Rupee is down to a record low, dragging stocks and bonds. And with few signs the commodity boom will end soon, investors are bracing for more possible losses.
Some of the typically sluggish indicators such as consumer sentiment, bank credit have seen a pick up. But escalating geopolitical tensions and higher oil prices pose risks.
The US last week made the unusual request to some of the world’s largest oil-consuming nations to consider releasing crude oil in a coordinated effort to lower global energy prices.
The move, which will remain in force till 31 March 2022, is expected to bring down the prices of crude palm, soyabean and sunflower oil and increase domestic availability of them.
Shares in Reliance extended gains to as much as 2.6% after reports of a possible deal between Reliance & Aramco after more than two years of negotiations.
The combined consumption of diesel and gasoline in April is poised to plunge by as much as 20% from a month earlier due to renewed restrictions, including in Delhi.
India imports more than 85% of its total oil needs. Getting access to Iranian crude would bring a number of benefits, including cheaper barrels and a longer credit cycle.
The last time this matter flared up was when Delhi Chief Minister Rekha Gupta, in a very similar directive in April, called for the relocation of stray dogs in the capital.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Now that both IAF and PAF have made formal claims of having shot down the other’s aircraft in the 87-hour war in May, we can ask a larger question: do such numbers really matter?
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