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In a rare move, the RBI and Sebi Sunday said they are "closely monitoring" activities in the financial markets and ready to take appropriate actions, if required, following a sharp meltdown on Friday in equity and debt markets.

The regulators came out with separate but identical statements amid apprehensions about steep volatility in markets on Monday.

Against the backdrop of debt defaults by diversified IL&amp;FS group, there are also worries about non-banking financial companies even though the country's largest lender SBI assured lending support to the NBFC sector.

In a statement, SBI Chairman Rajnish Kumar said there was no concern on liquidity of NBFCs in view of their liquid cash position and availability of committed lines.

"The Reserve Bank of India and the Securities and Exchange Board of India are closely monitoring recent developments in financial markets and are ready to take appropriate actions, if necessary," said the regulators.

Sebi has also sought details from stock exchanges about large trades done on Friday and would be stepping up the vigil to prevent steep volatility, sources said.

On Friday the 30-share BSE Sensex suddenly tanked 1,127.58 points, or 3.03 per cent, to hit a low of 35,993.64 in afternoon trade before staging an equally sharp recovery within minutes.

The markets had opened on a strong note. After an intra-day swing of 1,495.60 points, the Sensex closed at 36,841.60, down 279.62 points.

The broader NSE Nifty shed 91.25 points to finish at 11,143.10 on Friday.

Meanwhile, some reports also suggested that some scrupulous elements are trying to destabilise markets to malign the image of the government.

Shares of housing finance firms slumped Friday, with DHFL tumbling up to 42 per cent on fears of a liquidity crisis.

Reports of debt defaults by IL&amp;FS also sparked concerns, which spilled over into other NBFC counters.

Yes Bank was the worst performer in the Sensex pack, losing a whopping 28.71 per cent, after the RBI curtailed the term of its founding CEO Rana Kapoor.

The Indian currency has also witnessed a massive plunge in the recent past due to rising trade and current account deficits in the wake of rising crude oil prices.

However, the rupee was bullish on Friday for the second day, rising 17 paise to end at 72.20 against the US dollar.

On Friday, market regulator Sebi had issued revised KYC norms for foreign portfolio investors, wherein resident as well as non-resident Indians have been permitted to hold non-controlling stake in such entities.

Overseas investors have pulled out a massive Rs 15,365 crore (USD 2.1 billion) from the capital markets so far in September, after putting in funds during the previous two months.

Earlier in the day, DHFL Sunday said it proposes to reduce exposure to commercial paper (CP) as part of overall borrowing plan and increase hedging activity, days after the shares of the company tumbled up to 42 per cent on massive selling over fears of a liquidity crisis.

Besides, the company said it will raise resources and focus on borrowings from banks and international markets and through direct assignment, said a DHFL note on 'approach to liquidity management' filed with stock exchanges.

In a rare move, the RBI and Sebi Sunday said they are "closely monitoring" activities in the financial markets and ready to take appropriate actions, if required, following a sharp meltdown on Friday in equity and debt markets.

In a rare move, the RBI and Sebi Sunday said they are "closely monitoring" activities in the financial markets and ready to take appropriate actions, if required, following a sharp meltdown on Friday in equity and debt markets. The regulators came out with separate but identical statements amid apprehensions about steep volatility in markets on Monday. Against the backdrop of debt defaults by diversified IL&FS group, there are also worries about non-banking financial companies even though the country's largest lender SBI assured lending support to the NBFC sector. In a statement, SBI Chairman Rajnish Kumar said there was no concern on liquidity of NBFCs in view of their liquid cash position and availability of committed lines. "The Reserve Bank of India and the Securities and Exchange Board of India are closely monitoring recent developments in financial markets and are ready to take appropriate actions, if necessary," said the regulators. Sebi has also sought details from stock exchanges about large trades done on Friday and would be stepping up the vigil to prevent steep volatility, sources said. On Friday the 30-share BSE Sensex suddenly tanked 1,127.58 points, or 3.03 per cent, to hit a low of 35,993.64 in afternoon trade before staging an equally sharp recovery within minutes. The markets had opened on a strong note. After an intra-day swing of 1,495.60 points, the Sensex closed at 36,841.60, down 279.62 points. The broader NSE Nifty shed 91.25 points to finish at 11,143.10 on Friday. Meanwhile, some reports also suggested that some scrupulous elements are trying to destabilise markets to malign the image of the government. Shares of housing finance firms slumped Friday, with DHFL tumbling up to 42 per cent on fears of a liquidity crisis. Reports of debt defaults by IL&FS also sparked concerns, which spilled over into other NBFC counters. Yes Bank was the worst performer in the Sensex pack, losing a whopping 28.71 per cent, after the RBI curtailed the term of its founding CEO Rana Kapoor. The Indian currency has also witnessed a massive plunge in the recent past due to rising trade and current account deficits in the wake of rising crude oil prices. However, the rupee was bullish on Friday for the second day, rising 17 paise to end at 72.20 against the US dollar. On Friday, market regulator Sebi had issued revised KYC norms for foreign portfolio investors, wherein resident as well as non-resident Indians have been permitted to hold non-controlling stake in such entities. Overseas investors have pulled out a massive Rs 15,365 crore (USD 2.1 billion) from the capital markets so far in September, after putting in funds during the previous two months. Earlier in the day, DHFL Sunday said it proposes to reduce exposure to commercial paper (CP) as part of overall borrowing plan and increase hedging activity, days after the shares of the company tumbled up to 42 per cent on massive selling over fears of a liquidity crisis. Besides, the company said it will raise resources and focus on borrowings from banks and international markets and through direct assignment, said a DHFL note on 'approach to liquidity management' filed with stock exchanges.

Closely monitoring financial markets, ready to take actions, say RBI and Sebi

The government will “very soon” implement the second set of measures including curb on imports of non-essential items to shore up rupee to 68-70 level against the US dollar, Economic Affairs Secretary Subhash Chandra Garg said, terming the about 12 per cent slide in the currency as a temporary phenomenon.&nbsp;

The government had earlier this month announced an easing of overseas borrowing norms for manufacturing companies, removal of restrictions on foreign portfolio investors (FPI) investment in corporate bonds and tax benefits on Masala bonds to shore up rupee and check to widen of current account deficit.

Now, the Centre has prepared a list of non-essential items whose imports can be curbed and also drawn up a separate list of goods whose exports can be boosted with a little policy intervention, Garg told PTI in an interview here.

On the rupee continuing to fall despite the first set of measures, he said “full components of the steps have not been implemented as yet, especially curb on the import of non-essential items and boasting some of the exports etc. Those are still to come.” “These measures are at the final stage. Very soon, these should be announced,” he said.

A group headed by the Commerce Secretary has “more or less” completed its task on finalising the list, the DEA secretary said. “Once it gets the nod from higher-ups, it will be announced…It will happen very early,” he said.

The rupee has been battered for over a month now amid sell-offs sweeping emerging markets following a rout in the currencies of Argentina and Turkey. The Indian currency has set a string of record lows, dampening some of the optimism about India’s world-beating economic growth. The rupee on last Friday closed at 72.20 to the US dollar, higher than the record low of 72.91 it had hit earlier this month.

The government, Garg said, is concerned about the rupee’s slump and its adverse impact on the Current Account Deficit (CAD). The CAD, the difference between inflow and outflow of foreign exchange, widened to 2.4 per cent of GDP in the first quarter.

The fall in rupee has shot up oil import bill for the world’s fastest-growing oil user by 76 per cent to USD 10.2 billion in July. Garg said the appropriate level for the rupee is 68-70 per dollar, with 72 being the reasonable outer limit for depreciation.

With the first round of measures not having any desired impact, he said there is no question of government being helpless as there are more measures to be taken to rein in falling rupee. Garg further said that in view of present circumstances, CAD and present capital flows, 68-70 range appears to be a reasonable level.

“When it suddenly went down from 69 to 72, the government rightly got concerned that this kind of sudden depreciation is not justified,” he said. 
Gard added that the Indian economy recorded an excellent growth of 8.2 per cent in the first quarter, inflation is low, macroeconomic fundamentals are good, the government is strictly maintaining fiscal deficit and expenditure programme is going on well.

“So why on earth should there be such a depreciation of 10-12 per cent in 6 months or 6-9 per cent in two months. That’s why the Prime Minister took a meeting (on September 14). The Finance Minister got into the act and several decisions were taken and some of them are under implementation,” he said.

Garg expressed confidence that with the measures announced and those in works, the rupee will regain comfortable levels. “I am sure this is temporary and this will come back (to the comfortable level),” he said.

The government will “very soon” implement the second set of measures including curb on imports of non-essential items to shore up rupee to 68-70 level against the US dollar, Economic Affairs Secretary Subhash Chandra Garg said, terming the about 12 per cent slide in the currency as a temporary phenomenon.

The government will “very soon” implement the second set of measures including curb on imports of non-essential items to shore up rupee to 68-70 level against the US dollar, Economic Affairs Secretary Subhash Chandra Garg said, terming the about 12 per cent slide in the currency as a temporary phenomenon. The government had earlier this month announced an easing of overseas borrowing norms for manufacturing companies, removal of restrictions on foreign portfolio investors (FPI) investment in corporate bonds and tax benefits on Masala bonds to shore up rupee and check to widen of current account deficit. Now, the Centre has prepared a list of non-essential items whose imports can be curbed and also drawn up a separate list of goods whose exports can be boosted with a little policy intervention, Garg told PTI in an interview here. On the rupee continuing to fall despite the first set of measures, he said “full components of the steps have not been implemented as yet, especially curb on the import of non-essential items and boasting some of the exports etc. Those are still to come.” “These measures are at the final stage. Very soon, these should be announced,” he said. A group headed by the Commerce Secretary has “more or less” completed its task on finalising the list, the DEA secretary said. “Once it gets the nod from higher-ups, it will be announced…It will happen very early,” he said. The rupee has been battered for over a month now amid sell-offs sweeping emerging markets following a rout in the currencies of Argentina and Turkey. The Indian currency has set a string of record lows, dampening some of the optimism about India’s world-beating economic growth. The rupee on last Friday closed at 72.20 to the US dollar, higher than the record low of 72.91 it had hit earlier this month. The government, Garg said, is concerned about the rupee’s slump and its adverse impact on the Current Account Deficit (CAD). The CAD, the difference between inflow and outflow of foreign exchange, widened to 2.4 per cent of GDP in the first quarter. The fall in rupee has shot up oil import bill for the world’s fastest-growing oil user by 76 per cent to USD 10.2 billion in July. Garg said the appropriate level for the rupee is 68-70 per dollar, with 72 being the reasonable outer limit for depreciation. With the first round of measures not having any desired impact, he said there is no question of government being helpless as there are more measures to be taken to rein in falling rupee. Garg further said that in view of present circumstances, CAD and present capital flows, 68-70 range appears to be a reasonable level. “When it suddenly went down from 69 to 72, the government rightly got concerned that this kind of sudden depreciation is not justified,” he said. Gard added that the Indian economy recorded an excellent growth of 8.2 per cent in the first quarter, inflation is low, macroeconomic fundamentals are good, the government is strictly maintaining fiscal deficit and expenditure programme is going on well. “So why on earth should there be such a depreciation of 10-12 per cent in 6 months or 6-9 per cent in two months. That’s why the Prime Minister took a meeting (on September 14). The Finance Minister got into the act and several decisions were taken and some of them are under implementation,” he said. Garg expressed confidence that with the measures announced and those in works, the rupee will regain comfortable levels. “I am sure this is temporary and this will come back (to the comfortable level),” he said.

Government to ‘soon’ curb on imports to bring rupee to 68-70 level against US dollar

In the wake of a revision in the Know Your Client (KYC) norms and eligibility conditions for Foreign Portfolio Investors (FPIs), Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg said an increase in FPIs would take place, which would have a positive impact on capital inflow and the current situation of the Indian Rupee.

"In April, the Securities and Exchange Board of India (SEBI) had come out with a circular for Persons of Indian Origin (PIOs) and Non-resident Indians (NRIs) who dealt with investments via asset management companies. However, there were some issues with the norms mentioned in this circular. Soon after, the SEBI constituted a committee and looked into the grievances of these people and released a new circular. I feel that now, investors will enthusiastically enter the market once again. Also, an increase in FPIs positively impacts capital inflow and the Rupee," Garg told ANI.

The market regulator on Friday announced a revision in the KYC norms for FPIs, taking cognisance of the recommendations of the SEBI Working Group headed by HR&nbsp;Khan.

As per the new norms, NRIs and Overseas Citizens of India (OCIs) shall have the same meaning as assigned to them under regulation 2 of the Foreign Exchange Management (Transfer or issue of security by a Person Resident outside India) Regulations, 2017, the SEBI noted.

NRIs, OCIs and Resident Indians (RIs), the SEBI noted, can be constituents of FPIs, if the contribution made by them, including those of NRI/ OCI/ RI controlled investment managers (IMs), is below 25 per cent from a single NRI/ OCI/ RI and in aggregate, below 50 per cent to corpus of FPI. The SEBI also stated that NRIs/ OCIs/ RIs should not be in control of FPIs.

As per the latest norms, FPIs can be controlled by IMs which are controlled and/or owned by NRIs/ OCIs/ RIs if IMs are appropriately regulated in their home jurisdiction and are registered with the SEBI as non-investing FPIs; or an IM is incorporated or set up under Indian laws and appropriately registered with the SEBI.

Furthermore, a non-investing FPI may be directly or indirectly fully owned and/or controlled by an NRI/ OCI/ RI. The restriction that NRIs/OCIs/RIs should not be in control of

FPIs, the SEBI said, will not apply to FPIs which are 'offshore funds' for which a no-objection certificate has been provided by the Board in terms of SEBI (Mutual Funds) Regulations, 1996.

Existing FPIs and new applicants shall be given a time period of two years from the date of coming into force of the amended regulations or from the date of registration, whichever is later, in order to satisfy these eligibility conditions. In case of temporary breach, a time period of 90 days will be given to ensure compliance with the prescribed conditions, the SEBI said.

In the wake of a revision in the Know Your Client (KYC) norms and eligibility conditions for Foreign Portfolio Investors (FPIs), Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg said an increase in FPIs would take place, which would have a positive impact on capital inflow and the current situation of the Indian Rupee.

In the wake of a revision in the Know Your Client (KYC) norms and eligibility conditions for Foreign Portfolio Investors (FPIs), Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg said an increase in FPIs would take place, which would have a positive impact on capital inflow and the current situation of the Indian Rupee. "In April, the Securities and Exchange Board of India (SEBI) had come out with a circular for Persons of Indian Origin (PIOs) and Non-resident Indians (NRIs) who dealt with investments via asset management companies. However, there were some issues with the norms mentioned in this circular. Soon after, the SEBI constituted a committee and looked into the grievances of these people and released a new circular. I feel that now, investors will enthusiastically enter the market once again. Also, an increase in FPIs positively impacts capital inflow and the Rupee," Garg told ANI. The market regulator on Friday announced a revision in the KYC norms for FPIs, taking cognisance of the recommendations of the SEBI Working Group headed by HR Khan. As per the new norms, NRIs and Overseas Citizens of India (OCIs) shall have the same meaning as assigned to them under regulation 2 of the Foreign Exchange Management (Transfer or issue of security by a Person Resident outside India) Regulations, 2017, the SEBI noted. NRIs, OCIs and Resident Indians (RIs), the SEBI noted, can be constituents of FPIs, if the contribution made by them, including those of NRI/ OCI/ RI controlled investment managers (IMs), is below 25 per cent from a single NRI/ OCI/ RI and in aggregate, below 50 per cent to corpus of FPI. The SEBI also stated that NRIs/ OCIs/ RIs should not be in control of FPIs. As per the latest norms, FPIs can be controlled by IMs which are controlled and/or owned by NRIs/ OCIs/ RIs if IMs are appropriately regulated in their home jurisdiction and are registered with the SEBI as non-investing FPIs; or an IM is incorporated or set up under Indian laws and appropriately registered with the SEBI. Furthermore, a non-investing FPI may be directly or indirectly fully owned and/or controlled by an NRI/ OCI/ RI. The restriction that NRIs/OCIs/RIs should not be in control of FPIs, the SEBI said, will not apply to FPIs which are 'offshore funds' for which a no-objection certificate has been provided by the Board in terms of SEBI (Mutual Funds) Regulations, 1996. Existing FPIs and new applicants shall be given a time period of two years from the date of coming into force of the amended regulations or from the date of registration, whichever is later, in order to satisfy these eligibility conditions. In case of temporary breach, a time period of 90 days will be given to ensure compliance with the prescribed conditions, the SEBI said.

Surge in Foreign Portfolio Investments will impact rupee positively: Economic Affairs Secretary

Petrol prices in Delhi saw an unabated rise on Saturday amounting to Rs 82.44 per litre, an increase of &nbsp;12 paise from Friday. However, diesel prices in the national capital remained unchanged at Rs 73.87 per litre.

In Mumbai, petrol prices were hiked by 11 paise at Rs 89.80 per litre, diesel remained unchanged at Rs 78.42 per litre on Saturday.

Petrol prices in the national capital on Friday rose by 10 paise amounting to Rs.82.32 per litre while diesel remained unchanged at Rs.73.87 per litre.

For Mumbai, petrol prices registered a hike of 0.09 paise at Rs 89.69 per litre, diesel remained unchanged at Rs 78.42 per litre on Friday.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
Petrol &amp; Diesel prices in <a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a> are Rs.82.44 per litre &amp; Rs.73.87 per litre, respectively. Petrol &amp; Diesel prices in <a href="https://twitter.com/hashtag/Mumbai?src=hash&amp;ref_src=twsrc%5Etfw">#Mumbai</a> are Rs.89.80 per litre &amp; Rs.78.42 per litre, respectively. <a href="https://t.co/qDnEqNI8yU">pic.twitter.com/qDnEqNI8yU</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1043301136449646592?ref_src=twsrc%5Etfw">September 22, 2018</a></blockquote>
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Fuel prices remained unchanged for the first time since September 12 on Wednesday with petrol selling at Rs 82.16 per litre and diesel at Rs 73.87 per litre in Delhi.

Meanwhile, Union Transport Minister Nitin Gadkari on Tuesday admitted that fuel prices are "very high and hurting the public".

Petrol prices in Delhi saw an unabated rise on Saturday amounting to Rs 82.44 per litre, an increase of 12 paise from Friday. However, diesel prices in the national capital remained unchanged at Rs 73.

Petrol prices in Delhi saw an unabated rise on Saturday amounting to Rs 82.44 per litre, an increase of 12 paise from Friday. However, diesel prices in the national capital remained unchanged at Rs 73.87 per litre. In Mumbai, petrol prices were hiked by 11 paise at Rs 89.80 per litre, diesel remained unchanged at Rs 78.42 per litre on Saturday. Petrol prices in the national capital on Friday rose by 10 paise amounting to Rs.82.32 per litre while diesel remained unchanged at Rs.73.87 per litre. For Mumbai, petrol prices registered a hike of 0.09 paise at Rs 89.69 per litre, diesel remained unchanged at Rs 78.42 per litre on Friday. Petrol & Diesel prices in #Delhi are Rs.82.44 per litre & Rs.73.87 per litre, respectively. Petrol & Diesel prices in #Mumbai are Rs.89.80 per litre & Rs.78.42 per litre, respectively. pic.twitter.com/qDnEqNI8yU — ANI (@ANI) September 22, 2018 × Fuel prices remained unchanged for the first time since September 12 on Wednesday with petrol selling at Rs 82.16 per litre and diesel at Rs 73.87 per litre in Delhi. Meanwhile, Union Transport Minister Nitin Gadkari on Tuesday admitted that fuel prices are "very high and hurting the public".

Petrol rates continue to rise, inches closer to Rs 90-mark in Mumbai

Continuing its uptrend, the rupee firmed by another 53 paise to trade at over a two-week high of 71.84 against the US dollar in early trade Friday at the Interbank Foreign Exchange on increased selling of the American currency by exporters and banks.

Besides, the dollar's weakness against some currencies overseas on easing trade war concerns and a higher opening of the domestic equity market supported the rupee, forex dealers said.

On Wednesday, the rupee had gained 61 paise, notching up its best single-day gain since March 2017 to close at 72.37 against the US currency supported by heavy dollar selling by banks and weakness in the greenback in global markets.

Meanwhile, the benchmark BSE Sensex recovered by 231.40 points, or 0.62 per cent, to 37,352.62 in morning trade.

The stock market was shut Thursday on account of Muharram.

The Sensex had lost 969.42 points in the previous three sessions.

The NSE Nifty went past 11,300 to trade at 11,318.50, gaining 84.15, or 0.75 per cent.

Sectoral indices, including metal, oil and gas, PSU, power, infrastructure, healthcare, consumer durables, FMCG, capital goods, auto and banking stocks, rose up to 1.62 per cent.

Continuing its uptrend, the rupee firmed by another 53 paise to trade at over a two-week high of 71.84 against the US dollar in early trade Friday at the Interbank Foreign Exchange on increased selling of the American currency by exporters and banks.

Continuing its uptrend, the rupee firmed by another 53 paise to trade at over a two-week high of 71.84 against the US dollar in early trade Friday at the Interbank Foreign Exchange on increased selling of the American currency by exporters and banks. Besides, the dollar's weakness against some currencies overseas on easing trade war concerns and a higher opening of the domestic equity market supported the rupee, forex dealers said. On Wednesday, the rupee had gained 61 paise, notching up its best single-day gain since March 2017 to close at 72.37 against the US currency supported by heavy dollar selling by banks and weakness in the greenback in global markets. Meanwhile, the benchmark BSE Sensex recovered by 231.40 points, or 0.62 per cent, to 37,352.62 in morning trade. The stock market was shut Thursday on account of Muharram. The Sensex had lost 969.42 points in the previous three sessions. The NSE Nifty went past 11,300 to trade at 11,318.50, gaining 84.15, or 0.75 per cent. Sectoral indices, including metal, oil and gas, PSU, power, infrastructure, healthcare, consumer durables, FMCG, capital goods, auto and banking stocks, rose up to 1.62 per cent.

Rupee at 2-week high, markets open in green

Petrol prices in the national capital on Friday rose by 10 paise amounting to Rs.82.32 per litre while diesel remained unchanged at Rs.73.87 per litre.

For Mumbai, petrol prices registered a hike of 0.09 paise at Rs 89.69 per litre, diesel remained unchanged at Rs 78.42 per litre.

Petrol was sold at Rs 82.22 per litre in Delhi on Thursday while the prices of diesel remained unchanged at Rs 73.87 per litre.&nbsp;

In Mumbai, petrol prices were registered at a high of Rs 89.60 per litre, while diesel prices remained the same at Rs 78.42 for a litre on Thursday.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
Petrol &amp; Diesel prices in <a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a> are Rs.82.32 per litre &amp; Rs.73.87 per litre, respectively. Petrol &amp; Diesel prices in <a href="https://twitter.com/hashtag/Mumbai?src=hash&amp;ref_src=twsrc%5Etfw">#Mumbai</a> are Rs.89.69 per litre &amp; Rs.78.42 per litre, respectively. <a href="https://t.co/7vRlnUMZRz">pic.twitter.com/7vRlnUMZRz</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1042941905359781888?ref_src=twsrc%5Etfw">September 21, 2018</a></blockquote>
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Fuel prices remained unchanged for the first time since September 12 on Wednesday with petrol selling at Rs 82.16 per litre and diesel at Rs 73.87 per litre in Delhi.

Meanwhile, Union Transport Minister Nitin Gadkari on Tuesday admitted that fuel prices are "very high and hurting the public".

Gadkari also said he has been told that there is a likelihood of the global crude prices going down. He, however, did not clarify on the source of his information.

Petrol prices in the national capital on Friday rose by 10 paise amounting to Rs.82.32 per litre while diesel remained unchanged at Rs.73.87 per litre. For Mumbai, petrol prices registered a hike of 0.

Petrol prices in the national capital on Friday rose by 10 paise amounting to Rs.82.32 per litre while diesel remained unchanged at Rs.73.87 per litre. For Mumbai, petrol prices registered a hike of 0.09 paise at Rs 89.69 per litre, diesel remained unchanged at Rs 78.42 per litre. Petrol was sold at Rs 82.22 per litre in Delhi on Thursday while the prices of diesel remained unchanged at Rs 73.87 per litre. In Mumbai, petrol prices were registered at a high of Rs 89.60 per litre, while diesel prices remained the same at Rs 78.42 for a litre on Thursday. Petrol & Diesel prices in #Delhi are Rs.82.32 per litre & Rs.73.87 per litre, respectively. Petrol & Diesel prices in #Mumbai are Rs.89.69 per litre & Rs.78.42 per litre, respectively. pic.twitter.com/7vRlnUMZRz — ANI (@ANI) September 21, 2018 × Fuel prices remained unchanged for the first time since September 12 on Wednesday with petrol selling at Rs 82.16 per litre and diesel at Rs 73.87 per litre in Delhi. Meanwhile, Union Transport Minister Nitin Gadkari on Tuesday admitted that fuel prices are "very high and hurting the public". Gadkari also said he has been told that there is a likelihood of the global crude prices going down. He, however, did not clarify on the source of his information.

Petrol prices rise again at Rs 82.32 in Delhi, diesel remains unchanged 

The BSE Sensex tumbled about 280 points to close below the 37,000-mark Friday after investors were jolted by an over 1,000-point plunge in afternoon trade.

The 30-share benchmark, which opened on a strong footing, suddenly tanked 1,127.58 points, or 3.03 per cent, to hit a low of 35,993.64 at 1309 hours, before staging an equally sharp recovery.

The fall came on the back of a massive selloff in NBFCs, led by DHFL which skidded over 50 per cent on fears of a liquidity crisis.

The Sensex finally ended lower by 279.62 points, or 0.75 per cent, at 36,841.60. This is its lowest closing since July 25, when it had finished at 36,858.23.

Yes Bank was the worst performer on the index, losing a whopping 28.71 per cent. The Reserve Bank Wednesday curtailed the term of its founding CEO Rana Kapoor and asked the private sector lender to look for his replacement by January 2019.

The broader Nifty too suffered a mid-session plunge and ended at 11,143.10, down 91.25 points.

The indices closed with losses for the third straight week. The Sensex lost a hefty 1,249.04 points, or 3.28 per cent, while the NSE Nifty fell 372.10 points, or 3.23 per cent, during the week.

Foreign portfolio investors (FPIs) remained net sellers and offloaded equities worth Rs 2,184.55 crore while domestic institutional investors (DIIs) made purchases worth a net Rs 1,201.30 crore Wednesday, provisional data showed.&nbsp;

The BSE Sensex tumbled about 280 points to close below the 37,000-mark Friday after investors were jolted by an over 1,000-point plunge in afternoon trade. The 30-share benchmark, which opened on a strong footing, suddenly tanked 1,127.

The BSE Sensex tumbled about 280 points to close below the 37,000-mark Friday after investors were jolted by an over 1,000-point plunge in afternoon trade. The 30-share benchmark, which opened on a strong footing, suddenly tanked 1,127.58 points, or 3.03 per cent, to hit a low of 35,993.64 at 1309 hours, before staging an equally sharp recovery. The fall came on the back of a massive selloff in NBFCs, led by DHFL which skidded over 50 per cent on fears of a liquidity crisis. The Sensex finally ended lower by 279.62 points, or 0.75 per cent, at 36,841.60. This is its lowest closing since July 25, when it had finished at 36,858.23. Yes Bank was the worst performer on the index, losing a whopping 28.71 per cent. The Reserve Bank Wednesday curtailed the term of its founding CEO Rana Kapoor and asked the private sector lender to look for his replacement by January 2019. The broader Nifty too suffered a mid-session plunge and ended at 11,143.10, down 91.25 points. The indices closed with losses for the third straight week. The Sensex lost a hefty 1,249.04 points, or 3.28 per cent, while the NSE Nifty fell 372.10 points, or 3.23 per cent, during the week. Foreign portfolio investors (FPIs) remained net sellers and offloaded equities worth Rs 2,184.55 crore while domestic institutional investors (DIIs) made purchases worth a net Rs 1,201.30 crore Wednesday, provisional data showed.

Sensex ends in red after 1,000-point flash crash

Shares of housing finance firms came crashing sharply Friday, with Dewan Housing Finance tumbling up to 60 per cent on massive selling.

The scrip of Dewan Housing Finance Corporation plummeted 59.67 per cent to Rs 246.25 -- its 52-week low -- on BSE.

Among others, Indiabulls Housing Finance nosedived 35 per cent, Gruh Finance tumbled 17.66 per cent, Can Fin Homes plunged 14.55 per cent, PNB Housing Finance tanked 9.23 per cent.

The broader market also witnessed huge sell-off, with the BSE benchmark index crashing over 1,100 points within a matter of minutes during the afternoon trade.&nbsp;

The index had plunged 1,127.58 points, or 3.03 per cent, to hit an intra-day low of 35,993.64. It, however, recovered nearly 900 points within minutes of the fall.&nbsp;

Shares of housing finance firms came crashing sharply Friday, with Dewan Housing Finance tumbling up to 60 per cent on massive selling. The scrip of Dewan Housing Finance Corporation plummeted 59.

Shares of housing finance firms came crashing sharply Friday, with Dewan Housing Finance tumbling up to 60 per cent on massive selling. The scrip of Dewan Housing Finance Corporation plummeted 59.67 per cent to Rs 246.25 -- its 52-week low -- on BSE. Among others, Indiabulls Housing Finance nosedived 35 per cent, Gruh Finance tumbled 17.66 per cent, Can Fin Homes plunged 14.55 per cent, PNB Housing Finance tanked 9.23 per cent. The broader market also witnessed huge sell-off, with the BSE benchmark index crashing over 1,100 points within a matter of minutes during the afternoon trade. The index had plunged 1,127.58 points, or 3.03 per cent, to hit an intra-day low of 35,993.64. It, however, recovered nearly 900 points within minutes of the fall.

Housing finance firms crash; DHFL nosedives 60%

Private sector lender Yes Bank Ltd's shares tumbled nearly a third on Friday, wiping as much as $3.1 billion off its market value, after the central bank reduced charismatic CEO Rana Kapoor's term, creating uncertainty about its outlook.

The Reserve Bank of India (RBI) said late on Wednesday Kapoor can serve as the lender's chief executive only till January 31 next year. It did not give a reason.

Kapoor co-founded the bank and has been instrumental in its rise to become India's fifth-largest private sector bank with assets of $43.19 billion.

RBI's move came after Yes Bank's shareholders voted in June to extend Kapoor's term as CEO and managing director for three years, pending central bank approval.

Yes Bank and RBI did not immediately respond to requests for comment.

Yes Bank shares sank as much as 31.7 per cent to 287.30 rupees on Friday, with more than 158 million shares changing hands - over seven times their 30-day average volume. They cut their losses to be down 20 per cent by late morning.

Indian stock markets were closed on Thursday for a holiday. Before Friday's trading, Yes Bank had a market value of about $10 billion.

At least two brokerages downgraded the stock, citing uncertainty and doubts in investors' minds about the bank's future.

Nomura analysts said a need to raise growth capital in troubled times, investor doubts about asset quality and the RBI's concerns for Kapoor continuing in his position could weigh on the stock.

The research firm downgraded the stock to "neutral" from "buy", reducing its target price to 345 rupees.

Private sector lender Yes Bank Ltd's shares tumbled nearly a third on Friday, wiping as much as $3.1 billion off its market value, after the central bank reduced charismatic CEO Rana Kapoor's term, creating uncertainty about its outlook.

Private sector lender Yes Bank Ltd's shares tumbled nearly a third on Friday, wiping as much as $3.1 billion off its market value, after the central bank reduced charismatic CEO Rana Kapoor's term, creating uncertainty about its outlook. The Reserve Bank of India (RBI) said late on Wednesday Kapoor can serve as the lender's chief executive only till January 31 next year. It did not give a reason. Kapoor co-founded the bank and has been instrumental in its rise to become India's fifth-largest private sector bank with assets of $43.19 billion. RBI's move came after Yes Bank's shareholders voted in June to extend Kapoor's term as CEO and managing director for three years, pending central bank approval. Yes Bank and RBI did not immediately respond to requests for comment. Yes Bank shares sank as much as 31.7 per cent to 287.30 rupees on Friday, with more than 158 million shares changing hands - over seven times their 30-day average volume. They cut their losses to be down 20 per cent by late morning. Indian stock markets were closed on Thursday for a holiday. Before Friday's trading, Yes Bank had a market value of about $10 billion. At least two brokerages downgraded the stock, citing uncertainty and doubts in investors' minds about the bank's future. Nomura analysts said a need to raise growth capital in troubled times, investor doubts about asset quality and the RBI's concerns for Kapoor continuing in his position could weigh on the stock. The research firm downgraded the stock to "neutral" from "buy", reducing its target price to 345 rupees.

Yes Bank plunges by nearly a third after RBI curtails CEO's term

The government is planning to ask state oil firms to lock in their crude futures purchase prices, a government source said on Thursday, anticipating a spike when US&nbsp;sanctions on Iran snap back again in November.

The move would be another step to tackle a slide in the rupee, as oil prices are putting pressure on India, which imports some 80 per cent of its crude demand. Its currency has fallen sharply this year against the US&nbsp;dollar, amid a wider sell-off in emerging markets.

"The futures should be locked in when the crude price is down," said the source, who is familiar with deliberations on the matter, adding the step should have been taken earlier.

The rupee, Asia's worst performing currency this year, has depreciated about 12 per cent year-to-date against the US&nbsp;dollar, closing at 72.39 on Wednesday, after a record low of 72.99 on Tuesday. Markets were closed on Thursday.

The government is expected to announce a set of measures to discourage non-essential imports to stem the slump in the currency.

Separately, a senior finance ministry official said there was a view that the rupee could weaken further in the next two months if proposed steps failed to kill "speculation in the rupee market".

"The gap between the announcement of steps and action is creating a space for speculation. We have to stop this," said the official.

Officials at oil companies said they were open to the idea of locking in futures if the government asked.

A senior official at Indian Oil Corp, a state-owned oil marketing company, said they were considering some options in terms of forwarding contracts. He declined to give details saying this was "market sensitive information".

An official at BPCL, another state-owned oil firm, said they were trying to hedge margins, under a policy reviewed every quarter.

BPCL is also studying a proposal to buy dollars directly from the Reserve Bank of India instead of the market, in a bid to quell strong dollar demand that is denting the rupee.

"Whenever there is sharp volatility in exchange rates, this dollar window is opened. We're studying the proposal," he said.

Another official at state-run HPCL said the government had not officially asked for it to examine forward contracts.

"In case it is needed, or the government wants us to, we will then look into it," the HPCL official said.

The officials declined to be named as the proposals are still under consideration.

Country's risk-averse state-owned refiners have in the past been reluctant to engage in futures trading or hedging strategies, fearing administrative blow-back if bets go wrong.

The refiners typically buy up to 70 per cent of their oil needs through term deals and the remainder through spot markets.

Unlike state refiners, private players Reliance Industries and Nayara Energy use hedging tools to lock in costs on the international market.

The government is planning to ask state oil firms to lock in their crude futures purchase prices, a government source said on Thursday, anticipating a spike when US sanctions on Iran snap back again in November.

The government is planning to ask state oil firms to lock in their crude futures purchase prices, a government source said on Thursday, anticipating a spike when US sanctions on Iran snap back again in November. The move would be another step to tackle a slide in the rupee, as oil prices are putting pressure on India, which imports some 80 per cent of its crude demand. Its currency has fallen sharply this year against the US dollar, amid a wider sell-off in emerging markets. "The futures should be locked in when the crude price is down," said the source, who is familiar with deliberations on the matter, adding the step should have been taken earlier. The rupee, Asia's worst performing currency this year, has depreciated about 12 per cent year-to-date against the US dollar, closing at 72.39 on Wednesday, after a record low of 72.99 on Tuesday. Markets were closed on Thursday. The government is expected to announce a set of measures to discourage non-essential imports to stem the slump in the currency. Separately, a senior finance ministry official said there was a view that the rupee could weaken further in the next two months if proposed steps failed to kill "speculation in the rupee market". "The gap between the announcement of steps and action is creating a space for speculation. We have to stop this," said the official. Officials at oil companies said they were open to the idea of locking in futures if the government asked. A senior official at Indian Oil Corp, a state-owned oil marketing company, said they were considering some options in terms of forwarding contracts. He declined to give details saying this was "market sensitive information". An official at BPCL, another state-owned oil firm, said they were trying to hedge margins, under a policy reviewed every quarter. BPCL is also studying a proposal to buy dollars directly from the Reserve Bank of India instead of the market, in a bid to quell strong dollar demand that is denting the rupee. "Whenever there is sharp volatility in exchange rates, this dollar window is opened. We're studying the proposal," he said. Another official at state-run HPCL said the government had not officially asked for it to examine forward contracts. "In case it is needed, or the government wants us to, we will then look into it," the HPCL official said. The officials declined to be named as the proposals are still under consideration. Country's risk-averse state-owned refiners have in the past been reluctant to engage in futures trading or hedging strategies, fearing administrative blow-back if bets go wrong. The refiners typically buy up to 70 per cent of their oil needs through term deals and the remainder through spot markets. Unlike state refiners, private players Reliance Industries and Nayara Energy use hedging tools to lock in costs on the international market.

India may look to lock in oil futures to stem rupee slide: Report

Sensex plunged by over one thousand points on Friday afternoon with YesBank, Adani Ports, Tata Motars falling sharply as huge selloff was witnessed in automobiles, FMCG products and pharmaceuticals.

<a href="http://wionews.com/business-economy/yes-bank-plunges-nearly-third-after-rbi-curtails-ceos-term-166960">Also Read:&nbsp;Yes Bank plunges by nearly a third after RBI curtails CEO's term</a>

Dewan Housing Finance Corporation(DHFL) market cap tanked 10,000 crore in market capitalization&nbsp;at one point as the Nifty went below 11,000 level.

DHFL stock slipped below Rs 400 per share to go down 40 per cent in intraday trade.&nbsp;

Several stocks in the BSE 500 lost over 10 per cent in market value including Jaipark, Indiabulls and&nbsp;Dewan HSG.

The markets recovered later to be down by 374.74 points or 1.01% at 36746.48.

The Rupee too lost ground after going down below 72 on Thursday.

The benchmark BSE Sensex had recovered by 231.40 points, or 0.62 per cent, to 37,352.62 in morning trade. The Sensex had lost 969.42 points in the previous three sessions.

On Friday morning, the NSE Nifty went past 11,300 to trade at 11,318.50, gaining 84.15, or 0.75 per cent.

Overseas, most Asian shares were trading higher, tracking positive closing in the US market overnight.&nbsp;Shanghai Composite Index was up by 0.90 per cent, Hong Kong's Hang Seng rose 1 per cent.

Japan's Nikkei too inched 0.50 per cent higher after a data release earlier showed that the country's nationwide core consumer price index for the month of August rose 0.90 per cent compared to a year ago.

The US Dow Jones Industrial Average ended 0.97 per cent higher on Thursday.&nbsp;

Sensex plunged by over one thousand points on Friday afternoon with YesBank, Adani Ports, Tata Motars falling sharply as huge selloff was witnessed in automobiles, FMCG products and pharmaceuticals.

Sensex plunged by over one thousand points on Friday afternoon with YesBank, Adani Ports, Tata Motars falling sharply as huge selloff was witnessed in automobiles, FMCG products and pharmaceuticals. Also Read: Yes Bank plunges by nearly a third after RBI curtails CEO's term Dewan Housing Finance Corporation(DHFL) market cap tanked 10,000 crore in market capitalization at one point as the Nifty went below 11,000 level. DHFL stock slipped below Rs 400 per share to go down 40 per cent in intraday trade. Several stocks in the BSE 500 lost over 10 per cent in market value including Jaipark, Indiabulls and Dewan HSG. The markets recovered later to be down by 374.74 points or 1.01% at 36746.48. The Rupee too lost ground after going down below 72 on Thursday. The benchmark BSE Sensex had recovered by 231.40 points, or 0.62 per cent, to 37,352.62 in morning trade. The Sensex had lost 969.42 points in the previous three sessions. On Friday morning, the NSE Nifty went past 11,300 to trade at 11,318.50, gaining 84.15, or 0.75 per cent. Overseas, most Asian shares were trading higher, tracking positive closing in the US market overnight. Shanghai Composite Index was up by 0.90 per cent, Hong Kong's Hang Seng rose 1 per cent. Japan's Nikkei too inched 0.50 per cent higher after a data release earlier showed that the country's nationwide core consumer price index for the month of August rose 0.90 per cent compared to a year ago. The US Dow Jones Industrial Average ended 0.97 per cent higher on Thursday.

Sensex plunges over 1,000 points, recovers later

Petrol price&nbsp;in Delhi rose by 0.06 paise on Thursday amounting it to a total of Rs 82.22 per litre while the prices of diesel remained unchanged at Rs 73.87 per litre.&nbsp;

According to reports, <a href="http://www.wionews.com/business-&-economy/in-another-high-for-fuel-prices-petrol-sells-at-rs-8216-in-delhi-nears-rs-90-mark-in-mumbai-166263">petrol prices in Mumbai</a> were registered at a high at Rs 89.60&nbsp;per litre, while diesel prices remained the same at Rs 78.42 for a litre, on Thursday.

The petrol price was increased by 7 paise per litre in Chennai which is being retailed at Rs 85.48 per litre while petrol prices touched Rs&nbsp;84.70 per litre in Kolkata, on Thursday.

As fuel prices inch closer to the psychological Rs 90-mark in the city where petrol and diesel are the costliest, Union transport minister Nitin Gadkari on Tuesday admitted that fuel prices are "very high and hurting the public".

On Wednesday, the fuel prices remained unchanged for the first time since September 12 with petrol selling at Rs 82.16 per litre and diesel at Rs 73.87 per litre in Delhi.

The soaring petrol prices had led to a nationwide bandh, organised by the opposition last week. The rates vary from city to city and from pump to pump depending on local taxes and transportation cost.&nbsp;

The high oil prices and depreciating rupee has made imports costlier and led to a surge in fuel prices.

According to reports, petrol prices in Mumbai were registered at Rs 89.60 per litre, while diesel prices remained the same at Rs 78.42 for a litre, on Thursday.

Petrol price in Delhi rose by 0.06 paise on Thursday amounting it to a total of Rs 82.22 per litre while the prices of diesel remained unchanged at Rs 73.87 per litre. According to reports, petrol prices in Mumbai were registered at a high at Rs 89.60 per litre, while diesel prices remained the same at Rs 78.42 for a litre, on Thursday. The petrol price was increased by 7 paise per litre in Chennai which is being retailed at Rs 85.48 per litre while petrol prices touched Rs 84.70 per litre in Kolkata, on Thursday. As fuel prices inch closer to the psychological Rs 90-mark in the city where petrol and diesel are the costliest, Union transport minister Nitin Gadkari on Tuesday admitted that fuel prices are "very high and hurting the public". On Wednesday, the fuel prices remained unchanged for the first time since September 12 with petrol selling at Rs 82.16 per litre and diesel at Rs 73.87 per litre in Delhi. The soaring petrol prices had led to a nationwide bandh, organised by the opposition last week. The rates vary from city to city and from pump to pump depending on local taxes and transportation cost. The high oil prices and depreciating rupee has made imports costlier and led to a surge in fuel prices.

Petrol prices hiked again, diesel remain unchanged

Oil prices were steady on Wednesday as concerns that producers will not be able to respond to a shortfall in supply once US sanctions on Iran are enacted outweighed a gain in stockpiles in the United States, the world's biggest oil user.

Brent crude futures were down 9 cents at $78.92 per barrel 0334 GMT, after rising 1.3 per cent in the previous session.

US West Texas Intermediate (WTI) crude futures were down 4 cents, or 0.1 per cent, at $69.81 a barrel after climbing 1.4 per cent in the previous session.

Prices rose on Tuesday amid media reports that Saudi Arabia, the world's largest oil exporter, was comfortable with prices climbing above $80 a barrel.

Reuters reported on Sept. 5 that Saudi Arabia wants oil to stay between $70 and $80 a barrel to keep a balance between maximizing revenue and keeping a lid on prices until US congressional elections.

The Organization of the Petroleum Exporting Countries (OPEC)and non-OPEC producers, including the world's biggest producer Russia, are meeting on Sept. 23 in Algiers, Algeria, to discuss how they can allocate supply increases within their quota framework to offset the loss of Iranian oil supply.

US&nbspsanctions affecting Iran's petroleum sector will come into force from Nov. 4 though many buyers have already cut their purchases, raising questions about how the market will make up the lost supply.

Traders took the Saudi comments "as a sign that they (Saudi Arabia) won't be aggressively responding to the rise in prices with supply increases of its own," said ANZ bank in a note on Wednesday. "It may also suggest they don't have the ability to make up for the losses that are already stemming from impending U.S. sanctions on Iran."

OPEC and non-OPEC producers Russia started withholding oil supplies in 2017 to end a global glut and prop up prices.

The producer group said in June that it would agree to some supply increases starting in July, though the specific targets were not announced at the time.

There are signs, however, that Saudi Arabian exports did not increase in July. The country's oil exports fell to 7.12 million barrels per day (bpd) last month from 7.24 million bpd, according to figures from the Joint Organizations Data Imitative.

The supply concerns outweighed an increase in oil inventories in the United States reported late on Tuesday.

US crude inventories rose by 1.2 million barrels to 397.1 million in the week to Sept. 14, according to the American Petroleum Institute (API).

Stockpile of distillate fuels, which include diesel and heating oil, rose by 1.5 million barrels, the API data showed,

Official inventory data from the U.S. Energy Information Administration will be released later on Wednesday.

"Traders are ignoring today’s API data given while focusing on news from the Middle East," Stephen Innes, head of Trading for APAC at OANDA wrote in a note. "Overnight chatter suggests that the Saudis are more than happy with a Brent price above $80 or that OPEC, more generally, is not considering raising output."

Brent crude futures were down 9 cents at $78.92 per barrel 0334 GMT, after rising 1.3 per cent in the previous session.

Oil prices were steady on Wednesday as concerns that producers will not be able to respond to a shortfall in supply once US sanctions on Iran are enacted outweighed a gain in stockpiles in the United States, the world's biggest oil user. Brent crude futures were down 9 cents at $78.92 per barrel 0334 GMT, after rising 1.3 per cent in the previous session. US West Texas Intermediate (WTI) crude futures were down 4 cents, or 0.1 per cent, at $69.81 a barrel after climbing 1.4 per cent in the previous session. Prices rose on Tuesday amid media reports that Saudi Arabia, the world's largest oil exporter, was comfortable with prices climbing above $80 a barrel. Reuters reported on Sept. 5 that Saudi Arabia wants oil to stay between $70 and $80 a barrel to keep a balance between maximizing revenue and keeping a lid on prices until US congressional elections. The Organization of the Petroleum Exporting Countries (OPEC)and non-OPEC producers, including the world's biggest producer Russia, are meeting on Sept. 23 in Algiers, Algeria, to discuss how they can allocate supply increases within their quota framework to offset the loss of Iranian oil supply. US&nbspsanctions affecting Iran's petroleum sector will come into force from Nov. 4 though many buyers have already cut their purchases, raising questions about how the market will make up the lost supply. Traders took the Saudi comments "as a sign that they (Saudi Arabia) won't be aggressively responding to the rise in prices with supply increases of its own," said ANZ bank in a note on Wednesday. "It may also suggest they don't have the ability to make up for the losses that are already stemming from impending U.S. sanctions on Iran." OPEC and non-OPEC producers Russia started withholding oil supplies in 2017 to end a global glut and prop up prices. The producer group said in June that it would agree to some supply increases starting in July, though the specific targets were not announced at the time. There are signs, however, that Saudi Arabian exports did not increase in July. The country's oil exports fell to 7.12 million barrels per day (bpd) last month from 7.24 million bpd, according to figures from the Joint Organizations Data Imitative. The supply concerns outweighed an increase in oil inventories in the United States reported late on Tuesday. US crude inventories rose by 1.2 million barrels to 397.1 million in the week to Sept. 14, according to the American Petroleum Institute (API). Stockpile of distillate fuels, which include diesel and heating oil, rose by 1.5 million barrels, the API data showed, Official inventory data from the U.S. Energy Information Administration will be released later on Wednesday. "Traders are ignoring today’s API data given while focusing on news from the Middle East," Stephen Innes, head of Trading for APAC at OANDA wrote in a note. "Overnight chatter suggests that the Saudis are more than happy with a Brent price above $80 or that OPEC, more generally, is not considering raising output."

Oil prices steady as concerns about producer output outweigh US stockpile gain

The rupee Wednesday rebounded from its all-time low by rising 28 paise to 72.70 against the US dollar in early trade at the Interbank Foreign Exchange market on fresh selling of the US currency by exporters and banks.

Besides, dollar-selling by exporters and banks, easing crude prices in the global market and weakness in the dollar against other currencies overseas, helped the domestic currency rebound, forex dealers said.

A higher opening in the equity market also supported the recovery in the rupee, they said.

The rupee Tuesday slid further by 47 paise to settle at a record low of 72.98 after scaling an all-time low of 72.99 (intra-day) against the US currency due to surging crude oil prices and escalating trade war worries.

Meanwhile, the BSE benchmark Sensex recovered by 142.26 points, or 0.38 per cent, to 37,432.93 in opening trade Wednesday.&nbsp;

A higher opening in the equity market also supported the recovery in the rupee, experts said.

The rupee Wednesday rebounded from its all-time low by rising 28 paise to 72.70 against the US dollar in early trade at the Interbank Foreign Exchange market on fresh selling of the US currency by exporters and banks. Besides, dollar-selling by exporters and banks, easing crude prices in the global market and weakness in the dollar against other currencies overseas, helped the domestic currency rebound, forex dealers said. A higher opening in the equity market also supported the recovery in the rupee, they said. The rupee Tuesday slid further by 47 paise to settle at a record low of 72.98 after scaling an all-time low of 72.99 (intra-day) against the US currency due to surging crude oil prices and escalating trade war worries. Meanwhile, the BSE benchmark Sensex recovered by 142.26 points, or 0.38 per cent, to 37,432.93 in opening trade Wednesday.

Rupee recovers 28 paise against dollar at 72.70, markets open in green

Regulator Sebi clarified on Wednesday that it has not received any settlement application from ICICI Bank or any other entity with respect to the probe into alleged regulatory lapses involving its CEO Chanda Kochhar, her husband and his business dealings. Besides, the markets watchdog said that ICICI Bank and Kochhar have replied to the show cause notices issued by it.

ICICI Bank and the business dealings of the Kochhar family have come under the regulatory glare of Sebi and other agencies after a whistleblower reported to the government agencies that the family had some quid pro quo in its dealings with the now bankrupt Videocon group.

In FY 2012, the bank had, by allegedly flouting its own lending norms, extended a Rs 3,250 crore loan to the Videocon group, which has since turned dud for the bank. “It is hereby clarified that ICICI Bank and Chanda Kochhar have filed replies to show cause notices issued by Sebi. It is further clarified that, Sebi has not received any settlement application from ICICI Bank or from any other entity related to the matter,” the regulator said in a statement.

Earlier, the Securities and Exchange Board (Sebi) had issued show cause notices to ICICI Bank, Kochhar and others after its preliminary examination favoured initiating adjudication proceedings against them for alleged violation of listing disclosure norms regarding ‘conflict of interest’ in business dealings of her husband with Videocon Group.

The bank and Kochhar have been maintaining there had been no regulatory violations on their part and that she was not aware of specific business dealings of her husband. As per Sebi’s preliminary probe, Kochhar’s husband Deepak has had many business dealings with the Videocon group over the past several years.

Besides, Deepak and Videocon chief Venugopal Dhoot were co-founders and promoters of NuPower, besides other associations. 
The cases under scanner include significant loan exposure of the bank to Videocon way back in 2012 and the alleged involvement of the Kochhar family in restructuring of that loan. Kochhar and her family members are also facing allegations of quid pro quo and conflict of interest with respect to the loan extended to an offshore arm of the Essar group.

Regulator Sebi clarified on Wednesday that it has not received any settlement application from ICICI Bank or any other entity with respect to the probe into alleged regulatory lapses involving its CEO Chanda Kochhar, her husband and his business dealings.

Regulator Sebi clarified on Wednesday that it has not received any settlement application from ICICI Bank or any other entity with respect to the probe into alleged regulatory lapses involving its CEO Chanda Kochhar, her husband and his business dealings. Besides, the markets watchdog said that ICICI Bank and Kochhar have replied to the show cause notices issued by it. ICICI Bank and the business dealings of the Kochhar family have come under the regulatory glare of Sebi and other agencies after a whistleblower reported to the government agencies that the family had some quid pro quo in its dealings with the now bankrupt Videocon group. In FY 2012, the bank had, by allegedly flouting its own lending norms, extended a Rs 3,250 crore loan to the Videocon group, which has since turned dud for the bank. “It is hereby clarified that ICICI Bank and Chanda Kochhar have filed replies to show cause notices issued by Sebi. It is further clarified that, Sebi has not received any settlement application from ICICI Bank or from any other entity related to the matter,” the regulator said in a statement. Earlier, the Securities and Exchange Board (Sebi) had issued show cause notices to ICICI Bank, Kochhar and others after its preliminary examination favoured initiating adjudication proceedings against them for alleged violation of listing disclosure norms regarding ‘conflict of interest’ in business dealings of her husband with Videocon Group. The bank and Kochhar have been maintaining there had been no regulatory violations on their part and that she was not aware of specific business dealings of her husband. As per Sebi’s preliminary probe, Kochhar’s husband Deepak has had many business dealings with the Videocon group over the past several years. Besides, Deepak and Videocon chief Venugopal Dhoot were co-founders and promoters of NuPower, besides other associations. The cases under scanner include significant loan exposure of the bank to Videocon way back in 2012 and the alleged involvement of the Kochhar family in restructuring of that loan. Kochhar and her family members are also facing allegations of quid pro quo and conflict of interest with respect to the loan extended to an offshore arm of the Essar group.

ICICI Bank, other related entities have not filed for settlement, says Sebi

India’s steel ministry has proposed increasing the effective import duty on some steel products to 15 per cent from current rates ranging from 5% to 12.5%, according to two people and a government document reviewed by Reuters, as the country looks to support the rupee.

The proposal, which is part of a broader government plan to cut “non-necessary” imports to stop an outflow of dollars that has sent the rupee to record lows, will be discussed in the trade ministry on Wednesday, according to one of the people involved in the matter.

“The broader message is to address the trade balance but we will try to promote ‘Make in India’ by encouraging domestic (steel) production,” said one of the persons quoted above, declining to be named ahead of a possible decision. This person said there was no certainty that the proposed duty would be imposed. The steel and trade ministries did not immediately respond to requests seeking comment.

In the three months to end-June, India became a net steel importer for the first time in two years, with foreign supplies reaching 2.1 million tonnes, up 15% from a year earlier, according to official data.

In the 2017-18 financial year, the country imported 8.4 million tonnes of steel, 45% of which came from Japan and South Korea with which India has free trade agreements.

The proposed duties may not apply to imports from the North Asian countries, but other steel suppliers such as China, South Africa, Malaysia, Russia and Indonesia could be affected.

Apart from steel, India is considering raising import duties on some farm commodities, potentially for a few months, although it is wary of the risks of retaliation, said a senior government official with knowledge of inter-ministerial deliberations on proposed restrictions.

The government is also looking at curbs on imports of gold and high-end electronic items, a trade ministry source said last week.

India is the world’s second-biggest gold buyer, and its imports in August rose more than 90 per cent to $3.64 billion.

The proposal, part of a broader government plan to cut ‘non-necessary’ imports to stop an outflow of dollars that has sent the rupee to record lows, will be discussed in the trade ministry today

India’s steel ministry has proposed increasing the effective import duty on some steel products to 15 per cent from current rates ranging from 5% to 12.5%, according to two people and a government document reviewed by Reuters, as the country looks to support the rupee. The proposal, which is part of a broader government plan to cut “non-necessary” imports to stop an outflow of dollars that has sent the rupee to record lows, will be discussed in the trade ministry on Wednesday, according to one of the people involved in the matter. “The broader message is to address the trade balance but we will try to promote ‘Make in India’ by encouraging domestic (steel) production,” said one of the persons quoted above, declining to be named ahead of a possible decision. This person said there was no certainty that the proposed duty would be imposed. The steel and trade ministries did not immediately respond to requests seeking comment. In the three months to end-June, India became a net steel importer for the first time in two years, with foreign supplies reaching 2.1 million tonnes, up 15% from a year earlier, according to official data. In the 2017-18 financial year, the country imported 8.4 million tonnes of steel, 45% of which came from Japan and South Korea with which India has free trade agreements. The proposed duties may not apply to imports from the North Asian countries, but other steel suppliers such as China, South Africa, Malaysia, Russia and Indonesia could be affected. Apart from steel, India is considering raising import duties on some farm commodities, potentially for a few months, although it is wary of the risks of retaliation, said a senior government official with knowledge of inter-ministerial deliberations on proposed restrictions. The government is also looking at curbs on imports of gold and high-end electronic items, a trade ministry source said last week. India is the world’s second-biggest gold buyer, and its imports in August rose more than 90 per cent to $3.64 billion.

India considers raising steel import duty to support rupee

Benchmark Sensex extended losses for the third straight session Wednesday, falling 169 points to end at a near two-month low of 37,121.22 as cautious investors pared their portfolios, ignoring positive global cues and recovery in rupee.

Stocks saw a positive start as the Sensex touched a high of 37,530.63 intra-day in tune with the rupee recovering from its record low.

However, the index turned weak in late-afternoon trade and closed lower by 169.45 points, or 0.45 per cent, at 37,121.22. This is its lowest closing since July 26 when it had finished at 36,984.64.

The 30-scrip gauge had lost about 800 points in the previous two sessions, largely dragged down by rupee woes, unabated foreign fund outflows and escalating trade tensions between the US and China.

The NSE Nifty closed lower by 44.55 points, or 0.39 per cent, at 11,234.35. Intra-day, it shuttled between 11,332.05 and 11,210.90.

The rupee appreciated 49 paise intra-day against the dollar to 72.49.

Overall sentiment remained cautious amid the US-China trade conflict and surging crude oil prices, brokers said.

There were no signs of change in trading preference of foreign portfolio investors who net sold shares worth Rs 1,143.73 crore Tuesday. Domestic institutional investors (DIIs) picked up equities worth a net Rs 264.66 crore, according to provisional data.

Stocks saw a positive start as the Sensex touched a high of 37,530.63 intra-day in tune with the rupee recovering from its record low.

Benchmark Sensex extended losses for the third straight session Wednesday, falling 169 points to end at a near two-month low of 37,121.22 as cautious investors pared their portfolios, ignoring positive global cues and recovery in rupee. Stocks saw a positive start as the Sensex touched a high of 37,530.63 intra-day in tune with the rupee recovering from its record low. However, the index turned weak in late-afternoon trade and closed lower by 169.45 points, or 0.45 per cent, at 37,121.22. This is its lowest closing since July 26 when it had finished at 36,984.64. The 30-scrip gauge had lost about 800 points in the previous two sessions, largely dragged down by rupee woes, unabated foreign fund outflows and escalating trade tensions between the US and China. The NSE Nifty closed lower by 44.55 points, or 0.39 per cent, at 11,234.35. Intra-day, it shuttled between 11,332.05 and 11,210.90. The rupee appreciated 49 paise intra-day against the dollar to 72.49. Overall sentiment remained cautious amid the US-China trade conflict and surging crude oil prices, brokers said. There were no signs of change in trading preference of foreign portfolio investors who net sold shares worth Rs 1,143.73 crore Tuesday. Domestic institutional investors (DIIs) picked up equities worth a net Rs 264.66 crore, according to provisional data.

Sensex ends over 160 points lower at 37,121, Nifty gives up 11,250

Investors have increased bets that the central bank will need to raise interest rates at least two more times this year to shore up the battered rupee after previous efforts to defend the currency failed to sway markets.

The government's latest measures to support the rupee announced last week were particularly underwhelming for market participants who have since increased bearish positioning on the currency.

At the same time, the failure to stem the rupee's slide using central bank intervention and other means over the past month has shifted investor focus to the need for interest rate hikes to do the job.

Since August, money markets have gone from pricing this year's third 25 basis point RBI rate hike to pricing a fourth.

Rate hikes "will be far more effective to bring down the premium investors are demanding from ... India", said Jahangir Aziz, head of emerging market economics research at JP Morgan, who now expects two more hikes instead of one.

The rupee has been punished for the country's widening trade gap and swept into the broader emerging market turmoil caused by rising US&nbsp;interest rates and an escalating US-China trade conflict. It is Asia's worst performing currency this year.

Heavy central bank intervention has not meaningfully slowed the weakening trend and administrative steps announced by the government late last week to reduce domestic dollar demand were met with more rupee selling.

Most of the money market repricing has come on the back of a slowdown in the RBI's currency interventions in recent months.

Data shows the RBI spent $6.2 billion defending the rupee in June. This eased to $1.8 billion in July when markets stabilised and are estimated to have remained around $2 billion in August despite renewed market volatility.

Traders believe intervention picked up in September as the RBI tried to protect the rupee from slipping past the 73 per dollar level. The rupee touched a record low of 72.99 on Tuesday and was 14.5 per cent lower year-to-date.

Since April, the RBI is believed to have spent $20 billion to $25 billion to defend the rupee, yet the currency has continued to weaken.

"The RBI needs to be more tactical in intervening," said A&nbsp;Prasanna, chief economist at ICICI Securities Primary Dealership in Mumbai, who also expects 50 basis points of hikes by December.

Prasanna warned, however, that taking the foot off the pedal completely could backfire as depreciation expectations could become self-fulfilling.

A senior government official early last week said a rate hike might be on the cards, in a radical change of tack from government officials who previously complained about RBI hikes.

The RBI and finance minister's office did not comment for this story.

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Underwhelming&nbsp;

Over the past month, the three-month overnight indexed swap rate has risen 50 basis points to 7 per cent, suggesting markets are pricing in a total 50 basis points increase in RBI rates by December.

This week alone, it has risen five basis points, implying pricing for a 25 basis point hike has increased by 20 per cent, after the government's latest steps to reduce a local scramble for dollars failed to stop the rupee's decline.

On Friday, Finance Minister Arun Jaitley said India would cut "non-necessary" imports, ease overseas dollar borrowing restrictions for manufacturers and relax rules around banks raising masala bonds, or rupee-denominated overseas bonds.

Disappointing investors was the absence of an announcement about Non-Resident India (NRI) bonds, which would tap into the savings of the wealthy Indian diaspora, a measure taken during currency crises in 1998, 2000 and 2013 with good results.

The one-month non-deliverable forward rupee rate traded offshore rose as high as 73.398 to the dollar on Tuesday, more than half a per cent weaker than the onshore spot rate. That compares with an average spread of 30 basis points in September, 26 in August and 16 in July.

The widening spread indicates an increasingly bearish outlook for the rupee.

"Investors may start pricing in a more aggressive tightening in India after recent measures failed to stem the currency weakness," ING Asia economist Prakash Sakpal said.

The rupee has been punished for the country's widening trade gap and swept into the broader emerging market turmoil caused by rising US interest rates.

Investors have increased bets that the central bank will need to raise interest rates at least two more times this year to shore up the battered rupee after previous efforts to defend the currency failed to sway markets. The government's latest measures to support the rupee announced last week were particularly underwhelming for market participants who have since increased bearish positioning on the currency. At the same time, the failure to stem the rupee's slide using central bank intervention and other means over the past month has shifted investor focus to the need for interest rate hikes to do the job. Since August, money markets have gone from pricing this year's third 25 basis point RBI rate hike to pricing a fourth. Rate hikes "will be far more effective to bring down the premium investors are demanding from ... India", said Jahangir Aziz, head of emerging market economics research at JP Morgan, who now expects two more hikes instead of one. The rupee has been punished for the country's widening trade gap and swept into the broader emerging market turmoil caused by rising US interest rates and an escalating US-China trade conflict. It is Asia's worst performing currency this year. Heavy central bank intervention has not meaningfully slowed the weakening trend and administrative steps announced by the government late last week to reduce domestic dollar demand were met with more rupee selling. Most of the money market repricing has come on the back of a slowdown in the RBI's currency interventions in recent months. Data shows the RBI spent $6.2 billion defending the rupee in June. This eased to $1.8 billion in July when markets stabilised and are estimated to have remained around $2 billion in August despite renewed market volatility. Traders believe intervention picked up in September as the RBI tried to protect the rupee from slipping past the 73 per dollar level. The rupee touched a record low of 72.99 on Tuesday and was 14.5 per cent lower year-to-date. Since April, the RBI is believed to have spent $20 billion to $25 billion to defend the rupee, yet the currency has continued to weaken. "The RBI needs to be more tactical in intervening," said A Prasanna, chief economist at ICICI Securities Primary Dealership in Mumbai, who also expects 50 basis points of hikes by December. Prasanna warned, however, that taking the foot off the pedal completely could backfire as depreciation expectations could become self-fulfilling. A senior government official early last week said a rate hike might be on the cards, in a radical change of tack from government officials who previously complained about RBI hikes. The RBI and finance minister's office did not comment for this story. Underwhelming Over the past month, the three-month overnight indexed swap rate has risen 50 basis points to 7 per cent, suggesting markets are pricing in a total 50 basis points increase in RBI rates by December. This week alone, it has risen five basis points, implying pricing for a 25 basis point hike has increased by 20 per cent, after the government's latest steps to reduce a local scramble for dollars failed to stop the rupee's decline. On Friday, Finance Minister Arun Jaitley said India would cut "non-necessary" imports, ease overseas dollar borrowing restrictions for manufacturers and relax rules around banks raising masala bonds, or rupee-denominated overseas bonds. Disappointing investors was the absence of an announcement about Non-Resident India (NRI) bonds, which would tap into the savings of the wealthy Indian diaspora, a measure taken during currency crises in 1998, 2000 and 2013 with good results. The one-month non-deliverable forward rupee rate traded offshore rose as high as 73.398 to the dollar on Tuesday, more than half a per cent weaker than the onshore spot rate. That compares with an average spread of 30 basis points in September, 26 in August and 16 in July. The widening spread indicates an increasingly bearish outlook for the rupee. "Investors may start pricing in a more aggressive tightening in India after recent measures failed to stem the currency weakness," ING Asia economist Prakash Sakpal said.

India's struggle to defend rupee shifts focus to rate hikes

Alka Anbarasu, Vice President, Financial Institutions Group, Moody’s Investors Service reacted to the merger of Dena Bank, Vijaya Bank and Bank of Baroda stating that the merged entity will have a market share of about 6.8% by loans, news agency ANI reported.&nbsp

According to reports, the banking entity will be credit positive as "it'll provide efficiencies of scale and help improve quality of corporate governance for the banks," Anbarasu told media on Tuesday.

The <a href="http://wionews.com/business-&-economy/govt-to-merge-dena-bank-vijaya-bank-and-bank-of-baroda-166197">government on Monday announced the merger</a> of Dena Bank, Vijaya Bank, and Bank of Baroda as part of the effort to revive credit and economic growth.&nbsp

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The merged entity will have a market share of about 6.8% by loans – according to data as of March 2018 -- making it the third largest bank in the system: Alka Anbarasu, Vice President, Financial Institutions Group, Moody’s Investors Service
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The new entity is expected to be the country's third-largest lender.&nbsp

While announcing the merger, Finance Minister Arun Jaitley on Monday said the amalgamation would make the banks stronger, more sustainable, and increase their lending ability.

Jaitley added that banks' lending was becoming weak, and hurting corporate-sector investments. He added that many banks were in fragile condition due to excessive lending and ballooning non-performing assets (NPAs).&nbsp

"This amalgamated entity will increase banking operations," Jaitley stated.

The merged entity will have a market share of about 6.8% by loans.

Alka Anbarasu, Vice President, Financial Institutions Group, Moody’s Investors Service reacted to the merger of Dena Bank, Vijaya Bank and Bank of Baroda stating that the merged entity will have a market share of about 6.8% by loans, news agency ANI reported. According to reports, the banking entity will be credit positive as "it'll provide efficiencies of scale and help improve quality of corporate governance for the banks," Anbarasu told media on Tuesday. The government on Monday announced the merger of Dena Bank, Vijaya Bank, and Bank of Baroda as part of the effort to revive credit and economic growth. The merged entity will have a market share of about 6.8% by loans – according to data as of March 2018 -- making it the third largest bank in the system: Alka Anbarasu, Vice President, Financial Institutions Group, Moody’s Investors Service — ANI (@ANI) September 18, 2018 × The new entity is expected to be the country's third-largest lender. While announcing the merger, Finance Minister Arun Jaitley on Monday said the amalgamation would make the banks stronger, more sustainable, and increase their lending ability. Jaitley added that banks' lending was becoming weak, and hurting corporate-sector investments. He added that many banks were in fragile condition due to excessive lending and ballooning non-performing assets (NPAs). "This amalgamated entity will increase banking operations," Jaitley stated.

Dena Bank, Vijaya Bank, Bank of Baroda merger will help improve quality of corporate governance for banks: Report 

China's yuan currency and its stocks edged lower on Tuesday after US President Donald Trump said Washington will impose duties on an extra $200 billion worth of Chinese imports, sharply escalating the trade fight between the two economic giants.

Yet, there were no signs of panic selling as investors said markets may have priced in the latest tariff salvo from Trump, noting that Chinese stocks and the currency have already been battered in recent months by the trade row.

Trump on Monday imposed 10 per cent tariffs on about $200 billion worth of Chinese imports, and threatened to levy duties on an additional $267 billion of Chinese goods if Beijing retaliates.

Chinese Vice Premier Liu He is set to convene a meeting in Beijing on Tuesday morning to discuss the government's response to the US decision, Bloomberg News reported, citing a person briefed on the matter.

Both the bluechip CSI300 index and the Shanghai Composite Index reversed earlier modest gains by the lunch break, easing 0.1 per cent to 3,201.59 points and 2,648.53 points, respectively.

In Hong Kong, the Hang Seng index dropped 0.7 per cent to 26,732.67 points, while the Hong Kong China Enterprises Index lost 0.3 per cent, to 10,431.40.

"The fresh US measures are fully within expectations," said Wen Feng, investment manager at hedge fund house Shanghai V-Invest Co Ltd.

"China has suffered worse hardships in the past, and I believe some Chinese companies will emerge out of trade war much stronger."

Still, he suggested investors avoid sectors most vulnerable to trade disputes, such as electronics and machinery, as market sentiment will likely remain subdued for some time.

Indeed, with around a 20 per cent loss so far in 2018, Shanghai's stock market has joined the crisis-hit trio of Turkey, Argentina and Venezuela among the world's four worst performers. Besides the headline drop in share values, China’s currency has fallen sharply and share transaction volumes have shrunk.

"After benefiting from persistent upgrades for almost two years, China is now starting to witness downgrades," CLSA wrote in a research note on Tuesday, referring to earnings forecasts.

The brokerage identified several sectors most affected by the proposed US tariffs, including Electrical machinery and equipment, machinery, furniture, vehicles, and optical instruments.

The yuan dipped slightly against the dollar.

Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate at 6.8554 per dollar, 45 pips weaker than the previous fix 6.8509.

The spot market opened at 6.8760 per dollar and was changing hands at 6.8639 at midday, 86 pips weaker than the previous late session close. The offshore yuan was trading at 6.872 per dollar as of midday.

Traders said the renewed Sino-US&nbsptrade tension piled pressure on the yuan, but market participants refrained from aggressively testing lows for fear the authorities may quickly step in.

Investors were "spontaneously" liquidating their short yuan positions, which lifted the offshore yuan from its intraday low, said a trader at a Chinese bank.

"Market will watch out for China's possible reaction to the new round of trade tariffs. China is likely to reject the invitation from the US&nbspTreasury for the new round of trade talk," OCBC Bank said in a note on Tuesday. 
&nbsp

Trump on Monday imposed 10 per cent tariffs on about $200 billion worth of Chinese imports, and threatened to levy duties on an additional $267 billion of Chinese goods if Beijing retaliates.

China's yuan currency and its stocks edged lower on Tuesday after US President Donald Trump said Washington will impose duties on an extra $200 billion worth of Chinese imports, sharply escalating the trade fight between the two economic giants. Yet, there were no signs of panic selling as investors said markets may have priced in the latest tariff salvo from Trump, noting that Chinese stocks and the currency have already been battered in recent months by the trade row. Trump on Monday imposed 10 per cent tariffs on about $200 billion worth of Chinese imports, and threatened to levy duties on an additional $267 billion of Chinese goods if Beijing retaliates. Chinese Vice Premier Liu He is set to convene a meeting in Beijing on Tuesday morning to discuss the government's response to the US decision, Bloomberg News reported, citing a person briefed on the matter. Both the bluechip CSI300 index and the Shanghai Composite Index reversed earlier modest gains by the lunch break, easing 0.1 per cent to 3,201.59 points and 2,648.53 points, respectively. In Hong Kong, the Hang Seng index dropped 0.7 per cent to 26,732.67 points, while the Hong Kong China Enterprises Index lost 0.3 per cent, to 10,431.40. "The fresh US measures are fully within expectations," said Wen Feng, investment manager at hedge fund house Shanghai V-Invest Co Ltd. "China has suffered worse hardships in the past, and I believe some Chinese companies will emerge out of trade war much stronger." Still, he suggested investors avoid sectors most vulnerable to trade disputes, such as electronics and machinery, as market sentiment will likely remain subdued for some time. Indeed, with around a 20 per cent loss so far in 2018, Shanghai's stock market has joined the crisis-hit trio of Turkey, Argentina and Venezuela among the world's four worst performers. Besides the headline drop in share values, China’s currency has fallen sharply and share transaction volumes have shrunk. "After benefiting from persistent upgrades for almost two years, China is now starting to witness downgrades," CLSA wrote in a research note on Tuesday, referring to earnings forecasts. The brokerage identified several sectors most affected by the proposed US tariffs, including Electrical machinery and equipment, machinery, furniture, vehicles, and optical instruments. The yuan dipped slightly against the dollar. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate at 6.8554 per dollar, 45 pips weaker than the previous fix 6.8509. The spot market opened at 6.8760 per dollar and was changing hands at 6.8639 at midday, 86 pips weaker than the previous late session close. The offshore yuan was trading at 6.872 per dollar as of midday. Traders said the renewed Sino-US&nbsptrade tension piled pressure on the yuan, but market participants refrained from aggressively testing lows for fear the authorities may quickly step in. Investors were "spontaneously" liquidating their short yuan positions, which lifted the offshore yuan from its intraday low, said a trader at a Chinese bank. "Market will watch out for China's possible reaction to the new round of trade tariffs. China is likely to reject the invitation from the US&nbspTreasury for the new round of trade talk," OCBC Bank said in a note on Tuesday.

China's yuan, stocks down as US fires fresh trade salvo

Compared to December 2017, the real effective depreciation of Indian rupee is between six and seven per cent, says an International Monetary Fund estimate.

<a href="http://wionews.com/business-%26-economy/rupee-recovers-10-paise-against-dollar-sensex-recovers-to-3766019-in-opening-trade--166309">Read Latest: Rupee up by 10 paise against dollar</a>

Broadly since the beginning of the year, Indian rupee "has lost about 11 per cent of its value in nominal terms vis a vis the US dollar", said IMF spokesperson Gerry Rice, responding to a question on the fall of the Indian currency in the last few months.&nbsp;

He, however, said the currencies of many of India's trading partners, including those in the emerging markets, too have depreciated against the dollar.

"As a result, so far this year the real effective depreciation of the Indian rupee compared to December 2017 is, by our estimates, between six and seven per cent," Rice said.

Observing that India is a relatively closed economy, he said the contribution of the net exports to growth in the April to June quarter was again stronger than expected and the real depreciation of the rupee can be expected to reinforce this trend.&nbsp;

"On the other hand, the depreciation will obviously raise the prices of imported goods such as oil and petroleum products, potentially putting an upward pressure on inflation," he said.&nbsp;

The Reserve Bank of India has taken the rising oil import prices into the account when it raised the policy rates in its last two meetings, he noted.

Referring to a recent report of the IMF on India, Rice said the Indian economy is recovering strongly from the two transitory disruptions in recent years - the Goods and Services Tax or GST and demonetisation process.&nbsp;

"Growth has been gradually accelerating in recent quarters, with strength in both consumption and investment, which have helped the economy," he said.

Noting that the first quarter growth figures were somewhat stronger than the IMF had anticipated, Rice said the world body will be reviewing its forecast for India, taking account of it and the recent global developments.&nbsp;

Rice said the IMF continues to assess the impact of demonetisation on an ongoing basis.

As with most things, there have been pluses and there have been minuses of demonetisation, he said.

"The demonetisation did hinder the money supply, creating cash shortages, which also somewhat dampened consumer and business sentiment," he said, adding, it resulted in a relative slowdown in growth.&nbsp;

"On the other hand, its positive effects, I think, included enhanced digitalisation and higher formalisation of the economy, which would help raise, amongst other things, the revenue and tax compliance," he said.

According to the IMF spokesperson, there are already some signs of its positive effects.

"The growth in the number of new taxpayers, as documented by the Ministry of Finance, has been substantial in recent years," he said, adding it is being monitored on an ongoing basis.

Broadly since the beginning of the year, Indian rupee 'has lost about 11 per cent of its value in nominal terms vis a vis the US dollar', said IMF spokesperson Gerry Rice.

Compared to December 2017, the real effective depreciation of Indian rupee is between six and seven per cent, says an International Monetary Fund estimate. Read Latest: Rupee up by 10 paise against dollar Broadly since the beginning of the year, Indian rupee "has lost about 11 per cent of its value in nominal terms vis a vis the US dollar", said IMF spokesperson Gerry Rice, responding to a question on the fall of the Indian currency in the last few months. He, however, said the currencies of many of India's trading partners, including those in the emerging markets, too have depreciated against the dollar. "As a result, so far this year the real effective depreciation of the Indian rupee compared to December 2017 is, by our estimates, between six and seven per cent," Rice said. Observing that India is a relatively closed economy, he said the contribution of the net exports to growth in the April to June quarter was again stronger than expected and the real depreciation of the rupee can be expected to reinforce this trend. "On the other hand, the depreciation will obviously raise the prices of imported goods such as oil and petroleum products, potentially putting an upward pressure on inflation," he said. The Reserve Bank of India has taken the rising oil import prices into the account when it raised the policy rates in its last two meetings, he noted. Referring to a recent report of the IMF on India, Rice said the Indian economy is recovering strongly from the two transitory disruptions in recent years - the Goods and Services Tax or GST and demonetisation process. "Growth has been gradually accelerating in recent quarters, with strength in both consumption and investment, which have helped the economy," he said. Noting that the first quarter growth figures were somewhat stronger than the IMF had anticipated, Rice said the world body will be reviewing its forecast for India, taking account of it and the recent global developments. Rice said the IMF continues to assess the impact of demonetisation on an ongoing basis. As with most things, there have been pluses and there have been minuses of demonetisation, he said. "The demonetisation did hinder the money supply, creating cash shortages, which also somewhat dampened consumer and business sentiment," he said, adding, it resulted in a relative slowdown in growth. "On the other hand, its positive effects, I think, included enhanced digitalisation and higher formalisation of the economy, which would help raise, amongst other things, the revenue and tax compliance," he said. According to the IMF spokesperson, there are already some signs of its positive effects. "The growth in the number of new taxpayers, as documented by the Ministry of Finance, has been substantial in recent years," he said, adding it is being monitored on an ongoing basis.

This year Rupee has lost 11 per cent value in nominal terms against US dollar: IMF

After a weak start, the rupee Tuesday recovered 10 paise to 72.41 against the US dollar amid volatility in early trade on fresh selling of the US currency by exporters and banks.

The rupee, after opening lower at 72.65 against the US dollar, quickly recovered to trade 10 paise higher at 72.41 at the Interbank Foreign Exchange.

Besides, dollar-selling by exporters and banks, fall in crude prices in the global market and weakness in the dollar against some currencies overseas amid US-China trade conflict, helped the domestic currency rebound, forex dealers said.

They said a higher opening in the equity market also supported the recovery in the rupee.

The BSE benchmark Sensex recovered by 74.68 points, or 0.19 per cent, to 37,660.19 in opening trade.

The rupee, after opening lower at 72.65 against the US dollar, quickly recovered to trade 10 paise higher at 72.41 at the Interbank Foreign Exchange.

After a weak start, the rupee Tuesday recovered 10 paise to 72.41 against the US dollar amid volatility in early trade on fresh selling of the US currency by exporters and banks. The rupee, after opening lower at 72.65 against the US dollar, quickly recovered to trade 10 paise higher at 72.41 at the Interbank Foreign Exchange. Besides, dollar-selling by exporters and banks, fall in crude prices in the global market and weakness in the dollar against some currencies overseas amid US-China trade conflict, helped the domestic currency rebound, forex dealers said. They said a higher opening in the equity market also supported the recovery in the rupee. The BSE benchmark Sensex recovered by 74.68 points, or 0.19 per cent, to 37,660.19 in opening trade.

Rupee up by 10 paise against dollar, Sensex recovers to 37,660.19 in opening trade

The Jammu and Kashmir government approved the Single Window (Industrial Investment and Business Facilitation) Act, 2018 on Monday, news agency PTI reported.

According to reports, the act will facilitate easy flow of investments into the state.

Principal Secretary, industries, Shailendra Kumar said the enactment of the act is part of the government's flagship initiative to improve ease of doing business indicators.

"The governor's administration approved the J&K Single Window Act, 2018. The act has been approved by the state administrative council (SAC), headed by governor Satya Pal Malik," an official spokesman said.

"The act aims at a comprehensive and unprecedented overhaul of the outdated processes and procedures involved in setting up businesses in the state," he said.

More than 12 departments have been brought together in an online service. Three-tier committees at the state, division and district levels will be set up to ensure speedy clearance of business proposals.

"All services from the pre-operation, pre-establishment stage to the renewal stage are present in the single window portal," Kumar said.

(With inputs from PTI)&nbsp

The act will facilitate easy flow of investments into the state.

The Jammu and Kashmir government approved the Single Window (Industrial Investment and Business Facilitation) Act, 2018 on Monday, news agency PTI reported. According to reports, the act will facilitate easy flow of investments into the state. Principal Secretary, industries, Shailendra Kumar said the enactment of the act is part of the government's flagship initiative to improve ease of doing business indicators. "The governor's administration approved the J&K Single Window Act, 2018. The act has been approved by the state administrative council (SAC), headed by governor Satya Pal Malik," an official spokesman said. "The act aims at a comprehensive and unprecedented overhaul of the outdated processes and procedures involved in setting up businesses in the state," he said. More than 12 departments have been brought together in an online service. Three-tier committees at the state, division and district levels will be set up to ensure speedy clearance of business proposals. "All services from the pre-operation, pre-establishment stage to the renewal stage are present in the single window portal," Kumar said. (With inputs from PTI)

J&K government approves Single Window Act, 2018

Petrol and diesel prices across India continued to rise on Tuesday with petrol selling at Rs 82.16 per litre and diesel at Rs 73.87 per litre in Delhi, news agency ANI reported.&nbsp;

Petrol and diesel prices in the national capital went up by Rs 0.10/litre and Rs 0.9/litre respectively.&nbsp;

According to reports, petrol prices in Mumbai were registered at Rs 89.54 &nbsp;per litre, an increase of Rs 0.10/litre, while diesel prices shot up by Rs 0.9 per litre at Rs 78.42 for a litre.

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Petrol at Rs 82.16/litre (increase by Rs 0.10/litre) and diesel at Rs 73.87/litre (increase by Rs 0.9/litre) in Delhi. Petrol at Rs 89.54/litre (increase by Rs 0.10/litre) and diesel at Rs 78.42/litre (increase by Rs 0.9/litre) in Mumbai. <a href="https://t.co/6TSqCtiaw8">pic.twitter.com/6TSqCtiaw8</a>
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Fuel prices on Monday witnessed a new high with petrol and diesel breaching earlier figures.

In Delhi, petrol was being sold 0.15 paise higher at Rs 82.06 per litre, while the price of diesel went up by 0.6 paise to Rs 73.78 per litre.

Mumbai continued to be the worst affected by rising fuel prices, with petrol retailing at a staggering Rs Rs 89.44 per litre and diesel at Rs 78.33 per litre on Monday.

Fuel prices on Monday witnessed a new high with petrol and diesel breaching earlier figures.

Petrol and diesel prices across India continued to rise on Tuesday with petrol selling at Rs 82.16 per litre and diesel at Rs 73.87 per litre in Delhi, news agency ANI reported. Petrol and diesel prices in the national capital went up by Rs 0.10/litre and Rs 0.9/litre respectively. According to reports, petrol prices in Mumbai were registered at Rs 89.54 per litre, an increase of Rs 0.10/litre, while diesel prices shot up by Rs 0.9 per litre at Rs 78.42 for a litre. Petrol at Rs 82.16/litre (increase by Rs 0.10/litre) and diesel at Rs 73.87/litre (increase by Rs 0.9/litre) in Delhi. Petrol at Rs 89.54/litre (increase by Rs 0.10/litre) and diesel at Rs 78.42/litre (increase by Rs 0.9/litre) in Mumbai. pic.twitter.com/6TSqCtiaw8 — ANI (@ANI) September 18, 2018 × Fuel prices on Monday witnessed a new high with petrol and diesel breaching earlier figures. In Delhi, petrol was being sold 0.15 paise higher at Rs 82.06 per litre, while the price of diesel went up by 0.6 paise to Rs 73.78 per litre. Mumbai continued to be the worst affected by rising fuel prices, with petrol retailing at a staggering Rs Rs 89.44 per litre and diesel at Rs 78.33 per litre on Monday.

In another high for fuel prices, petrol sells at Rs 82.16 in Delhi, nears Rs 90-mark in Mumbai 

Benchmark indices BSE Sensex and NSE’s Nifty 50 ended lower on Tuesday after falling in late trade after China indicated that it has no option but to retaliate against the fresh trade tariffs imposed by Trump administration and crude oil prices inching higher.&nbsp;

BSE Sensex closed lower by 294.84 points, or 0.78%, to 37,290.67, while the Nifty 50 fell 98.85 points, or 0.87%, to close at 11,278.90. Meanwhile, BSE MidCap and SmallCap plunged 1.49% and 1.51%, respectively.

All the sectoral indices on BSE, except FMCG, declined with realty losing most at 3.13%. Power, telecom, industrials, utilities and bankex fell up to 2%. FMCG was up 0.86%.

In the Sensex basket, 7 shares advanced, while 24 declined. HUL, Wipro, Yes Bank and ONGC were top gainers, whereas SBI, Tata Motors, Bajaj Auto and Axis Bank were major losers. In the 50-shares basket, 9 stocks gained, while 41 fell.&nbsp;&nbsp; &nbsp;

Crude oil prices firmed on Tuesday after Saudi Arabia indicated it was comfortable with a higher price range ahead of a meeting between major producing countries in Algeria, a Reuters report said.&nbsp;

(With inputs from agencies)

All the sectoral indices on BSE, except FMCGs, declined with realty losing the most at 3.13%. The Sensex fell 500 points on Monday.

Benchmark indices BSE Sensex and NSE’s Nifty 50 ended lower on Tuesday after falling in late trade after China indicated that it has no option but to retaliate against the fresh trade tariffs imposed by Trump administration and crude oil prices inching higher. BSE Sensex closed lower by 294.84 points, or 0.78%, to 37,290.67, while the Nifty 50 fell 98.85 points, or 0.87%, to close at 11,278.90. Meanwhile, BSE MidCap and SmallCap plunged 1.49% and 1.51%, respectively. All the sectoral indices on BSE, except FMCG, declined with realty losing most at 3.13%. Power, telecom, industrials, utilities and bankex fell up to 2%. FMCG was up 0.86%. In the Sensex basket, 7 shares advanced, while 24 declined. HUL, Wipro, Yes Bank and ONGC were top gainers, whereas SBI, Tata Motors, Bajaj Auto and Axis Bank were major losers. In the 50-shares basket, 9 stocks gained, while 41 fell. Crude oil prices firmed on Tuesday after Saudi Arabia indicated it was comfortable with a higher price range ahead of a meeting between major producing countries in Algeria, a Reuters report said. (With inputs from agencies)

Sensex falls again, drops 295 points

Most Asian share markets slid on Monday amid reports Washington was about to announce a new round of tariffs on Chinese imports, setting the stage for possible reprisals by Beijing.

Liquidity was thin with Japan on holiday and moves in currencies and bonds were minor. Hong Kong markets opened as normal after a super typhoon brushed the city on its way to landfall in China's Guangdong, the country's most populous province.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.2 per cent, snapping three straight sessions of gains. Shanghai blue chips fell 1.1 per cent, while the Hang Seng shed 1.6 per cent.

EMini futures for the S&P 500 were off 0.2 per cent and spreadbetters expect London's FTSE 100 to open 11 points lower, Frankfurt's DAX 24 points lower and Paris' CAC 40 to ease 9 points.

US&nbspPresident Donald Trump is likely to announce new tariffs on about $200 billion of Chinese imports as early as Monday, a senior administration official told Reuters.

The tariff level will probably be about 10 per cent, the Wall Street Journal reported, below the 25 per cent the administration had said it was considering.

The WSJ also reported Beijing may decline to participate in proposed trade talks with the United States later this month if the Trump administration moves forward with the tariffs.

Other officials who advise the country's leaders are suggesting China impose limits on the sale of parts and supplies needed by US&nbspbusinesses, using "export restraints" to threaten their supply chains.

"Further escalation looks very likely in which the rate will likely be raised to 25 per cent and more US&nbsptariffs threatened, while China may potentially pull out of trade talks entirely and escalate on the new front of outright export restrictions," wrote analysts at JPMorgan.

"This would of course only inflame the situation further."

In currency markets the dollar index was a fraction softer at 94.908, having bounced from a low of 94.359 at the end of last week as Treasury yields rose.

The euro held at $1.1630 after retreating from a peak of $1.1721 on Friday, which also marks stiff chart resistance. The dollar was idling at 111.98 yen having run into offers around 112.15/20.

In commodity markets, gold was stuck at $1,194.70 an ounce and some way from last week's top at $1,212.65.

Oil prices eased as the Sino-US&nbsptrade dispute outweighed the risks to supply from upcoming sanctions on Iran. Brent dipped 11 cents to $77.98 a barrel, while US&nbspcrude fell 10 cents to $68.89.

US President Donald Trump is likely to announce new tariffs on about $200 billion of Chinese imports as early as Monday.

Most Asian share markets slid on Monday amid reports Washington was about to announce a new round of tariffs on Chinese imports, setting the stage for possible reprisals by Beijing. Liquidity was thin with Japan on holiday and moves in currencies and bonds were minor. Hong Kong markets opened as normal after a super typhoon brushed the city on its way to landfall in China's Guangdong, the country's most populous province. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.2 per cent, snapping three straight sessions of gains. Shanghai blue chips fell 1.1 per cent, while the Hang Seng shed 1.6 per cent. EMini futures for the S&P 500 were off 0.2 per cent and spreadbetters expect London's FTSE 100 to open 11 points lower, Frankfurt's DAX 24 points lower and Paris' CAC 40 to ease 9 points. US&nbspPresident Donald Trump is likely to announce new tariffs on about $200 billion of Chinese imports as early as Monday, a senior administration official told Reuters. The tariff level will probably be about 10 per cent, the Wall Street Journal reported, below the 25 per cent the administration had said it was considering. The WSJ also reported Beijing may decline to participate in proposed trade talks with the United States later this month if the Trump administration moves forward with the tariffs. Other officials who advise the country's leaders are suggesting China impose limits on the sale of parts and supplies needed by US&nbspbusinesses, using "export restraints" to threaten their supply chains. "Further escalation looks very likely in which the rate will likely be raised to 25 per cent and more US&nbsptariffs threatened, while China may potentially pull out of trade talks entirely and escalate on the new front of outright export restrictions," wrote analysts at JPMorgan. "This would of course only inflame the situation further." In currency markets the dollar index was a fraction softer at 94.908, having bounced from a low of 94.359 at the end of last week as Treasury yields rose. The euro held at $1.1630 after retreating from a peak of $1.1721 on Friday, which also marks stiff chart resistance. The dollar was idling at 111.98 yen having run into offers around 112.15/20. In commodity markets, gold was stuck at $1,194.70 an ounce and some way from last week's top at $1,212.65. Oil prices eased as the Sino-US&nbsptrade dispute outweighed the risks to supply from upcoming sanctions on Iran. Brent dipped 11 cents to $77.98 a barrel, while US&nbspcrude fell 10 cents to $68.89.

Global Markets: Asian shares slugged by new US tariff threat