-rich, friendly nations, such as Australia and Chile, as well as African countries like Ghana and South Africa," he added. The report said India depends heavily on China for synthetic graphite and natural graphite and it should explore cooperation initiatives with countries like Mozambique, Madagascar, Brazil and Tanzania which are some of the highest graphite producing countries. "As part of the Global South cooperation initiatives, these countries could be favourable partners for India for <keyword id="23713984" type="General" weightage="20" keywordseo="graphite-trading" source="keywords">graphite trading</keyword>," said the report's co-author Kaira Rakheja, Energy Analyst, IEEFA. India is also highly import-dependent for copper cathodes and nickel sulphates from just two countries - Japan and Belgium. The report suggests India could look at the US, the fifth largest producer of copper in the world, to diversify its suppliers and enhance <keyword id="23714709" type="General" weightage="20" keywordseo="supply-security" source="keywords">supply security</keyword>. For minerals like lithium oxide and nickel oxide, the dependency is low on one country, but overall imports largely come from Russia and China, both countries with potential trade risks. "Developing domestic lithium refining capacity will help India integrate with the global lithium supply chain," said Rakheja. The report also notes the significant efforts that the Indian government is making to improve domestic production of critical minerals with the auctions by the Ministry of Mines and the planned Critical Minerals Mission. "The critical minerals mining block auctions can serve as an opportunity for India to focus on building refining and processing capabilities to emerge as a global value-adding hub," said Rakheja. "Government support in the form of viability gap funding and technology development will help promote such auctions and ultimately the domestic production of critical minerals. "A stable supply of critical minerals is imperative for India to achieve its <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> goals," Konda said. India has committed to achieving 500 gigawatts (GW) of non-fossil fuel-based electricity installed capacity by 2030. Currently, the country's renewable energy installed capacity stands at 201 GW, with solar energy accounting for 91 GW. According to another study, the fast-developing South Asian nation needs to install around 7,000 GW of renewable energy capacity to achieve net-zero emissions by 2070.

Energy transition: India remains highly dependent on imports of critical minerals, says report

The rupee appreciated 3 paise to settle at 83.43 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Friday, tracking a weak American currency and retreating crude oil prices. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said a massive selling in the domestic equity market and outflow of foreign funds capped the gains in the local currency. At the interbank foreign exchange, the domestic unit opened at 83.40 and moved in the range of 83.34 and 83.44 against the greenback during the session. The local unit finally settled at 83.43 (provisional) against the dollar, registering a rise of 3 paise from its previous close. The rupee had settled 3 paise lower at 83.46 against the dollar on Thursday. Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, said the rupee gained on a weak US dollar and a decline in crude oil prices. However, weak domestic markets and FII outflows capped sharp gains. The weak dollar was attributed to the US Federal Reserve's decision to keep the key interest rate unchanged for the sixth consecutive time, citing slower progress on the inflation front. Choudhary further said the rupee is expected to trade with a slight negative bias on weak domestic markets and selling pressure from foreign investors. However, a weak tone and a soft US dollar may support the rupee at lower levels. "Traders may remain cautious ahead of non-farm payrolls report and ISM services PMI data from the US today. Encouraging non-farm payrolls may support the dollar while dismal data may weigh on the greenback. USD-INR spot price is expected to trade in a range of Rs 83.20 to Rs 83.60," he added. India's <keyword id="20041067" type="General" weightage="20" keywordseo="manufacturing-PMI" source="keywords">manufacturing PMI</keyword> fell to 58.8 in April 2024 from 59.1 in the previous month, a monthly survey said on Thursday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI), however, recorded the second fastest improvement in operating conditions in three-and-a-half years supported by buoyant demand. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.10 per cent to 105.07. Brent crude futures, the global oil benchmark, slipped 0.04 per cent to USD 83.64 per barrel. On the domestic equity market front, Sensex tumbled 732.96 points, or 0.98 per cent, to settle at 73,878.15, and Nifty tanked 172.35 points, or 0.76 per cent, to close at 22,475.85. Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday, as they sold shares worth Rs 964.47 crore on a net basis, according to exchange data. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a> <a href="https://www.businessinsider.in/tech/mobile/news/poco-oneplus-top-indian-smartphone-shipment-growth-but-overall-reading-flat/articleshow/107681294.cms">Poco, OnePlus top Indian smartphone shipment growth but overall reading flat</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms">Electric two-wheeler sales crater in April 2024 as prices increase amid reduced subsidies</a>

Rupee rises 3 paise to end at 83.43 against US dollar

The rupee climbed 9 paise to 83.37 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Friday, tracking strong sentiment in the <keyword id="20226142" type="General" weightage="20" keywordseo="domestic-equity-markets" source="keywords">domestic equity markets</keyword> and a weak American currency against major rivals overseas. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said the outflow of foreign funds and elevated level of crude oil prices, however, weighed on the Indian currency. At the interbank foreign exchange, the domestic unit opened strong at 83.40 and touched the intra-day peak of 83.36 against the greenback. The local unit later traded at 83.37 against the dollar in the morning deals, registering a gain of 9 paise from its previous closing level. The rupee had settled 3 paise lower at 83.46 against the dollar on Thursday. According to Gaurang Somaiya, Forex and bullion analyst, Motilal Oswal Financial Services Ltd, the dollar was weighed down against major crosses after the US Federal Reserve kept the key interest rate unchanged for the sixth consecutive time. Also, the ongoing pressures and a tight labour market indicated a stall in progress toward bringing inflation back to its 2 per cent target this year. Analysts also said market participants are expected to keep a close watch on the US non-farm payroll data to be released on Friday. Besides, weekly unemployment claims, trade balance and factory order data from the US are likely to provide further cues. "Today, the focus will be on the non-farm payrolls data, which is expected to come in marginally lower and that could weigh on the greenback. Apart from payrolls, services PMI number is also likely to trigger volatility for the dollar. We expect USD-INR (Spot) to trade sideways and quote in a range of 83.20-83.50," Somaiya said. India's manufacturing PMI fell to 58.8 in April 2024 from 59.1 in the previous month, a monthly survey said on Thursday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI), however, recorded the second fastest improvement in operating conditions in three-and-a-half years supported by buoyant demand. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.04 per cent to 105.13. Brent crude futures, the global oil benchmark, rose 0.36 per cent to USD 83.97 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 463.87 points or 0.62 per cent higher at 75,074.98. The broader NSE Nifty soared 136.65 points or 0.60 per cent to 22,784.85. Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday, as they sold shares worth Rs 964.47 crore on a net basis, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank" style="">T20 World Cup: Here are the squads announced by major participating countries so far</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Rupee jumps 9 paise to 83.37 against US dollar in early trade

The rupee declined 10 paise to close at 83.48 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Monday, as investors remained cautious ahead of the US <keyword id="19904332" type="General" weightage="20" keywordseo="Federal-Reserve" source="keywords">Federal Reserve</keyword>'s monetary policy decision. A robust sentiment in the <keyword id="21468713" type="General" weightage="20" keywordseo="domestic-equity-market" source="keywords">domestic equity market</keyword> and softening <keyword id="19955839" type="General" weightage="20" keywordseo="crude-prices" source="keywords">crude prices</keyword> in the international market, however, cushioned the downfall in the Indian currency, <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">forex traders</keyword> said. At the interbank foreign exchange market, the local unit opened weak at 83.39 and touched the intra-day low of 83.51 against the greenback during the session. The domestic currency finally settled at 83.48 (provisional) against the dollar, registering a loss of 10 paise compared to its previous closing level. On Friday, the rupee had declined 10 paise to close at 83.38 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.26 per cent to 105.53. The weakness in the dollar was attributed to investors' cautious approach ahead of the US Federal Reserve's monetary policy and global as well as domestic macroeconomic numbers to be released this week. The Federal Open Market Committee (FOMC) meeting will begin on Tuesday and the interest rate decision is expected to be announced on May 1. Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas, said the Indian rupee fell on Monday on positive US dollar in early trades and sustained FII outflows. However, positive domestic equities and softening crude oil prices cushioned the downside. "We expect the rupee to trade with a slight negative bias on selling pressure from foreign investors and expectations of a recovery in crude oil prices. However, improved global risk sentiments and contained geopolitical tensions in the Middle East may support the rupee at lower levels," Choudhary said, adding, "USD-INR spot price is expected to trade in a range of Rs 83.20 to Rs 83.70." Brent crude futures, the global oil benchmark, declined 0.53 per cent to USD 89.03 per barrel. "Crude oil demand is expected to face challenges from the US due to renewed inflationary fear," said Mohammed Imran, Research Analyst, Sharekhan by BNP Paribas. On the other hand, he said, the geopolitical risks appear to have eased considerably, removing some of the risk premium priced into the market. On the domestic equity market front, Sensex jumped 941.12 points, or 1.28 per cent, to settle at 74,671.28, and Nifty soared 223.45 points, or 1.00 per cent, to close at 22,643.40. Foreign institutional investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 3,408.88 crore, according to exchange data. Meanwhile, India's forex reserves decreased USD 2.282 billion to USD 640.334 billion for the seven days ended April 19 -- the second consecutive week of drop in the kitty, the Reserve Bank of India (RBI) said on Friday. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank">Upcoming smartphones launching in India in May 2024</a><a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-india-exclusive-blue-edition-launched-starting-at-19999/articleshow/109686243.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-india-exclusive-blue-edition-launched-starting-at-19999/articleshow/109686243.cms" target="_blank">Nothing Phone (2a) India-exclusive Blue Edition launched starting at ₹19,999</a>

Rupee falls 10 paise to settle at 83.48 against US dollar

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> traded in a narrow range and appreciated 2 <keyword id="20045456" type="General" weightage="20" keywordseo="paise" source="keywords">paise</keyword> to 83.49 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in <keyword id="51932" type="General" weightage="20" keywordseo="early-trade" source="Orion">early trade</keyword> on Thursday, as a positive trend in domestic equities supported the local unit, while elevated crude oil prices weighed on investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.49, registering a rise of 2 paise from its previous close. On Wednesday, the rupee stayed range-bound and settled 2 paise lower at 83.51 against the US dollar. "Persistent demand for the dollar from local importers has capped the rupee's potential gains, yet its outlook remains optimistic, buoyed by recent positive economic indicators," CR Forex Advisors MD-Amit Pabari said. Pabari further said the rupee's outlook is supported by strong foreign inflows, a positive economic forecast, and India's impressive macroeconomic growth, currently the fastest among large economies. The Reserve Bank of India (RBI) appears determined to prevent the rupee from depreciating below 83.70, despite pressure from oil companies due to elevated oil prices, he added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.93, lower by 0.11 per cent. Brent crude futures, the global oil benchmark, advanced 0.76 per cent to <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 85.73 per barrel. On the domestic equity market front, the 30-share BSE Sensex rose 105.32 points, or 0.13 per cent, to 80,030.09 points. The broader NSE Nifty advanced 21.60 points, or 0.09 per cent, to 24,346.05 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday, as they purchased shares worth Rs 583.96 crore, according to exchange data.

Thanks to positive trend in domestic equities, Indian rupee rises to 83.49 against US dollar in early trade

<keyword id="19991358" type="General" weightage="100" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> are navigating choppy waters as global economic shifts, from rate cuts to evolving political climates, create new pressure points across the financial landscape, according to a recent report by ANI attributed originally to the Union Bank of India. The domestic stock and bond markets showed signs of strain, with <keyword id="19910363" type="General" weightage="20" keywordseo="bond-yields" source="keywords">bond yields</keyword> witnessing slight adjustments. India’s 10-year government bond yield dipped to 6.82%, a decrease from the previous session, reflecting cautious investor sentiment as the markets react to shifting global indicators. Meanwhile, the 5-year bond yield remained steady at 6.76%, a signal of lingering hesitation amid economic unpredictability. In the currency market, the rupee faced a notable decline, ending the day at ₹84.3725 against the US dollar, slipping from its prior close of ₹84.2800. Market analysts point to significant capital outflows as a key factor, with investors moving funds to perceived safer assets overseas. This migration has weighed heavily on the rupee, underlining the currency’s vulnerability in an environment of global economic flux. India’s stock market bore the brunt of this volatility, with key indices falling over 1%, effectively erasing the gains of a previous rally. This abrupt drop reportedly reflects renewed investor anxiety, largely triggered by the recent <keyword id="20189882" type="General" weightage="20" keywordseo="US-presidential-election" source="keywords">US presidential election</keyword> results. Experts suggest that the election has introduced a fresh layer of uncertainty, not only for the US economy but for global markets, impacting everything from policy decisions to investor sentiment. Analysts are also keeping a close eye on upcoming decisions by central banks, which will likely shape the path forward for the Indian equities market. Commodities showed contrasting trends, with Brent crude prices falling on lower demand expectations, as economic indicators point toward cautious spending globally. Gold, on the other hand, experienced a modest rise as investors sought refuge in safe-haven assets, highlighting a shift towards risk aversion among market participants. Globally, major central banks made coordinated efforts to sustain economic growth, with the Bank of England (BoE) announcing a 25 basis-point cut, lowering its benchmark rate to 4.75%. The BoE’s Monetary Policy Committee (MPC) largely backed this move to counter inflation, which has been declining, albeit gradually. Across the Atlantic, the US Federal Reserve mirrored this action with its own 25 basis-point cut, a sign of confidence in the ongoing economic recovery. Both rate cuts, though modest, signal a global trend towards caution as economies work to balance growth with stability. In Asia, the People’s Bank of China (PBoC) maintained its supportive stance. Governor Pan Gongsheng sought to reassure foreign investors by reaffirming the PBoC’s commitment to growth-oriented policies. Pan emphasized enhanced communication and pledged to open China’s financial services sector further, aiming to attract more international participants. Europe, meanwhile, faced mixed economic signals. Germany reported a steep 2.5% drop in industrial production in September, signalling a slowdown in manufacturing, while the Eurozone saw a mild 0.5% rise in retail sales, reflecting cautious consumer optimism in the region. Adding another layer to the global economic landscape, the European Union’s Climate Change Service warned that 2024 could be the hottest year on record, underscoring urgent climate challenges just as the UN COP29 climate summit approaches. The summit, set to take place in Azerbaijan, aims to rally increased funding for climate action, though tempered expectations linger in light of recent US political shifts. On the domestic front, Niti Aayog CEO BVR Subrahmanyam spoke about India’s potential role in pivotal global trade agreements, specifically the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These partnerships, Subrahmanyam suggested, could bolster India’s Micro, Small, and Medium Enterprises (MSME) sector, which currently accounts for 40% of India’s exports, offering a strategic advantage for Indian trade in an interconnected world. As the Indian markets digest these developments, experts believe continued volatility could be the theme for the coming months. (with ANI inputs)

Indian markets under pressure as global rate cuts stir uncertainty, new report says

<ul><li><keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">Gold prices</keyword> have experienced a significant decline in the past month, largely due to the notable increase in US real yields. </li><li>The foreseen trajectory for gold prices encompasses a range of $1,900/oz to $2,000/oz within the initial half of 2024. </li><li>In the past month, Indian gold prices declined by approximately 1.2%. </li></ul>Gold prices have experienced a further decline of around four percent in the past month. This correction can be attributed to a significant increase of approximately 50 basis points observed in the US 10-year real yield, according to the Gold Research Report by ICICI Bank Global Markets. Gold traders have also kept an eye on the US Federal Reserve rate action. A Kotak Securities report says, “COMEX (Commodity Exchange Inc) gold prices plunged for the third consecutive week, as robust US economic data and slightly hawkish Federal Open Market Committee (<keyword id="136502" type="General" weightage="20" keywordseo="fomc" source="Orion">FOMC</keyword>) meeting minutes reinforced speculation that monetary policymakers may not be done raising interest rates yet.” <cmsannotation type="cmsannotation" annotationid="From ‘hard-landing’ scenario to soft-landing outlook" comment="subhead" text="From ‘hard-landing’ scenario to soft-landing outlook">From ‘hard-landing’ scenario to soft-landing outlook</cmsannotation> According to the ICICI Bank Global Markets report, the upward movement of US nominal and real yields reflects a shift from anticipating a 'hard-landing' scenario for the US economy to a more optimistic 'soft-landing' outlook. “The safe haven metal has been continuously falling over the week, as upbeat economic data improved the conviction that US might avoid a hard landing and thus rates might stay higher for longer,” says Ravindra V Rao, VP-head commodity research, Kotak Securities. This change is driven by the resilience of <keyword id="18519909" type="General" weightage="20" keywordseo="us-domestic-demand" source="Orion">US domestic demand</keyword>, leading to a positive adjustment in growth forecasts for 2023. Additionally, market response has been influenced by indications from the FOMC that it might consider a 25 basis points rate hike at the November policy meeting, with an intention to maintain higher rates for an extended period. This decision is influenced by tight labour markets and Consumer Price Index (CPI) inflation levels that remain above the targeted 2%. However, rao says that gold prices have steadied ahead of this week’s <keyword id="747929" type="General" weightage="20" keywordseo="jackson-hole" source="Orion">Jackson Hole</keyword> symposium in Wyoming and Federal Reserve Chair Jerome Powell will deliver a talk on the economic outlook on 25th August. <cmsannotation type="cmsannotation" annotationid="subhead" text="Gold price outlook"><keyword id="1688476" type="General" weightage="20" keywordseo="gold-price-outlook" source="Orion">Gold price outlook</keyword></cmsannotation> Over the remaining course of 2023, a bearish trading environment is anticipated for gold prices, given the unlikely prospect of substantial declines in both US real and nominal yields. Analysts at ICICI Bank Global Markets have revised the projection for gold prices subsequently downward, indicating a trading range spanning from $1850/oz to $1950/oz, with a potential downside of $1800/oz throughout 2023. As the transition to 2024 approaches, the potential for an emerging uptrend in gold prices becomes contingent on the expectation that the delayed impact of US monetary tightening will induce a weakening effect on US growth. Such a scenario may result in a neutral stance from the FOMC regarding the outlook for monetary policy. Not excluding the possibility, the FOMC could initiate a rate-cutting cycle from Q2 2024, potentially leading to decreased US yields and an increased appetite for gold. Consequently, the foreseen trajectory for gold prices encompasses a range of $1900/oz to $2000/oz within the initial half of 2024. Additionally, an upswing in interest from central bank gold acquisitions might contribute to driving prices upward in the medium-term. <cmsannotation type="cmsannotation" annotationid="Indian gold view" comment="subhead" text="Indian gold view">Indian gold view</cmsannotation> In the past month, local gold prices declined by approximately 1.2%, aligning with global market movements; however, a strengthening USD/INR exchange rate moderated the extent of the drop. Importantly, gold imports surged notably, reaching 89 tonnes in July 2023 compared to 63 tonnes in June 2023. This increase translated to a higher import value of $5.0 billion in July 2023 compared to $3.7 billion in June 2023. This upward trend in imports mirrors robust domestic demand. Anticipated import patterns suggest a steady trend from August to September, followed by an increase in October and November due to the festive season.

Gold prices likely to stay muted for the rest of 2023 at least

<keyword id="20021345" type="General" weightage="20" keywordseo="TVS-Motor-Company" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor Company" meta.hostid="153" meta.entityid="TVS Motor Company">TVS Motor Company</keyword> expects to grow faster than the competition across domestic and <keyword id="20108266" type="General" weightage="20" keywordseo="international-markets" source="keywords">international markets</keyword> this fiscal, riding on the back of new <keyword id="22697277" type="General" weightage="20" keywordseo="product-launches" source="keywords">product launches</keyword> and strengthening of operations across key regions, according to CEO KN Radhakrishnan. He noted that in the <keyword id="20046426" type="General" weightage="20" keywordseo="domestic-market" source="keywords">domestic market</keyword>, the company expects growth momentum to continue with normal monsoons likely to add strength to the <keyword id="19929089" type="General" weightage="20" keywordseo="rural-markets" source="keywords">rural markets</keyword>. In international markets, Radhakrishnan exuded hope to perform better in key markets like Africa this year while expanding operations in other regions like the Middle East and Latin America. "Our strong product portfolio; our unwavering focus on the consumers, quality, new products and attractive quality and technology, we are confident that we will outperform the industry both in the domestic and international markets," Radhakrishnan said in an analyst call. He noted that the growth momentum is likely to be maintained with the budget focusing on employment generation, continued higher commitment to infrastructure and rural economy. "We are expecting rural markets to recover. With the expected normal monsoon, we could witness robust growth in Q2," Radhakrishnan stated. He noted that for the first time the company is witnessing that the rural areas were doing slightly better than the urban markets. The improving road infrastructure and economic environment will drive the demand for two-wheeler mobility, he added. The <keyword id="21048623" type="General" weightage="20" keywordseo="two-wheeler-segment" source="keywords">two-wheeler segment</keyword> has got a huge opportunity in the medium and the long term given the challenges in mobility as well as also investments from the government on the infrastructure and road development, he said. The company, which has earmarked over Rs 1,000 crore capex this year, is gearing up to introduce one product each in the electric and internal combustion engine segments in the ongoing quarter. A significant proportion of the earmarked capital is expected to go towards the design and development of new products, Radhakrishnan stated. "I want to highlight that the company will be launching one product in ICE and one product in EV in this quarter and that will further strengthen our range of product portfolio," he said. Commenting on international business, Radhakrishnan said that the Red Sea issue has led to challenges in terms of enhanced transit periods for overseas dispatches. He noted that <keyword id="62356" type="General" weightage="100" keywordseo="TVS" source="Orion">TVS</keyword> has taken enough countermeasures to mitigate these challenges and the situation is likely to improve in the ongoing quarter. Certain select African markets are facing challenges due to currency devaluation and persistent inflation, he said. "However, considering the base effect in our assessment, the possibility of further decline in Africa is low. We feel that we will be doing better in Africa this year," he added. He further said: "Besides, Latin America gives us a huge opportunity. We have started exporting to LATAM. In Asia, we are seeing some challenges in Bangladesh, but we are hopeful that things will settle down soon." The Middle East is also a huge opportunity for TVS and the company is strengthening its operations in the region, he stated. For the April-June quarter this fiscal, <keyword id="46156" type="General" weightage="20" keywordseo="TVS-Motor" source="Orion">TVS Motor</keyword> Company reported a 6 per cent year-on-year increase in consolidated net profit at Rs 461 crore. Total income rose to Rs 10,448 crore for the period under review as compared to Rs 9,142 crore in the year-ago period.

TVS confident of outperforming industry in domestic, global markets following new product launches, ops strengthening

<ul class="summary-list"><li>Intel is struggling to gain market share in the semiconductor industry.</li><li>Intel becoming a globally competitive US chip manufacturer is vital for the US economy.</li></ul>US government officials are counting on Intel to lead the country's <a target="_blank" href="https://www.businessinsider.com/us-semiconductor-chip-production-continue-harris-trump-presidency-arizona-jobs-2024-10">chip manufacturing</a> renaissance but the company is struggling to meet expectations.Intel becoming a globally competitive US chip manufacturer is "imperative for the US economy and national security," said Stephen Ezell, the vice president for global innovation policy at the Information Technology and Innovation Foundation and the director of its Center for Life Sciences Innovation. That's because the US needs to secure its domestic supply chains of the chips that power items like iPhones, washing machines, and <a target="_blank" href="https://www.businessinsider.com/china-ai-nvidia-us-bockade-smuggling-2024-8">military equipment</a>.When it comes to bringing advanced chip manufacturing to American shores, the US government is short on options. Jimmy Goodrich, senior advisor for technology analysis to the RAND Corporation, told BI that only three companies in the world are manufacturing the most advanced, "leading edge" chips: Intel, Samsung, and TSMC. Intel is the only company in this trio that is based in America — Samsung's headquarters are in South Korea and TSMC is based in Taiwan.If Intel falls short, there is "reasonable concern that advanced fabs will not be sustainably available in the US," said Dylan Patel, the chief analyst at the semiconductor research and consulting firm SemiAnalysis.While Samsung is building a chip factory in Taylor, Texas the company has postponed taking deliveries of chipmaking equipment because it has yet to land any major customers for the project, Reuters <a target="_blank" href="https://www.reuters.com/technology/samsung-delays-taking-deliveries-asmls-chip-gear-its-new-us-factory-sources-say-2024-10-18/">reported</a> in October. TSMC is <a target="_blank" href="https://www.businessinsider.com/tsmc-making-apple-iphone-chips-helps-us-semiconductor-bet-2024-10">producing chips for Apple</a> in its Phoenix-based factory and has plans to build two more factories in the city. However, the company has historically preferred to invest in Taiwan, Patel said.These conditions are why Intel's recent struggles have <a target="_blank" href="https://www.businessinsider.com/intel-dow-jones-ai-chip-lag-2024-11">raised concerns</a> among some government officials. In August, the company announced it would be <a target="_blank" href="https://www.businessinsider.com/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10">parting ways</a> with roughly 15,000 workers through voluntary separation agreements and layoffs. On October 31, the company reported its <a target="_blank" href="https://www.nytimes.com/2024/10/31/technology/intel-earnings-loss.html">biggest</a> quarterly loss ever. The third quarter loss was driven by slowing demand for the chips that power personal computers, struggles to gain market share in the booming AI chips sector, and significant investments in its chip manufacturing technology.To be sure, Intel's third-quarter revenue <a target="_blank" class="" href="https://www.reuters.com/technology/intel-reports-third-quarter-loss-forecasts-q4-revenue-above-estimates-2024-10-31/">beat</a> expectations, and executives said the company is making progress on executing a <a target="_blank" href="https://www.businessinsider.com/intel-ceo-pat-gelsinger-turnaround-plan-aws-2024-9">turnaround plan</a>. In September, Intel announced it will be expanding its collaboration with <a target="_blank" href="https://www.businessinsider.com/intel-ceo-pat-gelsinger-turnaround-plan-aws-2024-9">Amazon Web Services</a>, and the company is optimistic that its new <a target="_blank" class="" href="https://www.businessinsider.com/intel-chips-act-funding-all-hands-meeting-2024-11">18A chip</a> —which it's expected to start producing next year — will help it gain market share in the industry.However, industry analysts told Business Insider that competing with the likes of <a target="_blank" href="https://www.businessinsider.com/tsmc-suspend-ai-chip-production-china-us-2024-11">TSMC</a> and <a target="_blank" href="https://www.businessinsider.com/nvidia-ai-chip-semiconductors-tsmc-intel-jobs-arizona-2024-2">Nvidia</a> will be an uphill battle — in part due to a series of <a target="_blank" class="" href="https://www.businessinsider.com/intel-dow-jones-ai-chip-lag-2024-11">strategic missteps</a> Intel has made over the past two decades.Another potential wild card is whether a <a target="_blank" href="https://www.businessinsider.com/what-second-trump-term-means-for-intel-2024-11">Trump administration</a> — specifically its proposed <a target="_blank" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">tariff policies</a> — would aid or hinder Intel's turnaround efforts. President-elect Donald Trump has expressed <a target="_blank" class="" href="https://www.businessinsider.com/us-semiconductor-chip-production-continue-harris-trump-presidency-arizona-jobs-2024-10">support</a> for boosting domestic chip manufacturing but has <a target="_blank" class="" href="https://www.businessinsider.com/what-second-trump-term-means-for-intel-2024-11">criticized</a> the CHIPS Act, a key Biden administration initiative that companies like Intel are counting on for funding.An Intel spokesperson told BI that the company's recent quarterly earnings demonstrate the "tangible progress" the company is making on its turnaround strategy. They added that the goal of making the US a leader in semiconductor manufacturing was a priority in the first Trump administration and continues to have bipartisan support."We look forward to working with President-elect Trump and his administration to advance America's technology and manufacturing leadership," they said.<h2 id="3cef0621-01c3-4b2a-b136-2affb93b6fc9">Intel's problems have ramifications outside the company</h2>The stakes aren't just high for Intel employees and executives: Intel is the largest recipient of funding from the <a target="_blank" href="https://www.businessinsider.com/intel-chips-act-funding-all-hands-meeting-2024-11">CHIPS Act</a>, which included $52.7 billion in tax breaks and subsidies intended to bolster the US semiconductor industry. The Biden administration bet that boosting domestic chip manufacturing would make the US less reliant on chips sourced abroad from TSMC, which produces, by some estimates, about <a target="_blank" href="https://www.businessinsider.com/asml-tsmc-semiconductor-chip-equipment-kill-switch-china-invade-taiwan-2024-5">90%</a> of the world's advanced chips. Additionally, fears of a <a target="_blank" href="https://www.businessinsider.com/ai-taiwan-china-chip-war-2024-6">Chinese invasion</a> of Taiwan complicate the US's dependence on TSMC.Intel was awarded $8.5 billion in grants and $11 billion in loans through the CHIPS Act, which it plans to use to supplement the over <a target="_blank" href="https://www.intel.com/content/www/us/en/newsroom/news/us-chips-act-intel-direct-funding.html">$100 billion</a> it's committed to expanding its operations in Arizona, Ohio, New Mexico, and Oregon. Like most companies, Intel hasn't received any of these funds yet. Recipients are required to meet certain benchmarks — which can include building a chip fab or securing customers — before the funding is doled out and Intel hasn't met those milestones yet.In response to the company's struggles, government officials have discussed whether it should receive <a target="_blank" href="https://www.businessinsider.com/intel-dow-jones-ai-chip-lag-2024-11">additional financial support</a> or merge its chip design business with a competitor. Last month, The <a target="_blank" class="" href="https://www.nytimes.com/2024/10/24/us/politics/intel-chips-biden.html">New York Times</a> reported that Gina Raimondo, the US secretary of commerce, urged chief executives from Google, Microsoft, Apple, Nvidia, and other firms to <a target="_blank" href="https://www.businessinsider.com/intel-dow-jones-ai-chip-lag-2024-11">buy chips from Intel</a>."Our Q3 results underscore the solid progress we are making against the plan we outlined last quarter to reduce costs, simplify our portfolio, and improve organizational efficiency," CEO Pat Gelsinger said on the company's earnings call on October 31.

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