Global crude oil prices are likely to decline to an average of $79 per barrel by 2027 as oil production in the Middle East gradually increases, news agency ANI reported citing the latest outlook released by the US Energy Information Administration (EIA).The agency said Brent crude prices, which surged sharply following disruptions around the Strait…
Mumbai: ICICI Bank has launched a USD-denominated debit card in partnership with Visa, marking a shift in how Non-Resident Indians manage offshore wealth by eliminating currency conversion layers for dollar spending.The product allows NRIs to spend directly in USD without incurring the typical 3.5% currency markup fee and GST that applies when using Indian NRE…
Gold is expected to become costlier after the government’s recent move to raise import duty to 15%. Alongside, the impact is likely to show up in domestic prices as well as trade patterns, a report by SBI Research has predicted.SBI Research said that changes in gold import duty have been made several times in the…
The proposal was suggested by the Reserve Bank of India and is currently under active consideration by the Finance Ministry. Looking to tackle foreign outflows and preserve forex, the government is weighing a major cut in the tax burden imposed on foreign investors investing in domestic bonds. Policymakers are looking to bring the country’s framework…
The government is evaluating a proposal to substantially reduce taxes on bond investments made by foreign investors. (AI image) Stock market rally today: Sensex and Nifty50 rallied strongly in trade on Thursday as firm global cues and possible steps to stem rupee’s fall boosted confidence. Both benchmarks rose over 1%, even as global and domestic…
India’s reserves have fallen 5.2% to $691 billion. (AI image) Philippines and India are the Asian countries that have seen the highest percentage losses to their foreign exchange reserves as a result of the ongoing US-Iran conflict that has sent global crude oil prices to above $100 per barrel levels. Foreign-exchange reserves across Asia are…
India’s demand for natural gas has been climbing steadily as the country seeks to raise the share of gas in its overall energy basket. (AI image) As concerns surrounding the Strait of Hormuz intensify, India is fast-tracking efforts to secure uninterrupted gas imports from the Gulf through a direct subsea pipeline. With energy security emerging…
The move to up the gold import duty comes days after PM Narendra Modi appeals to citizens to avoid unnecessary gold purchases for a year. (AI image) In a bid to keep foreign exchange reserves buffer intact, the government has raised the import duty on gold and silver to 15% from 6%. India is the…
Asian equities traded mixed on Thursday as the AI and tech rally began to lose steam. At the same time, traders have remained cautioned amid the intensifying conflict in the Middle East. In Hong Kong, Hang Seng Index inched 174 points to 26,563 while Japan’s Nikkei remained steady, inching 0.66% higher to 63,539. South Korea’s…
Rupee continued to tumble on Thursday, slumping 0.1% paise to 95.85 against US dollar in early trade. The currency has been continuously dragged down by rising crude oil prices and ongoing Middle East conflict. With this, the currency has recorded fall of 1.4% this week, breaching multiple record lows, according to Reuters.This comes after the…