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A cut in taxes on petrol and diesel is ruled out for now as neither the central government nor some states have the appetite to stomach revenue loss from such a move, a top government official said Monday.

While a cut in excise duty that the central government levies will impact fiscal deficit, states like Bihar, Kerala, and Punjab are not in a position to cut sales tax (or VAT), the official, who wished not to be identified, said.

The government, he said, anticipates that international oil prices, which together with a drop in the value of rupee has been fuelling the fuel price rise to record levels, will moderate in coming days to take pressure off.

The comments come on a day when opposition parties held nationwide protests against record high petrol and diesel prices. Prices in Delhi, where rates are the cheapest among all metros and most state capitals because of a lower VAT, saw petrol touch an all-time high of Rs 80.73 per litre Monday while diesel scaled to a new high of Rs 72.83 a litre.

The official said consumers will have to pay for the fuel they use.

While Rajasthan on Sunday announced a 4 per cent cut in VAT on petrol and diesel, Andhra Pradesh Monday said fuel prices will be reduced by Rs 2 each from a cut in sales tax.

"A cut in oil taxes will add to the fiscal deficit. National fiscal deficit determines bond yield and with a higher fiscal deficit the rupee becomes shakier," the official said. "Then (as a result of a cut in taxes) you have to make budget cuts in developmental expenditure. This is the real consequence of the oil tax cut."

He said the government's ability to give relief was only when its finances are strong. "States do not have the capacity to reduce rates," he said.

A one rupee per litre cut in taxes would result in revenues being hit by Rs 30,000 crore on an annualised basis.

"Oil prices disturb your CAD," he said adding oil companies will not be asked to take a hit for now as users should pay for the utility they use.&nbsp

"We will be able to lower taxes when we are able to increase compliance on income tax and GST. Till then dependence on oil will continue," he said.

Fuel rates have been on fire since mid-August, rising almost every day due to a drop in rupee value and rise in crude oil rates.

Petrol price has risen by Rs 3.65 a litre and diesel by Rs 4.06 per litre - the biggest increase in rates witnessed in any month since the launch of daily price revision in mid-June last year.

The official said every state collects VAT and also gets 42 per cent of what Centre collects.

Almost half of the fuel price is made up of taxes. The Centre levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel.

Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

This led to its excise collections from petro-goods more than doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. States saw their VAT revenue from petro-goods rise from Rs

1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.

"Our analysis shows that crude oil prices do not move in a straight line. Some months it goes up and some months it comes down," he said. "Bringing oil in GST is not a solution. The only way taxes on oil can be brought down is by increasing non-political tax-GDP ratio."

The tax ratio can be raised not by increasing rates but by bringing evaders and non-filers in the tax net. "2007 was the only year when we saw an increase in the tax-GDP ratio. 2008-2014 it was static," he said.

From 2014-18, there was an increase of 1.5 per cent in tax-GDP ratio. Of this, 50 per cent is non-oil and 50 per cent is oil. Next 5-6 years the target should be to increase the non-oil tax to GDP ratio by at least 1.5 per cent and this is the long-term solution, he said.

In countries which are tax compliant, oil is taxed at a rate which is less than that in India. "If we expand the tax base in the same proportion as we did last year then non-oil GDP ratio will go up," he said.

Giving an example, the official said if petrol is at Rs 83, then Rs 20 goes to states as taxes plus Rs 10 from Centre's devolution. So states get Rs 30 out of Rs 42 collected as taxes.

Also, states levy VAT and this has increased their profits. The extra benefit accrued to states is Rs 3-4 per litre, he said.

"We have given income tax relief to the tune of Rs 98,000 crore and also Rs 80,000 crore on account of GST rate cuts on 334 commodities," he said. "The effect of this benefit has kept inflation under control despite rise in fuel prices. Inflation was 4.1 per cent in the Vajpayee government, 5.8 per cent in UPA-1, 10.4 per cent in UPA-2 and in current NDA around 4.5 per cent average."

The official said the four states which have supported Bharat Bandh collect high taxes themselves.&nbsp

Andhra Pradesh gets Rs 22.15 per litre on petrol and Rs 16.87 on diesel. Karnataka gets Rs 18.88 on petrol, Rs 12.23 on diesel, Kerala Rs 19.09 on petrol and Rs 14.51 on diesel and Punjab gets Rs 21.81 per litre in taxes on petrol and Rs 10.07 a litre on diesel.

While fiscal deficit means expenditure higher than income, current account deficit (CAD) is the difference between inflow and outflow of foreign currency.

In an election year, the spending cut is not an option, the official said reasoning that it would hamper the government's spending on development schemes.

"The government cannot disturb fiscal maths by cutting excise duty," he said.

While a cut in excise duty that the central government levies will impact fiscal deficit, states like Bihar, Kerala, and Punjab are not in a position to cut sales tax (or VAT).

A cut in taxes on petrol and diesel is ruled out for now as neither the central government nor some states have the appetite to stomach revenue loss from such a move, a top government official said Monday. While a cut in excise duty that the central government levies will impact fiscal deficit, states like Bihar, Kerala, and Punjab are not in a position to cut sales tax (or VAT), the official, who wished not to be identified, said. The government, he said, anticipates that international oil prices, which together with a drop in the value of rupee has been fuelling the fuel price rise to record levels, will moderate in coming days to take pressure off. The comments come on a day when opposition parties held nationwide protests against record high petrol and diesel prices. Prices in Delhi, where rates are the cheapest among all metros and most state capitals because of a lower VAT, saw petrol touch an all-time high of Rs 80.73 per litre Monday while diesel scaled to a new high of Rs 72.83 a litre. The official said consumers will have to pay for the fuel they use. While Rajasthan on Sunday announced a 4 per cent cut in VAT on petrol and diesel, Andhra Pradesh Monday said fuel prices will be reduced by Rs 2 each from a cut in sales tax. "A cut in oil taxes will add to the fiscal deficit. National fiscal deficit determines bond yield and with a higher fiscal deficit the rupee becomes shakier," the official said. "Then (as a result of a cut in taxes) you have to make budget cuts in developmental expenditure. This is the real consequence of the oil tax cut." He said the government's ability to give relief was only when its finances are strong. "States do not have the capacity to reduce rates," he said. A one rupee per litre cut in taxes would result in revenues being hit by Rs 30,000 crore on an annualised basis. "Oil prices disturb your CAD," he said adding oil companies will not be asked to take a hit for now as users should pay for the utility they use. "We will be able to lower taxes when we are able to increase compliance on income tax and GST. Till then dependence on oil will continue," he said. Fuel rates have been on fire since mid-August, rising almost every day due to a drop in rupee value and rise in crude oil rates. Petrol price has risen by Rs 3.65 a litre and diesel by Rs 4.06 per litre - the biggest increase in rates witnessed in any month since the launch of daily price revision in mid-June last year. The official said every state collects VAT and also gets 42 per cent of what Centre collects. Almost half of the fuel price is made up of taxes. The Centre levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel. Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel. The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre. This led to its excise collections from petro-goods more than doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. States saw their VAT revenue from petro-goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18. "Our analysis shows that crude oil prices do not move in a straight line. Some months it goes up and some months it comes down," he said. "Bringing oil in GST is not a solution. The only way taxes on oil can be brought down is by increasing non-political tax-GDP ratio." The tax ratio can be raised not by increasing rates but by bringing evaders and non-filers in the tax net. "2007 was the only year when we saw an increase in the tax-GDP ratio. 2008-2014 it was static," he said. From 2014-18, there was an increase of 1.5 per cent in tax-GDP ratio. Of this, 50 per cent is non-oil and 50 per cent is oil. Next 5-6 years the target should be to increase the non-oil tax to GDP ratio by at least 1.5 per cent and this is the long-term solution, he said. In countries which are tax compliant, oil is taxed at a rate which is less than that in India. "If we expand the tax base in the same proportion as we did last year then non-oil GDP ratio will go up," he said. Giving an example, the official said if petrol is at Rs 83, then Rs 20 goes to states as taxes plus Rs 10 from Centre's devolution. So states get Rs 30 out of Rs 42 collected as taxes. Also, states levy VAT and this has increased their profits. The extra benefit accrued to states is Rs 3-4 per litre, he said. "We have given income tax relief to the tune of Rs 98,000 crore and also Rs 80,000 crore on account of GST rate cuts on 334 commodities," he said. "The effect of this benefit has kept inflation under control despite rise in fuel prices. Inflation was 4.1 per cent in the Vajpayee government, 5.8 per cent in UPA-1, 10.4 per cent in UPA-2 and in current NDA around 4.5 per cent average." The official said the four states which have supported Bharat Bandh collect high taxes themselves. Andhra Pradesh gets Rs 22.15 per litre on petrol and Rs 16.87 on diesel. Karnataka gets Rs 18.88 on petrol, Rs 12.23 on diesel, Kerala Rs 19.09 on petrol and Rs 14.51 on diesel and Punjab gets Rs 21.81 per litre in taxes on petrol and Rs 10.07 a litre on diesel. While fiscal deficit means expenditure higher than income, current account deficit (CAD) is the difference between inflow and outflow of foreign currency. In an election year, the spending cut is not an option, the official said reasoning that it would hamper the government's spending on development schemes. "The government cannot disturb fiscal maths by cutting excise duty," he said.

Government rules out excise duty cut as petrol, diesel prices hit fresh high

In the past week, in all likelihood, the central banks of India and Indonesia pumped in billions of dollars to support their respective currencies with the Indian Rupee touching record lows against the US dollar and the Rupiah reaching its lowest level since the Asian financial crisis of 1998.

This is an effort to prevent their currencies from freefalling and impacting their economies negatively. 
&nbsp 
Lately, there has been a lot of concern with regards to the growing economic problems in emerging markets with the economies of Turkey, Argentina and South Africa in crisis and whether there will be a contagion effect on other emerging markets and even major economies.

This coupled with the ongoing Trump trade war with Canada and China has made many investors nervous. 
&nbsp 
The Indonesian stock market fell as much as 6 per cent in the middle of the week compared with Monday's opening but recovered to end the week down just 2.2 per cent. 
&nbsp 
Besides intervening in the foreign exchange market, Bank Indonesia, the central bank, has hiked interest rates four times since May and hints at the fifth round of monetary policy tightening.

The Finance Minister, Sri Mulyani Indrawati, announced this week that additional duties will be imposed on over 1,000 products aimed at cutting imports to support the Rupiah as well as to ease pressure on a widening current account deficit.

These products include luxury cars, chocolate, caviar, ceramics, audio speakers and products that can be manufactured locally. In addition, the energy and resource ministry announced the suspension of energy projects aimed at generating an additional 33,000 gigawatts of electricity to save up to the $10 billion in import costs.

There have also been moves to curb currency speculation and a mandate to mining firms to repatriate export earnings as well to encourage the use of biodiesel instead of imported oil. 
&nbsp 
Some of these measures may have undesirable longer-term effects. For example, increased taxation may affect consumer spending and growth.

It may also exacerbate inflation as imported goods become more expensive due to, first of all, to a weakening currency, and now, higher import duties.

Slowing down electricity generation projects will likely impact future economic growth in a country where electrical consumption growth is outpacing supply. 
&nbsp 
Indonesia is certainly in a better shape to weather the current economic storm compared with 1998 as its currency has only declined 13 per cent since the beginning of the year compared with a drop of 32 per cent back then.

It also has a healthier current account deficit and government debt is at about 30 per cent of GDP as compared with more than 90 per cent during the Asian financial crisis.

Inflation has also been brought to below 5 per cent in the last 5 years compared with 60 per cent back in the 1990s. Foreign reserves are six times more than they were 20 years ago at $120 billion.

Despite this, investors are concerned about the government's ability to fund the widening current account deficit.

That foreigners who own almost 40 per cent of the Indonesian government bonds have not pulled out any significant amounts, is a good sign of confidence about how the government is coping. 
&nbsp 
How does India compare? 
&nbsp 
The Rupee is the worst performing among Asian currencies falling some 13 per cent since the beginning of the year compared with the Indonesian Rupiah which has fallen 10 per cent. Both currencies are reeling under the pressure from the US Federal Reserve interest rate hikes and strength of the US economy.

This is not helped by the fact that India is the fastest growing oil consumer and oil importer. India has a trade deficit of $18 billion compared with Indonesia's $2 billion.

Even accounting for the fact that India's economy is about two and a half times that of Indonesia's, this is significant and a cause for concern. 
&nbsp 
However, with foreign reserves of US $400 billion and a relatively low current account deficit of 2.8 per cent of GDP, India's economy is far from fragile for now.

The fact that the India stock market has been very resilient, gaining about 13 per cent since the beginning of the year - Indonesia's has declined 8 per cent in the same period - shows that investors are reasonably confident in the economy. At the moment anyway. 
&nbsp

The Indonesian stock market fell as much as 6 per cent in the middle of the week compared with Monday's opening but recovered to end the week down just 2.2 per cent.

In the past week, in all likelihood, the central banks of India and Indonesia pumped in billions of dollars to support their respective currencies with the Indian Rupee touching record lows against the US dollar and the Rupiah reaching its lowest level since the Asian financial crisis of 1998. This is an effort to prevent their currencies from freefalling and impacting their economies negatively. Lately, there has been a lot of concern with regards to the growing economic problems in emerging markets with the economies of Turkey, Argentina and South Africa in crisis and whether there will be a contagion effect on other emerging markets and even major economies. This coupled with the ongoing Trump trade war with Canada and China has made many investors nervous. The Indonesian stock market fell as much as 6 per cent in the middle of the week compared with Monday's opening but recovered to end the week down just 2.2 per cent. Besides intervening in the foreign exchange market, Bank Indonesia, the central bank, has hiked interest rates four times since May and hints at the fifth round of monetary policy tightening. The Finance Minister, Sri Mulyani Indrawati, announced this week that additional duties will be imposed on over 1,000 products aimed at cutting imports to support the Rupiah as well as to ease pressure on a widening current account deficit. These products include luxury cars, chocolate, caviar, ceramics, audio speakers and products that can be manufactured locally. In addition, the energy and resource ministry announced the suspension of energy projects aimed at generating an additional 33,000 gigawatts of electricity to save up to the $10 billion in import costs. There have also been moves to curb currency speculation and a mandate to mining firms to repatriate export earnings as well to encourage the use of biodiesel instead of imported oil. Some of these measures may have undesirable longer-term effects. For example, increased taxation may affect consumer spending and growth. It may also exacerbate inflation as imported goods become more expensive due to, first of all, to a weakening currency, and now, higher import duties. Slowing down electricity generation projects will likely impact future economic growth in a country where electrical consumption growth is outpacing supply. Indonesia is certainly in a better shape to weather the current economic storm compared with 1998 as its currency has only declined 13 per cent since the beginning of the year compared with a drop of 32 per cent back then. It also has a healthier current account deficit and government debt is at about 30 per cent of GDP as compared with more than 90 per cent during the Asian financial crisis. Inflation has also been brought to below 5 per cent in the last 5 years compared with 60 per cent back in the 1990s. Foreign reserves are six times more than they were 20 years ago at $120 billion. Despite this, investors are concerned about the government's ability to fund the widening current account deficit. That foreigners who own almost 40 per cent of the Indonesian government bonds have not pulled out any significant amounts, is a good sign of confidence about how the government is coping. How does India compare? The Rupee is the worst performing among Asian currencies falling some 13 per cent since the beginning of the year compared with the Indonesian Rupiah which has fallen 10 per cent. Both currencies are reeling under the pressure from the US Federal Reserve interest rate hikes and strength of the US economy. This is not helped by the fact that India is the fastest growing oil consumer and oil importer. India has a trade deficit of $18 billion compared with Indonesia's $2 billion. Even accounting for the fact that India's economy is about two and a half times that of Indonesia's, this is significant and a cause for concern. However, with foreign reserves of US $400 billion and a relatively low current account deficit of 2.8 per cent of GDP, India's economy is far from fragile for now. The fact that the India stock market has been very resilient, gaining about 13 per cent since the beginning of the year - Indonesia's has declined 8 per cent in the same period - shows that investors are reasonably confident in the economy. At the moment anyway.

Explainer: How Indonesia Rupiah woes will affect India

The rupee hit a new record low of 72.67 against the dollar on Monday.

The rupee opened at a record low of 72.15 against the dollar, then slipped quickly to 72.30. The rupee had closed Friday at 71.73 when the central bank had intervened heavily to prevent it from slipping below 72 to the dollar.&nbsp;

The rupee has been sliding against the US dollar in recent days as emerging markets come under pressure. That has&nbsp;made the currency one of Asia’s worst performers, losing 12% this year.

The Reserve Bank of India intervened heavily in the forex market on Friday, mounting a formidable defence of the 72 rupees to the dollar mark in a reversal of its light-handed approach in the last few weeks.

The rupee has been under immense pressure due to a host of reasons including soaring crude oil prices, sustained foreign fund outflows and widening current account deficit amid an escalation in global trade war tiff.

India's current account deficit (CAD) has been deteriorating since the last fiscal.

The domestic unit continues to be the worst performer among Asian currencies, has weakened by almost 13 per cent since the beginning of the year. It also took a severe beating against the British pound, euro and Japanse yen.

India's economy grew at a delightful 8.2 per cent in the April to June quarter of this year after the twin shocks of a cash ban in 2016 and the chaotic introduction the new goods and services tax (GST)last year, reclaiming its position as the fastest growing major global economy this year.

(With inputs from PTI)

The rupee has been under immense pressure recently due to a host of reasons including soaring crude oil prices.

The rupee hit a new record low of 72.67 against the dollar on Monday. The rupee opened at a record low of 72.15 against the dollar, then slipped quickly to 72.30. The rupee had closed Friday at 71.73 when the central bank had intervened heavily to prevent it from slipping below 72 to the dollar. The rupee has been sliding against the US dollar in recent days as emerging markets come under pressure. That has made the currency one of Asia’s worst performers, losing 12% this year. The Reserve Bank of India intervened heavily in the forex market on Friday, mounting a formidable defence of the 72 rupees to the dollar mark in a reversal of its light-handed approach in the last few weeks. The rupee has been under immense pressure due to a host of reasons including soaring crude oil prices, sustained foreign fund outflows and widening current account deficit amid an escalation in global trade war tiff. India's current account deficit (CAD) has been deteriorating since the last fiscal. The domestic unit continues to be the worst performer among Asian currencies, has weakened by almost 13 per cent since the beginning of the year. It also took a severe beating against the British pound, euro and Japanse yen. India's economy grew at a delightful 8.2 per cent in the April to June quarter of this year after the twin shocks of a cash ban in 2016 and the chaotic introduction the new goods and services tax (GST)last year, reclaiming its position as the fastest growing major global economy this year. (With inputs from PTI)

Rupee continues freefall, hits new record low of 72.67 against the dollar

US President Donald Trump called for Apple to make its products in the <a href="http://wionews.com/world/amid-us-trade-war-chinas-xi-reiterates-reform-commitment--163128">US instead of China</a> to avoid suffering the consequences of his <a href="http://wionews.com/world/china-expected-to-take-other-measures-to-counteract-trade-war-expert-164461">trade war with Beijing</a>.

Trump has repeatedly called for companies to move production to the United States, or to keep it there while pushing aggressive trade actions aimed at narrowing the US trade deficit, which he equates with theft from Americans.

“Apple prices may increase because of the <a href="http://wionews.com/business-&-economy/china-stocks-fall-sharply-on-economic-trade-war-worries-163737">massive Tariffs</a> we may be imposing on China – but there is an easy solution where there would be ZERO tax, and indeed a tax incentive,” Trump tweeted.

“Make your products in the United States instead of China. Start building new plants now. Exciting!” But the higher cost of wages in the United States could offset the benefits Apple might gain by avoiding tariffs affecting its products manufactured in China.

The Trump administration has placed punitive tariffs on $50 billion in Chinese goods and threatened to tax all Chinese imports to the United States.

US businesses have become increasingly concerned about the tariffs, which are raising prices for manufacturers and could hurt the economy.

But Trump has been unapologetic, insisting that his tough tactics will work.

Trump called on Apple to move production to the US to avoid suffering the consequences of his trade war with Beijing.

US President Donald Trump called for Apple to make its products in the US instead of China to avoid suffering the consequences of his trade war with Beijing. Trump has repeatedly called for companies to move production to the United States, or to keep it there while pushing aggressive trade actions aimed at narrowing the US trade deficit, which he equates with theft from Americans. “Apple prices may increase because of the massive Tariffs we may be imposing on China – but there is an easy solution where there would be ZERO tax, and indeed a tax incentive,” Trump tweeted. “Make your products in the United States instead of China. Start building new plants now. Exciting!” But the higher cost of wages in the United States could offset the benefits Apple might gain by avoiding tariffs affecting its products manufactured in China. The Trump administration has placed punitive tariffs on $50 billion in Chinese goods and threatened to tax all Chinese imports to the United States. US businesses have become increasingly concerned about the tariffs, which are raising prices for manufacturers and could hurt the economy. But Trump has been unapologetic, insisting that his tough tactics will work.

Trump calls on Apple to move production from China to US

Fuel prices continued to go up on Sunday. After crossing the Rs 80 mark in Delhi on Saturday, petrol prices went up 12 paise a litre on Sunday.

Petrol was on Sunday selling at Rs Rs 80.50 a litre in Delhi, while diesel was selling at Rs 72.61&nbsp;a litre.

In Mumbai, a litre of petrol was selling at Rs.87.89 while diesel was selling at Rs 77.09 a litre.

The price of petrol was on Saturday raised by 39 paise a litre and diesel by 44 paise per litre, according to the notification.

Petrol and diesel prices are revised daily by state-run oil firms at 6 am. Fuel prices in Delhi are the cheapest among all metros and most state capitals due to lower taxes. Mumbai has the highest tax rates among metros.

The Congress has called for a Bharat Bandh&nbsp;on Monday over the high taxes imposed by the government on fuel prices.

The NCP, SP, and DMK have said they will support the strike. As will the MNS. The TMC however has refused to.&nbsp;

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<blockquote class="twitter-tweet" data-lang="en">
The Maharashtra Navnirman Sena (MNS) will support the <a href="https://twitter.com/hashtag/BharatBandh?src=hash&ref_src=twsrc%5Etfw">#BharatBandh</a> tomorow over fuel price hike. The strike has been called by Congress and other opposition parties. <a href="https://t.co/wUNCOMnJp4">pic.twitter.com/wUNCOMnJp4</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1038683807740657666?ref_src=twsrc%5Etfw">September 9, 2018</a></blockquote>
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Since mid-August, petrol prices have risen by Rs 3.24 a litre and diesel by Rs 3.74 a litre as the rupee touched a record low against the dollar, making imports costlier. This is the biggest increase in rates in any fortnight since the daily price revision was introduced in mid-June last year. Almost half of the retail selling price of the two fuels is made up of central and state taxes.

The Centre currently levies an excise duty of Rs 19.48 per litre on petrol and Rs 15.33 per litre on diesel. On top of this, states levy value-added tax (VAT).

Mumbai has the highest VAT of 39.12% on petrol, while Telangana levies the highest VAT of 26% on diesel. Delhi charges a VAT of 27% on petrol and 17.24% on diesel.

The central government had raised the excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016. The duty was reduced just once in October last year, by Rs 2 a litre.

Every dollar increase in crude oil prices raises India’s import bill by around Rs 10,700 crore on an annual basis. India imports 80% of its crude oil requirements. Elevated oil prices affect the trade deficit as well as the current account deficit. High oil prices also put pressure on the margins of oil marketing companies.

(With inputs from agencies)

Petrol prices crossed the Rs 80 mark in Delhi on Saturday. Opposition parties have called for a nationwide strike on Monday

Fuel prices continued to go up on Sunday. After crossing the Rs 80 mark in Delhi on Saturday, petrol prices went up 12 paise a litre on Sunday. Petrol was on Sunday selling at Rs Rs 80.50 a litre in Delhi, while diesel was selling at Rs 72.61 a litre. In Mumbai, a litre of petrol was selling at Rs.87.89 while diesel was selling at Rs 77.09 a litre. The price of petrol was on Saturday raised by 39 paise a litre and diesel by 44 paise per litre, according to the notification. Petrol and diesel prices are revised daily by state-run oil firms at 6 am. Fuel prices in Delhi are the cheapest among all metros and most state capitals due to lower taxes. Mumbai has the highest tax rates among metros. The Congress has called for a Bharat Bandh on Monday over the high taxes imposed by the government on fuel prices. The NCP, SP, and DMK have said they will support the strike. As will the MNS. The TMC however has refused to. The Maharashtra Navnirman Sena (MNS) will support the #BharatBandh tomorow over fuel price hike. The strike has been called by Congress and other opposition parties. pic.twitter.com/wUNCOMnJp4 — ANI (@ANI) September 9, 2018 × Since mid-August, petrol prices have risen by Rs 3.24 a litre and diesel by Rs 3.74 a litre as the rupee touched a record low against the dollar, making imports costlier. This is the biggest increase in rates in any fortnight since the daily price revision was introduced in mid-June last year. Almost half of the retail selling price of the two fuels is made up of central and state taxes. The Centre currently levies an excise duty of Rs 19.48 per litre on petrol and Rs 15.33 per litre on diesel. On top of this, states levy value-added tax (VAT). Mumbai has the highest VAT of 39.12% on petrol, while Telangana levies the highest VAT of 26% on diesel. Delhi charges a VAT of 27% on petrol and 17.24% on diesel. The central government had raised the excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016. The duty was reduced just once in October last year, by Rs 2 a litre. Every dollar increase in crude oil prices raises India’s import bill by around Rs 10,700 crore on an annual basis. India imports 80% of its crude oil requirements. Elevated oil prices affect the trade deficit as well as the current account deficit. High oil prices also put pressure on the margins of oil marketing companies. (With inputs from agencies)

Petrol prices go up again, Congress calls for Bharat Bandh on Monday

Axis Bank said Saturday Amitabh Chaudhry has been appointed its Managing Director and CEO from January 1, 2019 for a period of three years.&nbsp;

Chaudhry, the MD and CEO of HDFC Standard Life Insurance Company at present, will take the charge at India's third largest private sector bank after incumbent Shikha Sharma steps down on December 31, 2018.

"The Board of Directors of the bank at its meeting held today has taken on record the approval granted by the Reserve Bank of India (RBI) to the appointment of Amitabh Chaudhry as the Managing Director & CEO of the Bank, for a period of three years, with effect from I" January 2019 up to 31" December 2021 (both days inclusive)," Axis Bank said in a filing to the BSE.&nbsp;

Chaudhry, 54, has been associated with HDFC Life since January 2010.

"I would like to thank the RBI and the Axis Bank Board for the privilege and honour given to me to lead this great institution," Chaudhry said.

In April, Axis Bank board had curtailed the fourth term of its CEO and Managing Director Shikha Sharma to seven months following an unusual request from her that she be relieved on December 2018, 29 months ahead of the scheduled term.

In July 2017, the Axis Bank board had approved re-appointment of Sharma. Her fourth term as MD & CEO began from June 2018.

Chaudhry, the MD and CEO of HDFC Standard Life Insurance Company at present, will take the charge at India's third largest private sector bank after incumbent Shikha Sharma steps down on December 31, 2018.

Axis Bank said Saturday Amitabh Chaudhry has been appointed its Managing Director and CEO from January 1, 2019 for a period of three years. Chaudhry, the MD and CEO of HDFC Standard Life Insurance Company at present, will take the charge at India's third largest private sector bank after incumbent Shikha Sharma steps down on December 31, 2018. "The Board of Directors of the bank at its meeting held today has taken on record the approval granted by the Reserve Bank of India (RBI) to the appointment of Amitabh Chaudhry as the Managing Director & CEO of the Bank, for a period of three years, with effect from I" January 2019 up to 31" December 2021 (both days inclusive)," Axis Bank said in a filing to the BSE. Chaudhry, 54, has been associated with HDFC Life since January 2010. "I would like to thank the RBI and the Axis Bank Board for the privilege and honour given to me to lead this great institution," Chaudhry said. In April, Axis Bank board had curtailed the fourth term of its CEO and Managing Director Shikha Sharma to seven months following an unusual request from her that she be relieved on December 2018, 29 months ahead of the scheduled term. In July 2017, the Axis Bank board had approved re-appointment of Sharma. Her fourth term as MD & CEO began from June 2018.

Axis Bank appoints Amitabh Chaudhry as MD & CEO, to take charge from Jan 1

Fuel prices have yet again witnessed a fresh hike, with petrol being sold at a record high rate of Rs&nbsp80.38 per litre in New Delhi, and diesel at Rs 72.51 per litre.

As per the Indian Oil Corporation, a price hike of 39 paise and 44 paise per litre was implemented on petrol and diesel, respectively, in the national capital.

On the other hand, the price of petrol rose to Rs 87.77 per litre in Mumbai, while diesel is being sold at 76.98 per litre.

The soaring prices are continuing to burn a hole in the pockets of commuters, one of whom feels he may have to avail bank loans to pay for fuel.

Meanwhile, a local from Mumbai urged the government to intervene in the matter.

"The way the prices are increasing with each passing day, it seems that it would cross Rs&nbsp100 per litre. It's only the common man who is getting affected due to this. The government should take some steps and do&nbsp 
something about it," he told ANI.

While the government has maintained that depreciation of the Indian Rupee against the US dollar and a hike in global crude oil prices is causing a surge in domestic oil prices, citizens and the Opposition alike feel the Narendra Modi government is not doing enough to curb rising oil prices.&nbsp

As per the Indian Oil Corporation, a price hike of 39 paise and 44 paise per litre was implemented on petrol and diesel, respectively, in the national capital.

Fuel prices have yet again witnessed a fresh hike, with petrol being sold at a record high rate of Rs&nbsp80.38 per litre in New Delhi, and diesel at Rs 72.51 per litre. As per the Indian Oil Corporation, a price hike of 39 paise and 44 paise per litre was implemented on petrol and diesel, respectively, in the national capital. On the other hand, the price of petrol rose to Rs 87.77 per litre in Mumbai, while diesel is being sold at 76.98 per litre. The soaring prices are continuing to burn a hole in the pockets of commuters, one of whom feels he may have to avail bank loans to pay for fuel. Meanwhile, a local from Mumbai urged the government to intervene in the matter. "The way the prices are increasing with each passing day, it seems that it would cross Rs&nbsp100 per litre. It's only the common man who is getting affected due to this. The government should take some steps and do something about it," he told ANI. While the government has maintained that depreciation of the Indian Rupee against the US dollar and a hike in global crude oil prices is causing a surge in domestic oil prices, citizens and the Opposition alike feel the Narendra Modi government is not doing enough to curb rising oil prices.

Petrol breaches Rs 80 per litre mark in Delhi

US job growth likely accelerated in August, with the unemployment rate expected to have fallen back to an 18-year low of 3.8 per cent, which would bolster views that the economy was so far weathering the Trump administration's escalating trade war with China.

Nonfarm payrolls probably rose by 191,000 jobs last month after gaining 157,000 in July, according to a Reuters survey of economists. The Labour Department will publish its closely watched employment report on Friday at 8:30 am EDT (1230 GMT).

Analysts said the administration's $1.5 trillion tax cut package and increased government spending were shielding the economy from the trade tensions, which have also seen Washington engaged in tit-for-tat tariffs with other trade partners, including the European Union, Canada and Mexico.

They also noted that the import duties implemented so far have affected only a small portion of the American economy, but warned this could change if President Donald Trump pressed ahead with additional tariffs on Chinese imports.

"The economy is on an adrenalin rush," said Ryan Sweet, senior economist at Moody's Analytics in Westchester, Pennsylvania. "Given the amount of fiscal stimulus that the economy is benefiting from, it's going to take a lot to get it off that high."

The United States and China have slapped retaliatory tariffs on a combined $100 billion of products since early July.

Americans had until Thursday to comment on a list of $200 billion worth of Chinese goods widely expected to be hit with tariffs soon. The government imposed import duties on goods including steel, aluminum, washing machines, lumber and solar panels early this year to protect American industries from what Trump says is unfair foreign competition.

Global outplacement firm Challenger, Gray & Christmas said on Thursday there were 521 tariff-related job cuts in August, but these were largely offset by the hiring of 359 workers by steel producers.

August job growth could, however, fall short of expectations because of a seasonal quirk. Over the past several years, the initial August job count has tended to exhibit a weak bias, with revisions subsequently showing strength.

"This August weakness has also tended to occur in many of the same industries, including manufacturing, professional services, retail, and information, and we estimate that residual seasonality could weigh on headline payroll growth in tomorrow's report by 40,000 or even more," said Spencer Hill, an economist at Goldman Sachs in New York.

US unemployment rate is near the lowest in 18 years.

MODERATE WAGE GROWTH

Nevertheless, the anticipated one-tenth of a percentage point drop in the unemployment rate from 3.9 per cent in July should underscore tightening labour market conditions and cement expectations for a third interest rate increase from the Federal Reserve this year when policymakers meet on September 25-26.

"Another encouraging labour market performance should instil greater confidence that gradual interest rate increases are still the most appropriate course of policy action for the foreseeable future," said Sam Bullard, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.

The employment report would add to manufacturing and services industries surveys in suggesting the Trump administration's protectionist trade policy was having a marginal impact on the economy for now. The economy grew at a 4.2 per cent annualized rate in the second quarter, almost double the 2.2 per cent pace set in the January-March period.

For now the vibrant labour market is not generating wage inflation, which likely reduces the prospect of the economy overheating. Average hourly earnings are forecast increasing 0.2 per cent in August after rising 0.3 per cent in July.

That would keep the annual increase in wages at 2.7 per cent in August. Annual wage growth has remained below 3 per cent since mid-2009. Moderate wage gains have been blamed on low productivity growth and are also seen as an indication that there is still some slack in the labour market.

"We do, however, expect it to reach a new high of 2.9 per cent by the fourth quarter," said Lou Crandall, chief economist at Wrightson ICAP in Jersey City.

Job gains in August were likely across all sectors. Manufacturing payrolls are forecast rising by 24,000 jobs after increasing by 37,000 jobs in July. Construction companies probably added to the 19,000 workers hired in July.

Employment at sporting goods, hobby, book and music stores is expected to have rebounded in August after shedding 31,800 jobs in July related to the closing of all Toys-R-Us stores. Government employment likely increased by 1,000 jobs in August.

Nonfarm payrolls probably rose by 191,000 jobs last month after gaining 157,000 in July, according to a Reuters survey of economists.

US job growth likely accelerated in August, with the unemployment rate expected to have fallen back to an 18-year low of 3.8 per cent, which would bolster views that the economy was so far weathering the Trump administration's escalating trade war with China. Nonfarm payrolls probably rose by 191,000 jobs last month after gaining 157,000 in July, according to a Reuters survey of economists. The Labour Department will publish its closely watched employment report on Friday at 8:30 am EDT (1230 GMT). Analysts said the administration's $1.5 trillion tax cut package and increased government spending were shielding the economy from the trade tensions, which have also seen Washington engaged in tit-for-tat tariffs with other trade partners, including the European Union, Canada and Mexico. They also noted that the import duties implemented so far have affected only a small portion of the American economy, but warned this could change if President Donald Trump pressed ahead with additional tariffs on Chinese imports. "The economy is on an adrenalin rush," said Ryan Sweet, senior economist at Moody's Analytics in Westchester, Pennsylvania. "Given the amount of fiscal stimulus that the economy is benefiting from, it's going to take a lot to get it off that high." The United States and China have slapped retaliatory tariffs on a combined $100 billion of products since early July. Americans had until Thursday to comment on a list of $200 billion worth of Chinese goods widely expected to be hit with tariffs soon. The government imposed import duties on goods including steel, aluminum, washing machines, lumber and solar panels early this year to protect American industries from what Trump says is unfair foreign competition. Global outplacement firm Challenger, Gray & Christmas said on Thursday there were 521 tariff-related job cuts in August, but these were largely offset by the hiring of 359 workers by steel producers. August job growth could, however, fall short of expectations because of a seasonal quirk. Over the past several years, the initial August job count has tended to exhibit a weak bias, with revisions subsequently showing strength. "This August weakness has also tended to occur in many of the same industries, including manufacturing, professional services, retail, and information, and we estimate that residual seasonality could weigh on headline payroll growth in tomorrow's report by 40,000 or even more," said Spencer Hill, an economist at Goldman Sachs in New York. US unemployment rate is near the lowest in 18 years. MODERATE WAGE GROWTH Nevertheless, the anticipated one-tenth of a percentage point drop in the unemployment rate from 3.9 per cent in July should underscore tightening labour market conditions and cement expectations for a third interest rate increase from the Federal Reserve this year when policymakers meet on September 25-26. "Another encouraging labour market performance should instil greater confidence that gradual interest rate increases are still the most appropriate course of policy action for the foreseeable future," said Sam Bullard, a senior economist at Wells Fargo Securities in Charlotte, North Carolina. The employment report would add to manufacturing and services industries surveys in suggesting the Trump administration's protectionist trade policy was having a marginal impact on the economy for now. The economy grew at a 4.2 per cent annualized rate in the second quarter, almost double the 2.2 per cent pace set in the January-March period. For now the vibrant labour market is not generating wage inflation, which likely reduces the prospect of the economy overheating. Average hourly earnings are forecast increasing 0.2 per cent in August after rising 0.3 per cent in July. That would keep the annual increase in wages at 2.7 per cent in August. Annual wage growth has remained below 3 per cent since mid-2009. Moderate wage gains have been blamed on low productivity growth and are also seen as an indication that there is still some slack in the labour market. "We do, however, expect it to reach a new high of 2.9 per cent by the fourth quarter," said Lou Crandall, chief economist at Wrightson ICAP in Jersey City. Job gains in August were likely across all sectors. Manufacturing payrolls are forecast rising by 24,000 jobs after increasing by 37,000 jobs in July. Construction companies probably added to the 19,000 workers hired in July. Employment at sporting goods, hobby, book and music stores is expected to have rebounded in August after shedding 31,800 jobs in July related to the closing of all Toys-R-Us stores. Government employment likely increased by 1,000 jobs in August.

US job growth seen picking up, unemployment rate falling

Gold extended gains on Friday as the dollar fell against the yen after a report suggested that US President Donald Trump would next take up trade issues with Japan, while investors feared a new round of Sino-US tariffs could come at any moment.

Spot gold was up 0.2 per cent at $1,202.14 as of 0219 GMT, after it hit a near one-week high on Thursday at $1,206.98, and headed for a third straight session of gains.

US gold futures rose 0.3 per cent to $1,208.0 an ounce.

The dollar declined further against the yen following a CNBC television report on Thursday that Trump told a Wall Street Journal columnist he might take on trade issues with Japan.

"The stronger yen versus dollar is leading to some buying in gold ... The recent low of around $1,160 in August is really the bottom in gold for now," said Yuichi Ikemizu, Tokyo branch manager, ICBC Standard Bank.

"The next moves will mostly depend on the employment data tonight and the September Federal Reserve meeting. But it mostly looks like gold is slowly coming up and the dollar is coming off as gold is too oversold and the dollar has been overbought."

Another big worry for investors was the end of a public consultation period over trade, after which Trump could impose tariffs on $200 billion more in Chinese imports.

China's commerce ministry warned that the country would retaliate against any new tariff measures.

Meanwhile, markets will be closely watching a US employment report due later in the day for cues on the pace of interest rate hikes by the Fed.

The payrolls report is expected to show a robust rise of 191,000, in part as July was temporarily depressed by the closure of the Toys R Us chain that month.

Current economic conditions are "as good as it gets" for the US central bank, New York Federal Reserve bank President John Williams said on Thursday, with steady inflation and low unemployment allowing the Fed to continue gradually raising rates.

"Gold faces a quick correction if US jobs data, inflation in particular comes in near or above target. The Fed has hiked two times in 2018 and is on course to lift rates twice more," said Alfonso Esparza, a senior currency analyst at OANDA.

Gold has tumbled more than 12 per cent from a peak of $1,365.23 in April. Present levels have recently invoked a lot of physical buying in Asia, traders and analysts said.

Among other precious metals, spot silver rose 0.5 per cent to $14.19 per ounce.

Platinum was steady at $791.40, while palladium fell 0.3 per cent to $975.

Spot gold was up 0.2 per cent at $1,202.14 as of 0219 GMT, after it hit a near one-week high on Thursday at $1,206.98, and headed for a third straight session of gains.

Gold extended gains on Friday as the dollar fell against the yen after a report suggested that US President Donald Trump would next take up trade issues with Japan, while investors feared a new round of Sino-US tariffs could come at any moment. Spot gold was up 0.2 per cent at $1,202.14 as of 0219 GMT, after it hit a near one-week high on Thursday at $1,206.98, and headed for a third straight session of gains. US gold futures rose 0.3 per cent to $1,208.0 an ounce. The dollar declined further against the yen following a CNBC television report on Thursday that Trump told a Wall Street Journal columnist he might take on trade issues with Japan. "The stronger yen versus dollar is leading to some buying in gold ... The recent low of around $1,160 in August is really the bottom in gold for now," said Yuichi Ikemizu, Tokyo branch manager, ICBC Standard Bank. "The next moves will mostly depend on the employment data tonight and the September Federal Reserve meeting. But it mostly looks like gold is slowly coming up and the dollar is coming off as gold is too oversold and the dollar has been overbought." Another big worry for investors was the end of a public consultation period over trade, after which Trump could impose tariffs on $200 billion more in Chinese imports. China's commerce ministry warned that the country would retaliate against any new tariff measures. Meanwhile, markets will be closely watching a US employment report due later in the day for cues on the pace of interest rate hikes by the Fed. The payrolls report is expected to show a robust rise of 191,000, in part as July was temporarily depressed by the closure of the Toys R Us chain that month. Current economic conditions are "as good as it gets" for the US central bank, New York Federal Reserve bank President John Williams said on Thursday, with steady inflation and low unemployment allowing the Fed to continue gradually raising rates. "Gold faces a quick correction if US jobs data, inflation in particular comes in near or above target. The Fed has hiked two times in 2018 and is on course to lift rates twice more," said Alfonso Esparza, a senior currency analyst at OANDA. Gold has tumbled more than 12 per cent from a peak of $1,365.23 in April. Present levels have recently invoked a lot of physical buying in Asia, traders and analysts said. Among other precious metals, spot silver rose 0.5 per cent to $14.19 per ounce. Platinum was steady at $791.40, while palladium fell 0.3 per cent to $975.

Gold edges higher as dollar slips against yen on trade jitters

Fuel prices in the country continued to rise on Friday. Petrol and diesel touched Rs 79.99 and Rs 72.07 respectively for a litre in Delhi today.

Mumbai saw petrol prices crossing Rs 87-mark at Rs 87.39 per litre, diesel in the country's economic capital touched Rs 76.51 per litre today.&nbsp;

Fuel prices have been on the rise ever since the rupee hit an all-time low of 71 against the US dollar on August 16.&nbsp;

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Petrol & Diesel prices in <a href="https://twitter.com/hashtag/Delhi?src=hash&ref_src=twsrc%5Etfw">#Delhi</a> are Rs.79.99 per litre & Rs.72.07 per litre, respectively. Petrol & Diesel prices in <a href="https://twitter.com/hashtag/Mumbai?src=hash&ref_src=twsrc%5Etfw">#Mumbai</a> are Rs.87.39 per litre & Rs.76.51 per litre, respectively. <a href="https://t.co/iBdzvAB2rW">pic.twitter.com/iBdzvAB2rW</a>
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Petrol and diesel prices in the national capital were recorded at Rs 79.51 and Rs 71.55 respectively for a litre on Thursday.

For Mumbai, the prices inched towards Rs 87-mark at Rs 86.91 per litre for petrol, while diesel was sold for Rs 75.96 per litre yesterday.&nbsp;

Union Finance Minister Arun Jaitley on Wednesday cited "global reasons" for tumbling rupee against the dollar and for mounting fuel prices.

Union Finance Minister Arun Jaitley on Wednesday cited 'global reasons' for tumbling rupee against the dollar and for mounting fuel prices.

Fuel prices in the country continued to rise on Friday. Petrol and diesel touched Rs 79.99 and Rs 72.07 respectively for a litre in Delhi today. Mumbai saw petrol prices crossing Rs 87-mark at Rs 87.39 per litre, diesel in the country's economic capital touched Rs 76.51 per litre today. Fuel prices have been on the rise ever since the rupee hit an all-time low of 71 against the US dollar on August 16. Petrol & Diesel prices in #Delhi are Rs.79.99 per litre & Rs.72.07 per litre, respectively. Petrol & Diesel prices in #Mumbai are Rs.87.39 per litre & Rs.76.51 per litre, respectively. pic.twitter.com/iBdzvAB2rW — ANI (@ANI) September 7, 2018 × Petrol and diesel prices in the national capital were recorded at Rs 79.51 and Rs 71.55 respectively for a litre on Thursday. For Mumbai, the prices inched towards Rs 87-mark at Rs 86.91 per litre for petrol, while diesel was sold for Rs 75.96 per litre yesterday. Union Finance Minister Arun Jaitley on Wednesday cited "global reasons" for tumbling rupee against the dollar and for mounting fuel prices.

Fuel prices rise unabated, petrol inches toward Rs 80-mark in Delhi 

Oil prices rose on Friday after US crude inventories fell to their lowest levels since February 2015.

US West Texas Intermediate (WTI) crude futures <CLc1> were at $67.90 per barrel at 0056 GMT, up 13 cents, or 0.2 percent, from their last settlement.

International Brent crude futures <LCOc1> climbed 12 cents, or 0.2 percent, to $76.62 a barrel.

"Oil inventory data released last night showed a larger-than-expected draw in crude inventories," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

US commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels <C-STK-T-EIA> in the week to Aug. 31, the lowest since February 2015, US Energy Information Administration (EIA) data showed on Thursday.

Despite that, analysts said prices were curbed by a rise in refined product stocks and a relatively weak US peak fuel consumption season this summer.

Gasoline stocks <USOILG=ECI> rose by 1.8 million barrels, while distillate stockpiles <USOILD=ECI>, which include diesel and heating oil, climbed by 3.1 million barrels, the EIA data showed.

"Gasoline and distillates inventories both rose substantially. The US summer driving season has proven to be a lacklustre one in terms of gasoline demand," said O'Loughlin.

US crude oil production <C-OUT-T-EIA> last week remained at a record 11 million barrels per day (bpd), a level it has largely been at since July.

US West Texas Intermediate (WTI) crude futures were at $67.90 per barrel at 0056 GMT, up 13 cents, or 0.2 percent, from their last settlement.

Oil prices rose on Friday after US crude inventories fell to their lowest levels since February 2015. US West Texas Intermediate (WTI) crude futures were at $67.90 per barrel at 0056 GMT, up 13 cents, or 0.2 percent, from their last settlement. International Brent crude futures climbed 12 cents, or 0.2 percent, to $76.62 a barrel. "Oil inventory data released last night showed a larger-than-expected draw in crude inventories," said William O'Loughlin, investment analyst at Australia's Rivkin Securities. US commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels in the week to Aug. 31, the lowest since February 2015, US Energy Information Administration (EIA) data showed on Thursday. Despite that, analysts said prices were curbed by a rise in refined product stocks and a relatively weak US peak fuel consumption season this summer. Gasoline stocks rose by 1.8 million barrels, while distillate stockpiles , which include diesel and heating oil, climbed by 3.1 million barrels, the EIA data showed. "Gasoline and distillates inventories both rose substantially. The US summer driving season has proven to be a lacklustre one in terms of gasoline demand," said O'Loughlin. US crude oil production last week remained at a record 11 million barrels per day (bpd), a level it has largely been at since July.

Oil prices climb as US crude inventories drop

Asian shares slipped to a 14-month trough on Friday as investors feared a new round of Sino-US&nbsptariffs could come at any moment, while a slump in US chip stocks rippled through the tech sector.

MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> lost 0.34 per cent to reach its lowest since mid-July last year.

The Nikkei <.N225> fell 0.9 per cent, undermined by a rising yen and reports US&nbspPresident Donald Trump could be contemplating taking on Japan over trade.

Nerves were already frayed as the public comment period for proposed tariffs on an additional $200 billion worth of Chinese imports ends at 0400 GMT, and the tariffs could go into effect shortly afterwards.

China has warned of retaliation if Washington implements any new measures.

"It seems unlikely the tariffs are not implemented as the US&nbspadministration believes that they are winning the trade war and will be in a stronger position to negotiate if they put more pressure on China," JPMorgan analysts wrote in a note.

"The tech sector was also very weak overnight, with a slide in Micron of almost 10 per cent and further weakness in the Chinese Internet ADRs."

Wall Street saw sharp losses in chipmakers and concerns about increased regulation of social media companies. [.N]

The S&P 500 <.SPX> lost 0.37 per cent and the Nasdaq <.IXIC> 0.91 per cent, while the Dow <.DJI> eked out a 0.08 per cent gain.

Watching wages

Eyes were now turned to the US&nbsppayrolls report for August which is expected to show a robust rise of 191,000, in part as July was temporarily depressed by the closure of the Toys R Us chain that month.

Still, analysts at NatWest Markets cautioned that: "Despite employment indicators pointing to another strong report, it is worth noting that there is a tendency for August payrolls to initially disappoint and then be revised up noticeably later."

Just as important will be figured on wages where a rise above the 0.2 per cent forecasted would likely boost the dollar and pressure Treasury prices.

The dollar could do with the lift having lost out to the safe-haven yen and Swiss franc overnight. It was changing hands at 110.43 yen <JPY=> after shedding 0.7 per cent on Thursday, the sharpest one-day loss in seven weeks.

Part of the losses came after a Wall Street Journal columnist reported Trump had mused about starting a trade fight with Japan.

The dollar also hit a four-month low on the franc at $0.9646 <CHF=>. Against a basket of currencies, the dollar index <.DXY> was down at 95.021 and off the week's top of 95.737.

The euro was holding steady at $1.1619 <EUR=>, while sterling idled at $1.2921 <GBP=> amid ongoing uncertainty over Brexit negotiations.

In commodity markets, the dip in the dollar left gold a whisker higher at $1,201.21 an ounce <XAU=>.

Crude oil steadied after falling more than 1 per cent on Thursday after US&nbspdata showed gasoline inventories rose unexpectedly last week. [O/R]

Brent was 5 cents firmer at $76.55 a barrel <LCc1>, while US&nbspcrude edged up 9 cents to $67.86 <CLc1>.

MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> lost 0.34 per cent to reach its lowest since mid-July last year.

Asian shares slipped to a 14-month trough on Friday as investors feared a new round of Sino-US&nbsptariffs could come at any moment, while a slump in US chip stocks rippled through the tech sector. MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> lost 0.34 per cent to reach its lowest since mid-July last year. The Nikkei <.N225> fell 0.9 per cent, undermined by a rising yen and reports US&nbspPresident Donald Trump could be contemplating taking on Japan over trade. Nerves were already frayed as the public comment period for proposed tariffs on an additional $200 billion worth of Chinese imports ends at 0400 GMT, and the tariffs could go into effect shortly afterwards. China has warned of retaliation if Washington implements any new measures. "It seems unlikely the tariffs are not implemented as the US&nbspadministration believes that they are winning the trade war and will be in a stronger position to negotiate if they put more pressure on China," JPMorgan analysts wrote in a note. "The tech sector was also very weak overnight, with a slide in Micron of almost 10 per cent and further weakness in the Chinese Internet ADRs." Wall Street saw sharp losses in chipmakers and concerns about increased regulation of social media companies. [.N] The S&P 500 <.SPX> lost 0.37 per cent and the Nasdaq <.IXIC> 0.91 per cent, while the Dow <.DJI> eked out a 0.08 per cent gain. Watching wages Eyes were now turned to the US&nbsppayrolls report for August which is expected to show a robust rise of 191,000, in part as July was temporarily depressed by the closure of the Toys R Us chain that month. Still, analysts at NatWest Markets cautioned that: "Despite employment indicators pointing to another strong report, it is worth noting that there is a tendency for August payrolls to initially disappoint and then be revised up noticeably later." Just as important will be figured on wages where a rise above the 0.2 per cent forecasted would likely boost the dollar and pressure Treasury prices. The dollar could do with the lift having lost out to the safe-haven yen and Swiss franc overnight. It was changing hands at 110.43 yen after shedding 0.7 per cent on Thursday, the sharpest one-day loss in seven weeks. Part of the losses came after a Wall Street Journal columnist reported Trump had mused about starting a trade fight with Japan. The dollar also hit a four-month low on the franc at $0.9646 . Against a basket of currencies, the dollar index <.DXY> was down at 95.021 and off the week's top of 95.737. The euro was holding steady at $1.1619 , while sterling idled at $1.2921 amid ongoing uncertainty over Brexit negotiations. In commodity markets, the dip in the dollar left gold a whisker higher at $1,201.21 an ounce . Crude oil steadied after falling more than 1 per cent on Thursday after US&nbspdata showed gasoline inventories rose unexpectedly last week. [O/R] Brent was 5 cents firmer at $76.55 a barrel , while US&nbspcrude edged up 9 cents to $67.86 .

Asia shares hit 14-month lows, yen advances on trade jitters

Tokyo stocks opened lower on Friday, with falls in US high-tech shares and a higher yen weighing on the market.

The benchmark Nikkei index fell 0.58 per cent or 129.42 points to 22,358.52 in early trade, while the broader Topix index was down 0.44 per cent or 7.38 points at 1,685.03.

The dollar fetched 110.42 yen in early Asian trade, 110.86 yen in New York in New York late Thursday.

"Falls in US high tech shares are contributing to weak trade in Japan," Okasan Online Securities said in a commentary.

"The yen is being bought on fears over US-China trade issues and concerns over emerging markets, which is weighing on the market," it added.

In Tokyo, Sony was down 2.19 per cent at 6,150 yen and Panasonic was down 2.01 per cent at 1,267.5 yen.

Toyota was down 1.07 per cent at 6,954 yen while Nissan was off 0.48 per cent at 1,022.5 yen.

Hokkaido Electric, which plunged 6.43 per cent on the previous day, was up 0.98 per cent at 720, after it announced it had restored power to more than 40 per cent of homes in quake-hit Hokkaido on Friday.

In New York, the Dow advanced 0.1 per cent to end at 25,995.87, while the tech-rich Nasdaq Composite Index lost 0.9 per cent to close at 7,922.17.

The benchmark Nikkei index fell 0.58 per cent or 129.42 points to 22,358.52 in early trade, while the broader Topix index was down 0.44 per cent or 7.38 points at 1,685.03.

Tokyo stocks opened lower on Friday, with falls in US high-tech shares and a higher yen weighing on the market. The benchmark Nikkei index fell 0.58 per cent or 129.42 points to 22,358.52 in early trade, while the broader Topix index was down 0.44 per cent or 7.38 points at 1,685.03. The dollar fetched 110.42 yen in early Asian trade, 110.86 yen in New York in New York late Thursday. "Falls in US high tech shares are contributing to weak trade in Japan," Okasan Online Securities said in a commentary. "The yen is being bought on fears over US-China trade issues and concerns over emerging markets, which is weighing on the market," it added. In Tokyo, Sony was down 2.19 per cent at 6,150 yen and Panasonic was down 2.01 per cent at 1,267.5 yen. Toyota was down 1.07 per cent at 6,954 yen while Nissan was off 0.48 per cent at 1,022.5 yen. Hokkaido Electric, which plunged 6.43 per cent on the previous day, was up 0.98 per cent at 720, after it announced it had restored power to more than 40 per cent of homes in quake-hit Hokkaido on Friday. In New York, the Dow advanced 0.1 per cent to end at 25,995.87, while the tech-rich Nasdaq Composite Index lost 0.9 per cent to close at 7,922.17.

Tokyo stocks open lower on higher yen

Indian markets opened in negative on Friday with Sensex tumbling 160.22 points or 0.42 per cent at 38082.59. Nifty sank 48.50 points or 0.42 per cent at 11488.40.&nbsp;

The benchmark Sensex fell 165.72 points, or 0.43 per cent, to 38,077.09 in early trade on Thursday. &nbsp;

Meanwhile, the national currency on Friday opened on a positive note and was trading marginally higher by 4 paise at 71.95 against the US dollar.

The US dollar witnessed a slight dip against some currencies including yen in anticipation of&nbsp;US President Donald Trump raking trade issues with Japan.&nbsp;

The dollar trend overseas supported the rupee but losses in domestic equities kept investors mood dampened, capping the domestic currency's gains.

The rupee on Thursday dipped to a new record low of 72.11 against the American currency in intra-day trade before closing at 71.99.

(With inputs from agencies)&nbsp;

The American currency witnessed a slight dip today against some currencies.

Indian markets opened in negative on Friday with Sensex tumbling 160.22 points or 0.42 per cent at 38082.59. Nifty sank 48.50 points or 0.42 per cent at 11488.40. The benchmark Sensex fell 165.72 points, or 0.43 per cent, to 38,077.09 in early trade on Thursday. Meanwhile, the national currency on Friday opened on a positive note and was trading marginally higher by 4 paise at 71.95 against the US dollar. The US dollar witnessed a slight dip against some currencies including yen in anticipation of US President Donald Trump raking trade issues with Japan. The dollar trend overseas supported the rupee but losses in domestic equities kept investors mood dampened, capping the domestic currency's gains. The rupee on Thursday dipped to a new record low of 72.11 against the American currency in intra-day trade before closing at 71.99. (With inputs from agencies)

Markets open in negative, rupee recovers marginally by 4 paise at 71.95 against dollar 

Petrol and diesel prices in the country continued to rise on Thursday. Petrol and diesel touched Rs 79.51 and Rs 71.55 respectively for a litre in Delhi today.

While Mumbai saw petrol prices inching towards Rs 87-mark at Rs 86.91 per litre, diesel in the country's economic capital touched Rs 75.96 per litre today.&nbsp;

Fuel prices have been on the rise ever since the rupee hit an all-time low of 71 against the US dollar on August 16.&nbsp;

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Petrol & Diesel prices in <a href="https://twitter.com/hashtag/Delhi?src=hash&ref_src=twsrc%5Etfw">#Delhi</a> are Rs.79.51 per litre & Rs.71.55 per litre, respectively. Petrol & Diesel prices in <a href="https://twitter.com/hashtag/Mumbai?src=hash&ref_src=twsrc%5Etfw">#Mumbai</a> are Rs.86.91 per litre & Rs.75.96 per litre, respectively. <a href="https://t.co/1Y8fKbM60D">pic.twitter.com/1Y8fKbM60D</a>
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Meanwhile, Union Finance Minister Arun Jaitely cited "global reasons" for tumbling rupee against the dollar and for mounting fuel prices. He stated that the world's fastest-growing economy <a href="http://wionews.com/india-news/no-need-to-panic-over-rupee-devaluation-arun-jaitley-163846">should not worry and panic over sinking rupee</a>.&nbsp;

Jaitley said there were no domestic reasons attributable to the fall in rupee. He added that dollar had strengthened against almost every currency.&nbsp;

"The Rupee has either consistently strengthened or remained in a rage, not weakened. Most of the other currencies of the world, compared to what it was 4-5 years ago, Rupee is better off,’ Jaitley told media in New Delhi on Tuesday.

The unabated fall in the national currency came to a halt on Thursday&nbsp;when the&nbsp;rupee&nbsp;recovered marginally by 9 paise to 71.66 against the US dollar.&nbsp;

Fuel prices have been on the rise ever since the rupee hit a low of 71 against the US dollar on August 16.

Petrol and diesel prices in the country continued to rise on Thursday. Petrol and diesel touched Rs 79.51 and Rs 71.55 respectively for a litre in Delhi today. While Mumbai saw petrol prices inching towards Rs 87-mark at Rs 86.91 per litre, diesel in the country's economic capital touched Rs 75.96 per litre today. Fuel prices have been on the rise ever since the rupee hit an all-time low of 71 against the US dollar on August 16. Petrol & Diesel prices in #Delhi are Rs.79.51 per litre & Rs.71.55 per litre, respectively. Petrol & Diesel prices in #Mumbai are Rs.86.91 per litre & Rs.75.96 per litre, respectively. pic.twitter.com/1Y8fKbM60D — ANI (@ANI) September 6, 2018 × Meanwhile, Union Finance Minister Arun Jaitely cited "global reasons" for tumbling rupee against the dollar and for mounting fuel prices. He stated that the world's fastest-growing economy should not worry and panic over sinking rupee. Jaitley said there were no domestic reasons attributable to the fall in rupee. He added that dollar had strengthened against almost every currency. "The Rupee has either consistently strengthened or remained in a rage, not weakened. Most of the other currencies of the world, compared to what it was 4-5 years ago, Rupee is better off,’ Jaitley told media in New Delhi on Tuesday. The unabated fall in the national currency came to a halt on Thursday when the rupee recovered marginally by 9 paise to 71.66 against the US dollar.

Fuel prices continue to rise, petrol sells at Rs 86.91 a litre in Mumbai

The Reserve Bank of India likely sold dollars to keep the rupee from reaching 72 to the dollar, Reuters quoted two dealers as saying on Thursday.&nbsp;

The rupee has been hovering near the 72 mark. It is currently at <a href="http://wionews.com/business-%26-economy/rupee-recovers-9-paise-against-us-dollar-in-early-trade-market-indices-open-in-green-163886">71.93 to the dollar</a>.&nbsp;

The rupee breached the 71 mark a few days ago.&nbsp;

On Thursday, the dealers cited spurts of dollars sales at the 71.95 level as likely being by India's central bank.

"There is no supply (of dollars) in the market," Reuters quoted a senior forex official at a state-run bank as saying about the sharp fall in the rupee.&nbsp;

(With inputs from Reuters)

The rupee has been hovering near the 72 mark. It is currently at 71.93 to the dollar.

The Reserve Bank of India likely sold dollars to keep the rupee from reaching 72 to the dollar, Reuters quoted two dealers as saying on Thursday. The rupee has been hovering near the 72 mark. It is currently at 71.93 to the dollar. The rupee breached the 71 mark a few days ago. On Thursday, the dealers cited spurts of dollars sales at the 71.95 level as likely being by India's central bank. "There is no supply (of dollars) in the market," Reuters quoted a senior forex official at a state-run bank as saying about the sharp fall in the rupee. (With inputs from Reuters)

RBI likely sold dollars to keep rupee from reaching 72-mark: Dealers

The worry over sinking rupee subsided with the national currency registering a slight recovery of 9 paise to 71.66 against the US dollar on Thursday in early trade at.

Meanwhile, Indian markets opened in green with the Sensitive Index (Sensex) of the BSE opening higher at 38.161.85 points, it had closed at 38,018.31 points on Wednesday.

According to reports, Sensex was at 38,096 points, up by 77.69 points, or 0.20 per cent just after minutes into trading on Thursday.&nbsp;

Nifty, on the other hand, which was quoting at 11,499.60 points, was up by 22.65 points or 0.20 per cent.

Meanwhile, Finance Minister Arun Jaitley on Wednesday cited "global reasons" for tumbling rupee against the dollar and for mounting fuel prices. He stated that the world's fastest-growing economy should not worry and panic over sinking rupee.&nbsp;

Jaitley said there were no domestic reasons attributable to the fall in rupee. He added that dollar had strengthened against almost every currency.&nbsp;

"The Rupee has either consistently strengthened or remained in a rage, not weakened. Most of the other currencies of the world, compared to what it was 4-5 years ago, Rupee is better off,’ Jaitley told media in New Delhi on Tuesday.

Forex dealers on Thursday noted fall in crude prices in the global market and weakness in the dollar against other currencies overseas amid US-China trade conflict, helped the domestic currency rebound.

They said a higher opening in the equity market also supported the recovery in the rupee.

The rupee's unabated fall continued for the sixth straight session on Wednesday when it touched another closing low of 71.75, down 17 paise against the US currency.&nbsp;

(With inputs from agencies)

According to forex experts, a higher opening in the equity market also supported the recovery in the rupee on Thursday.

The worry over sinking rupee subsided with the national currency registering a slight recovery of 9 paise to 71.66 against the US dollar on Thursday in early trade at. Meanwhile, Indian markets opened in green with the Sensitive Index (Sensex) of the BSE opening higher at 38.161.85 points, it had closed at 38,018.31 points on Wednesday. According to reports, Sensex was at 38,096 points, up by 77.69 points, or 0.20 per cent just after minutes into trading on Thursday. Nifty, on the other hand, which was quoting at 11,499.60 points, was up by 22.65 points or 0.20 per cent. Meanwhile, Finance Minister Arun Jaitley on Wednesday cited "global reasons" for tumbling rupee against the dollar and for mounting fuel prices. He stated that the world's fastest-growing economy should not worry and panic over sinking rupee. Jaitley said there were no domestic reasons attributable to the fall in rupee. He added that dollar had strengthened against almost every currency. "The Rupee has either consistently strengthened or remained in a rage, not weakened. Most of the other currencies of the world, compared to what it was 4-5 years ago, Rupee is better off,’ Jaitley told media in New Delhi on Tuesday. Forex dealers on Thursday noted fall in crude prices in the global market and weakness in the dollar against other currencies overseas amid US-China trade conflict, helped the domestic currency rebound. They said a higher opening in the equity market also supported the recovery in the rupee. The rupee's unabated fall continued for the sixth straight session on Wednesday when it touched another closing low of 71.75, down 17 paise against the US currency. (With inputs from agencies)

Rupee recovers 9 paise against US dollar, markets open in green 

The US&nbspdollar, which has had its best yearly performance since 2015&nbspso far in 2018, will hold on to those gains for the rest of the year but beyond that is unlikely to maintain its ascendancy, a Reuters poll showed.

A majority of foreign exchange strategists in Reuters polls since the dollar's resurgence in April had predicted a reversal in its fortunes, with the upward trend not expected to last more than three months. But the current rally has outlasted those expectations.

Still, the latest poll of over 50 strategists taken August 31- September 5 showed the dollar, up over 3 per cent this year, would reverse that trend with most currencies - including battered emerging market currencies - forecast to gain in a year's time.

That thinking is driven by expectations that US&nbspeconomic growth momentum has peaked as well as the fact that many of the things underpinning the dollar - ranging from expected Federal Reserve interest rate hikes to the U.S.-China trade dispute - have now been priced in.

"The substantial US&nbspdollar rally was not widely expected, even within the context of looking over the past long-term downtrend in the dollar against major currencies. It has definitely gone on for long and has been a surprise based on the length and magnitude of this corrective bounce in the dollar," said Nick Bennenbroek, head of FX strategy at Wells Fargo.

"But over time, once the fiscal stimulus eventually fades ... we do expect the dollar to soften over time and there are indications that it might be getting closer to the end."

While there has been no let-up in the trade wrangling between the United States and China, with President Donald Trump set to ramp up tariffs on more Chinese imports, the dollar's performance over the past month has been mixed.

Currency speculators reduced bets in favour of the US&nbspcurrency in the latest week for the first time in 11 weeks, after net long dollar positions hit a more 1-1/2-year high the previous week.

Still, the latest poll showed the US&nbspcurrency is not likely to fall in the near-term. Indeed, the median probability of a dollar correction of 5 per cent or more by year-end was only 20 per cent, according to responses to an additional question.

"The dollar is overvalued and the Fed isn't doing anything to send it higher, but that's enough for it to remain top dog in currency markets in the absence of good news elsewhere," noted Kit Juckes, global head of FX strategy at Societe Generale.

"The 'winner' is the currency that doesn't lose. And right now, that's still the dollar. There's not much to make me think the dollar should be going up, but there's plenty to make me nervous about other currencies."

In a year's time, though, the euro, which is down more than 3 per cent against the dollar this year, is forecast to gain 4 per cent to $1.21 from around $1.16 on Wednesday.

Sterling will gain around 6 per cent against the dollar in a year, but expectations for that rise are conditional upon Britain leaving the European Union with a deal, which is not certain.

The Japanese yen, which is also considered a safe bet during times of economic distress, is forecast to gain over 2 per cent against the dollar in a year.

"USD remains supported across the board due to market fears about a US-led global trade war, a booming US&nbspeconomy and continuing Fed policy normalization – all of which underscore the appeal of the currency," noted strategists at CA-CIB.

"Over the long term, we anticipate renewed USD underperformance on the back of a flatter US&nbspTreasury yield curve, concerns about the US'&nbspdeteriorating twin deficits and the diminishing positive growth impact from President Trump's fiscal stimulus."

The latest poll of over 50 strategists taken August 31- September 5 showed the dollar, up over 3 per cent this year, would reverse that trend with most currencies

The US&nbspdollar, which has had its best yearly performance since 2015&nbspso far in 2018, will hold on to those gains for the rest of the year but beyond that is unlikely to maintain its ascendancy, a Reuters poll showed. A majority of foreign exchange strategists in Reuters polls since the dollar's resurgence in April had predicted a reversal in its fortunes, with the upward trend not expected to last more than three months. But the current rally has outlasted those expectations. Still, the latest poll of over 50 strategists taken August 31- September 5 showed the dollar, up over 3 per cent this year, would reverse that trend with most currencies - including battered emerging market currencies - forecast to gain in a year's time. That thinking is driven by expectations that US&nbspeconomic growth momentum has peaked as well as the fact that many of the things underpinning the dollar - ranging from expected Federal Reserve interest rate hikes to the U.S.-China trade dispute - have now been priced in. "The substantial US&nbspdollar rally was not widely expected, even within the context of looking over the past long-term downtrend in the dollar against major currencies. It has definitely gone on for long and has been a surprise based on the length and magnitude of this corrective bounce in the dollar," said Nick Bennenbroek, head of FX strategy at Wells Fargo. "But over time, once the fiscal stimulus eventually fades ... we do expect the dollar to soften over time and there are indications that it might be getting closer to the end." While there has been no let-up in the trade wrangling between the United States and China, with President Donald Trump set to ramp up tariffs on more Chinese imports, the dollar's performance over the past month has been mixed. Currency speculators reduced bets in favour of the US&nbspcurrency in the latest week for the first time in 11 weeks, after net long dollar positions hit a more 1-1/2-year high the previous week. Still, the latest poll showed the US&nbspcurrency is not likely to fall in the near-term. Indeed, the median probability of a dollar correction of 5 per cent or more by year-end was only 20 per cent, according to responses to an additional question. "The dollar is overvalued and the Fed isn't doing anything to send it higher, but that's enough for it to remain top dog in currency markets in the absence of good news elsewhere," noted Kit Juckes, global head of FX strategy at Societe Generale. "The 'winner' is the currency that doesn't lose. And right now, that's still the dollar. There's not much to make me think the dollar should be going up, but there's plenty to make me nervous about other currencies." In a year's time, though, the euro, which is down more than 3 per cent against the dollar this year, is forecast to gain 4 per cent to $1.21 from around $1.16 on Wednesday. Sterling will gain around 6 per cent against the dollar in a year, but expectations for that rise are conditional upon Britain leaving the European Union with a deal, which is not certain. The Japanese yen, which is also considered a safe bet during times of economic distress, is forecast to gain over 2 per cent against the dollar in a year. "USD remains supported across the board due to market fears about a US-led global trade war, a booming US&nbspeconomy and continuing Fed policy normalization – all of which underscore the appeal of the currency," noted strategists at CA-CIB. "Over the long term, we anticipate renewed USD underperformance on the back of a flatter US&nbspTreasury yield curve, concerns about the US'&nbspdeteriorating twin deficits and the diminishing positive growth impact from President Trump's fiscal stimulus."

US dollar to keep currency crown this year, but not next: Report

Tilak Raj Bathla's tiny weaving factory is one of the few still humming on a once-busy road in Panipat, known as the country's "textile city".

Nearby, more than two dozen other workshops are locked from the outside, while dogs and cows roam through other abandoned factories. Scrap dealers enquire about idle power looms.

The Goods and Services Tax (GST) was launched just over a year ago, its biggest ever tax reform, aiming to replace more than a dozen federal and state levies and unify the sprawling economy.

The move improved economic efficiency but critics say the complexities of the new regime have driven many small enterprises out of business and forced hundreds of thousands out of jobs.

For Prime Minister Narendra Modi, the drawbacks of the GST, especially the job losses, could prove costly in major state elections later this year and a general election in mid-2019.

Bathla says his neighbours, most of them unschooled, could not comply with monthly online filings required under the GST regime. Some of his customers and suppliers could not afford to hire accountants to navigate a system which has been amended more than 200 times already, while others struggled to cope with delays in tax returns caused by glitches in the centralised software.

"I have a GST registration, but I can't work as my vendors and buyers are unable to comply with a complex tax structure," the 50-year-old said, adding his monthly sales had fallen to about 250,000 rupees($3,511) from about one million rupees before the GST. Only two of his 10 powerlooms are currently being used.

The government has said it is simplifying the tax measure to make it accessible to everyone. Finance Ministry spokesman DS&nbspMalik said requests from small businesses have been considered "from time to time." But he declined to comment on job losses.

Nevertheless, the economy gathered pace in the April-June quarter, expanding 8.2 per cent compared to 5.6 per cent in the same period a year earlier. Economists said the number was coming off a low base as companies held off production in the year-ago period ahead of the implementation of the tax measure in July last year.

Small firms hurting

But while big firms have since shaken off the effects of the change and are set to gain from a uniform tax regime, small businesses across the country are still hurting.

A survey by the All India Trade Union Congress (AITUC) in July found that a fifth of India's 63 million small businesses – contributing 32 per cent to the economy and employing 111 million people - faced a 20 per cent fall in profits since the GST rollout, and had to sack hundreds of thousands of workers.

Readymade garments, gems and jewellery, leather, handicraft and basic machinery manufacturing are hit the most, industry bodies from across the country say.

According to estimates by the Centre for Monitoring Indian Economy, a Mumbai-based consultancy, nearly five million workers lost their jobs over the past year. But it was not clear how many were from small enterprises.

The unemployment rate rose to 6.4 per cent in August from 4.1 per cent in July last year despite an additional 17 million people joining the workforce.

But it did not give data on how many people were laid off or from which industries.

India's labour ministry releases jobs data once in five years, last reporting unemployment at 5 per cent in 2015/16 (April-March).

More than 50 workers and factory owners Reuters spoke with in Panipat, about 90 km (55 miles) north of New Delhi, said over a third of the city's 10,000 weaving units had closed or curbed production.

Chand Multani, president of the Panipat Handloom Owners' Association, pointed to the tax headaches behind a bedsheet that costs barely $2 dollar as an example.

The weaving of the sheet, its dyeing, ironing, embroidering and packaging are all done by separate businesses. Under the new system, each business has to pay GST at each stage of production which the businesses can claim back provided they have registered with tax authorities and have a GST number.

For a lot of small businessmen, this is way too much work. "How can all these different operations comply with tax rules?" asked Multani, waving the sheet in the air.

Opposition seizes on GST

The GST replaced several federal and local taxes and tore down tariff barriers between India's 29 states, but critics say that has been to the benefit mainly of large, nationwide businesses.

For Panasonic Appliances, India's leading electric goods maker, GST has meant cutting costs by 4-5 percentage points, for example. India's consumer goods stock index has risen 26 per cent in the past year, outpacing the broader Mumbai market.

"GST ... has improved the competitiveness of the manufacturing sector," Panasonic India CEO Manish Sharma said.

PM Modi, in an Independence Day speech on Aug 15, said the businesses that faced "teething difficulties in adopting GST had accepted the challenge and the country is now moving ahead."

But Congress chief Rahul Gandhi, his main challenger in next year's election, has zeroed in on the job losses and shuttered businesses.

"This GST is a way of removing money from the pockets of the poor," he said last month. "This is not GST, this is Gabbar Singh Tax," he said, referring to the villain in one of Indian cinema's most popular movies.

Modi's popularity fell below 50 per cent in July from 53 per cent in January, while Gandhi's rose to 27 per cent, up from 22 per cent, according to a survey by India Today magazine. Eighteen months ago, the score was 65 per cent to 10.

To address grievances, the GST Council, which administers the tax measure, has approved more than 200 amendments since the law came into force.

MS&nbspMani, senior partner at Deloitte, said too many changes to rules and rates were damaging, particularly for small businesses.

The Federation of Indian Export Organisations estimates that nearly $2 billion of tax credits, mainly of small exporters, were yet to be refunded, mainly because of software glitches in the system and the difficulties in matching the hundreds of thousands of invoices.

About 230,000 small businesses have closed down due to compliance and cash flow problems, leading to large-scale job losses, said Amarjit Kaur, national secretary of the All India Trade Union Congress.

"GST has proved a death warrant for us," Ravinder Kashyap, 22, who lost his job as a power loom operator earlier this year, said in a small rented room in Panipat that he shares with four friends.

He said his employer had lost sales orders because of the mess caused by the tax and so had let him off along with scores of others. "If this carries on for one or two years, we'll have to commit suicide."

About 230,000 small businesses have closed down due to compliance and cash flow problems, leading to large-scale job losses,

Tilak Raj Bathla's tiny weaving factory is one of the few still humming on a once-busy road in Panipat, known as the country's "textile city". Nearby, more than two dozen other workshops are locked from the outside, while dogs and cows roam through other abandoned factories. Scrap dealers enquire about idle power looms. The Goods and Services Tax (GST) was launched just over a year ago, its biggest ever tax reform, aiming to replace more than a dozen federal and state levies and unify the sprawling economy. The move improved economic efficiency but critics say the complexities of the new regime have driven many small enterprises out of business and forced hundreds of thousands out of jobs. For Prime Minister Narendra Modi, the drawbacks of the GST, especially the job losses, could prove costly in major state elections later this year and a general election in mid-2019. Bathla says his neighbours, most of them unschooled, could not comply with monthly online filings required under the GST regime. Some of his customers and suppliers could not afford to hire accountants to navigate a system which has been amended more than 200 times already, while others struggled to cope with delays in tax returns caused by glitches in the centralised software. "I have a GST registration, but I can't work as my vendors and buyers are unable to comply with a complex tax structure," the 50-year-old said, adding his monthly sales had fallen to about 250,000 rupees($3,511) from about one million rupees before the GST. Only two of his 10 powerlooms are currently being used. The government has said it is simplifying the tax measure to make it accessible to everyone. Finance Ministry spokesman DS&nbspMalik said requests from small businesses have been considered "from time to time." But he declined to comment on job losses. Nevertheless, the economy gathered pace in the April-June quarter, expanding 8.2 per cent compared to 5.6 per cent in the same period a year earlier. Economists said the number was coming off a low base as companies held off production in the year-ago period ahead of the implementation of the tax measure in July last year. Small firms hurting But while big firms have since shaken off the effects of the change and are set to gain from a uniform tax regime, small businesses across the country are still hurting. A survey by the All India Trade Union Congress (AITUC) in July found that a fifth of India's 63 million small businesses – contributing 32 per cent to the economy and employing 111 million people - faced a 20 per cent fall in profits since the GST rollout, and had to sack hundreds of thousands of workers. Readymade garments, gems and jewellery, leather, handicraft and basic machinery manufacturing are hit the most, industry bodies from across the country say. According to estimates by the Centre for Monitoring Indian Economy, a Mumbai-based consultancy, nearly five million workers lost their jobs over the past year. But it was not clear how many were from small enterprises. The unemployment rate rose to 6.4 per cent in August from 4.1 per cent in July last year despite an additional 17 million people joining the workforce. But it did not give data on how many people were laid off or from which industries. India's labour ministry releases jobs data once in five years, last reporting unemployment at 5 per cent in 2015/16 (April-March). More than 50 workers and factory owners Reuters spoke with in Panipat, about 90 km (55 miles) north of New Delhi, said over a third of the city's 10,000 weaving units had closed or curbed production. Chand Multani, president of the Panipat Handloom Owners' Association, pointed to the tax headaches behind a bedsheet that costs barely $2 dollar as an example. The weaving of the sheet, its dyeing, ironing, embroidering and packaging are all done by separate businesses. Under the new system, each business has to pay GST at each stage of production which the businesses can claim back provided they have registered with tax authorities and have a GST number. For a lot of small businessmen, this is way too much work. "How can all these different operations comply with tax rules?" asked Multani, waving the sheet in the air. Opposition seizes on GST The GST replaced several federal and local taxes and tore down tariff barriers between India's 29 states, but critics say that has been to the benefit mainly of large, nationwide businesses. For Panasonic Appliances, India's leading electric goods maker, GST has meant cutting costs by 4-5 percentage points, for example. India's consumer goods stock index has risen 26 per cent in the past year, outpacing the broader Mumbai market. "GST ... has improved the competitiveness of the manufacturing sector," Panasonic India CEO Manish Sharma said. PM Modi, in an Independence Day speech on Aug 15, said the businesses that faced "teething difficulties in adopting GST had accepted the challenge and the country is now moving ahead." But Congress chief Rahul Gandhi, his main challenger in next year's election, has zeroed in on the job losses and shuttered businesses. "This GST is a way of removing money from the pockets of the poor," he said last month. "This is not GST, this is Gabbar Singh Tax," he said, referring to the villain in one of Indian cinema's most popular movies. Modi's popularity fell below 50 per cent in July from 53 per cent in January, while Gandhi's rose to 27 per cent, up from 22 per cent, according to a survey by India Today magazine. Eighteen months ago, the score was 65 per cent to 10. To address grievances, the GST Council, which administers the tax measure, has approved more than 200 amendments since the law came into force. MS&nbspMani, senior partner at Deloitte, said too many changes to rules and rates were damaging, particularly for small businesses. The Federation of Indian Export Organisations estimates that nearly $2 billion of tax credits, mainly of small exporters, were yet to be refunded, mainly because of software glitches in the system and the difficulties in matching the hundreds of thousands of invoices. About 230,000 small businesses have closed down due to compliance and cash flow problems, leading to large-scale job losses, said Amarjit Kaur, national secretary of the All India Trade Union Congress. "GST has proved a death warrant for us," Ravinder Kashyap, 22, who lost his job as a power loom operator earlier this year, said in a small rented room in Panipat that he shares with four friends. He said his employer had lost sales orders because of the mess caused by the tax and so had let him off along with scores of others. "If this carries on for one or two years, we'll have to commit suicide."

GST effect: Hundreds of thousands laid off despite growth

The rupee continued its freefall, breaching the 72-mark&nbsp;Thursday.&nbsp;

It was on Thursday afternoon trading at 72.08 to the rupee. It fell to a record low of&nbsp;72.11 at one point, with strong bids for dollars coming after 70 was hit, traders said.

The Reserve Bank of India was not spotted intervening after the rupee pierced the&nbsp;72&nbsp;level, two dealers said. It had <a href="http://wionews.com/business-&-economy/rbi-likely-sold-dollars-to-keep-rupee-from-reaching-72-per-dollar-dealers-163910">been suspected of selling dollars</a> earlier in the day.

"There is a panic now, especially among those who are unhedged," said a forex official at a state-run bank.

The rupee has fallen nearly 2 per cent this month and more than 12 per cent this year.

The rupee had breached the 71 mark only a few days earlier.&nbsp;

Experts have blamed the assault on the rupee on a number of factors — the price of crude oil continues to rise, China and the US are in the middle of a full-blown trade war, and the US' sanctions on Iran are expected to kick in in November.&nbsp;

The US has been leaning on India <a href="http://wionews.com/india-news/india-us-in-very-detailed-talks-about-halting-iran-oil-imports-us-state-department-official-163908">to stop buying oil from Iran</a>; India is a major buyer of oil from Iran.&nbsp;

&nbsp;

The rupee had breached the 71 mark only a few days earlier. It was on Thursday afternoon trading at 72.08 to the dollar.

The rupee continued its freefall, breaching the 72-mark Thursday. It was on Thursday afternoon trading at 72.08 to the rupee. It fell to a record low of 72.11 at one point, with strong bids for dollars coming after 70 was hit, traders said. The Reserve Bank of India was not spotted intervening after the rupee pierced the 72 level, two dealers said. It had been suspected of selling dollars earlier in the day. "There is a panic now, especially among those who are unhedged," said a forex official at a state-run bank. The rupee has fallen nearly 2 per cent this month and more than 12 per cent this year. The rupee had breached the 71 mark only a few days earlier. Experts have blamed the assault on the rupee on a number of factors — the price of crude oil continues to rise, China and the US are in the middle of a full-blown trade war, and the US' sanctions on Iran are expected to kick in in November. The US has been leaning on India to stop buying oil from Iran; India is a major buyer of oil from Iran.

Rupee continues slide, breaches 72-mark against dollar

Benchmark indices kicked off on a tepid note Wednesday as stocks opened mildly positive on fresh buying by foreign investors and recovery in rupee, but soon turned choppy on weak global cues.

The 30-share Sensex recovered by 76.85 points, or 0.20 per cent, to 38,234.77 in opening trade. It, however, slipped 64.79 points, or 0.17 per cent, to 38,093.13 within the first hour of trading.

The gauge had lost 738.71 points in the previous five sessions.

The broader NSE Nifty fell 26.15 points, or 0.23 per cent, to 11,494.15.

Top losers include Coal India, HUL, IndusInd Bank, ONGC, Vedanta, Bharti Airtel and Axis Bank.

Major gainers were Sun Pharma, Wipro, M&M, Asian Paints, PowerGrid, ITC, RIL and Kotak Bank rising up to 2.15 per cent.

Sectoral indices, led by realty, metals and FMCG stocks fell up to 1 per cent.

On the other hand, pharma and IT indices bucked weak market trend and were trading in the green.

Brokers said fresh buying by foreign portfolio investors (FPIs) and recovery in the rupee supported the market at the outset.&nbsp

However, sustained selling by domestic institutional investors (DIIs) and weak Asian cues on rising concerns over the global trade war weighed on investor sentiment here, they added.&nbsp

FPIs bought shares worth a net of Rs 32.64 crore, while DIIs sold shares worth a net of Rs 21.41 crore on Tuesday, provisional data showed.

Elsewhere in Asia, Hong Kong's Hang Seng was down 0.66 per cent, Japan's Nikkei fell 0.37 per cent and Shanghai Composite Index shed by 0.92 per cent in early trade.

US stocks fell on Tuesday as investors looked ahead to a busy week of trade negotiations and economic data.

The US Dow Jones Industrial Average, ended 0.05 per cent lower in Tuesday's trade.&nbsp

Benchmark indices kicked off on a tepid note Wednesday as stocks opened mildly positive on fresh buying by foreign investors and recovery in rupee, but soon turned choppy on weak global cues

Benchmark indices kicked off on a tepid note Wednesday as stocks opened mildly positive on fresh buying by foreign investors and recovery in rupee, but soon turned choppy on weak global cues. The 30-share Sensex recovered by 76.85 points, or 0.20 per cent, to 38,234.77 in opening trade. It, however, slipped 64.79 points, or 0.17 per cent, to 38,093.13 within the first hour of trading. The gauge had lost 738.71 points in the previous five sessions. The broader NSE Nifty fell 26.15 points, or 0.23 per cent, to 11,494.15. Top losers include Coal India, HUL, IndusInd Bank, ONGC, Vedanta, Bharti Airtel and Axis Bank. Major gainers were Sun Pharma, Wipro, M&M, Asian Paints, PowerGrid, ITC, RIL and Kotak Bank rising up to 2.15 per cent. Sectoral indices, led by realty, metals and FMCG stocks fell up to 1 per cent. On the other hand, pharma and IT indices bucked weak market trend and were trading in the green. Brokers said fresh buying by foreign portfolio investors (FPIs) and recovery in the rupee supported the market at the outset. However, sustained selling by domestic institutional investors (DIIs) and weak Asian cues on rising concerns over the global trade war weighed on investor sentiment here, they added. FPIs bought shares worth a net of Rs 32.64 crore, while DIIs sold shares worth a net of Rs 21.41 crore on Tuesday, provisional data showed. Elsewhere in Asia, Hong Kong's Hang Seng was down 0.66 per cent, Japan's Nikkei fell 0.37 per cent and Shanghai Composite Index shed by 0.92 per cent in early trade. US stocks fell on Tuesday as investors looked ahead to a busy week of trade negotiations and economic data. The US Dow Jones Industrial Average, ended 0.05 per cent lower in Tuesday's trade.

Sensex, Nifty turn choppy on weak global cues

The rupee recovered from its all-time low of 71.58 and strengthened by 20 paise to 71.38 against the US dollar in opening trade at the interbank foreign exchange market Wednesday on fresh foreign capital inflows.

The domestic currency had lost 37 paise to end at a fresh lifetime low of 71.58 against the resurgent dollar Tuesday as persistent trade worries and macro concerns continued to proliferate.

A positive start of local equity market also supported the rupee, dealers said.

However, the dollar's strength against some currencies overseas as the lingering threat of a major escalation in the trade conflict between the US and China, capped the gains of the domestic unit.

Foreign institutional investors (FIIs) bought shares worth a net of Rs 32.64 crore on Tuesday, provisional data showed.

Meanwhile, the benchmark BSE Sensex recovered 76.85 points, or 0.20 per cent, to 38,234.77 points in early trade.&nbsp

The rupee recovered from its all-time low of 71.58 and strengthened by 20 paise to 71.38 against the US dollar in opening trade at the interbank foreign exchange market Wednesday on fresh foreign capital inflows

The rupee recovered from its all-time low of 71.58 and strengthened by 20 paise to 71.38 against the US dollar in opening trade at the interbank foreign exchange market Wednesday on fresh foreign capital inflows. The domestic currency had lost 37 paise to end at a fresh lifetime low of 71.58 against the resurgent dollar Tuesday as persistent trade worries and macro concerns continued to proliferate. A positive start of local equity market also supported the rupee, dealers said. However, the dollar's strength against some currencies overseas as the lingering threat of a major escalation in the trade conflict between the US and China, capped the gains of the domestic unit. Foreign institutional investors (FIIs) bought shares worth a net of Rs 32.64 crore on Tuesday, provisional data showed. Meanwhile, the benchmark BSE Sensex recovered 76.85 points, or 0.20 per cent, to 38,234.77 points in early trade.

Rupee recovers from life-time low, up 20 paise against US dollar

After experiencing a positive opening on Wednesday morning, the rupee again went down and hit a fresh record low of 71.87.

The rupee which closed at 71.58 on Tuesday opened higher by 20 paise on Wednesday morning.

It strengthened by 20 paise to 71.38 against the US dollar in opening trade at the interbank foreign exchange market Wednesday on fresh foreign capital inflows.

The domestic currency had lost 37 paise to end at a fresh lifetime low of 71.58 against the resurgent dollar Tuesday as persistent trade worries and macro concerns continued to proliferate.

Analysts have claimed that the value of rupee may further go down on account of the crisis in the emerging market currencies including the consistent rise in the crude oil prices and dollar index.

(With inputs from PTI)

The rupee opened higher on Wednesday but soon hit a new low of 71.87 against the dollar.

After experiencing a positive opening on Wednesday morning, the rupee again went down and hit a fresh record low of 71.87. The rupee which closed at 71.58 on Tuesday opened higher by 20 paise on Wednesday morning. It strengthened by 20 paise to 71.38 against the US dollar in opening trade at the interbank foreign exchange market Wednesday on fresh foreign capital inflows. The domestic currency had lost 37 paise to end at a fresh lifetime low of 71.58 against the resurgent dollar Tuesday as persistent trade worries and macro concerns continued to proliferate. Analysts have claimed that the value of rupee may further go down on account of the crisis in the emerging market currencies including the consistent rise in the crude oil prices and dollar index. (With inputs from PTI)

Rupee continues to slide, hits new low against dollar

China's main stock indexes fell over 1 per cent on Wednesday, as investors dumped banking, property and resources shares amid fresh signs of anaemic growth, and ahead of a likely escalation of the Sino-US&nbsptrade war.

The blue-chip CSI300 index fell 2.0 per cent, to 3,298.14, while the Shanghai Composite Index lost 1.7 per cent to 2,704.34 points.

Growth in China's services sector weakened again in August as new business picked up only slightly from July's more than two-year low, a private survey showed on Wednesday.

Market sentiment was also curbed by a likely escalation in the Sino-US trade war. US&nbspPresident Donald Trump has told aides he is ready to impose tariffs on $200 billion more in Chinese imports as soon as a public comment period on the plan ends this week.

"Investor confidence is very weak. There's too much uncertainty around the trade war," said Yang Hongxun, a Shanghai-based analyst at investment consultancy Shandong Shenguang.

With a growth in exports under pressure, and property market under government curbs, "investors are asking: where is the new engine of growth?"

Indexes tracking banking, property and resources shares dropped over 2 per cent.

Growth in China's services sector weakened again in August as new business picked up only slightly from July's more than two-year low.

China's main stock indexes fell over 1 per cent on Wednesday, as investors dumped banking, property and resources shares amid fresh signs of anaemic growth, and ahead of a likely escalation of the Sino-US&nbsptrade war. The blue-chip CSI300 index fell 2.0 per cent, to 3,298.14, while the Shanghai Composite Index lost 1.7 per cent to 2,704.34 points. Growth in China's services sector weakened again in August as new business picked up only slightly from July's more than two-year low, a private survey showed on Wednesday. Market sentiment was also curbed by a likely escalation in the Sino-US trade war. US&nbspPresident Donald Trump has told aides he is ready to impose tariffs on $200 billion more in Chinese imports as soon as a public comment period on the plan ends this week. "Investor confidence is very weak. There's too much uncertainty around the trade war," said Yang Hongxun, a Shanghai-based analyst at investment consultancy Shandong Shenguang. With a growth in exports under pressure, and property market under government curbs, "investors are asking: where is the new engine of growth?" Indexes tracking banking, property and resources shares dropped over 2 per cent.

China stocks fall sharply on economic, trade war worries

In volatile trade, benchmark indices turned choppy after opening higher in early trade Tuesday on foreign fund outflows, surging global crude oil prices and weak rupee amid negative global cues.&nbsp

The 30-share index fell up to 122.72 points, or 0.32 per cent, to 38,189.80, after touching a high of 38,518.56 at the outset.

The gauge has lost 584.11 points in the previous four sessions.

Similarly, the NSE Nifty declined by 50.30 points, or 0.43 per cent, to 11,532.05.

Sectoral indices led by FMCG, metal, realty, capital goods, PSU, banking, oil and gas, auto, healthcare and infrastructure, fell up to 1.54 per cent.

Major losers were HUL, Adani Ports, Vedanta, ITC, Axis Bank, Yes Bank, Sun Pharma, Coal India, Bharti Airtel, Bajaj Auto, ICICI Bank, Asian Paints, Tata Steel, SBI, Hero Motocorp, IndusInd Bank, Kotak Bank, Maruti Suzuki, ONGC and HDFC Bank, shedding up to 2.45 per cent.

However, Infosys, TCS, NTPC, Tata Motors, PowerGrid, HDFC, M&M, RIL and Wipro, gained up to 2.34 per cent.

Sentiment remained weak on sustained capital outflows by foreign funds after an investor lobby group named AMRI (Asset Management Roundtable of India) said on Monday that the immediate impact of the new Sebi KYC norms, if not amended, would flush out USD 75-billion FPI investment from the country within a short time-frame.

The organisation also warned that it would have severe impact on stocks and rupee.

However, taking strong objection to these claims, Securities and Exchange Board of India (Sebi) on Tuesday said in a rare early morning statement, "It is preposterous and highly irresponsible to claim that 75 billion dollars of FPI investment will move out of the country because of Sebi's circular issued in April 2018."

Brokers said rising global crude oil prices, which went past the USD 78 per barrel mark, and weak rupee weighed on market sentiment.

The rupee hit fresh record low of 71.37 against the US dollar in early trade.

Meanwhile, foreign portfolio investors (FPIs) net sold shares worth a net of Rs 21.13 crore and domestic institutional investors (DIIs) also sold equities to the tune of Rs 542.12 crore on Monday, as per provisional data.

Most Asian stocks fell amid continuing concerns about stability in emerging markets and prospects for escalating US-China trade tensions.

Japan's Nikkei fell 0.05 per cent, Hong Kong's Hang Seng was down 0.12 per cent in early trade and China's Shanghai Composite index shed 0.17 per cent.

US markets were closed yesterday for Labor Day holiday.

The 30-share index fell up to 122.72 points, or 0.32 per cent, to 38,189.80, after touching a high of 38,518.56 at the outset.

In volatile trade, benchmark indices turned choppy after opening higher in early trade Tuesday on foreign fund outflows, surging global crude oil prices and weak rupee amid negative global cues. The 30-share index fell up to 122.72 points, or 0.32 per cent, to 38,189.80, after touching a high of 38,518.56 at the outset. The gauge has lost 584.11 points in the previous four sessions. Similarly, the NSE Nifty declined by 50.30 points, or 0.43 per cent, to 11,532.05. Sectoral indices led by FMCG, metal, realty, capital goods, PSU, banking, oil and gas, auto, healthcare and infrastructure, fell up to 1.54 per cent. Major losers were HUL, Adani Ports, Vedanta, ITC, Axis Bank, Yes Bank, Sun Pharma, Coal India, Bharti Airtel, Bajaj Auto, ICICI Bank, Asian Paints, Tata Steel, SBI, Hero Motocorp, IndusInd Bank, Kotak Bank, Maruti Suzuki, ONGC and HDFC Bank, shedding up to 2.45 per cent. However, Infosys, TCS, NTPC, Tata Motors, PowerGrid, HDFC, M&M, RIL and Wipro, gained up to 2.34 per cent. Sentiment remained weak on sustained capital outflows by foreign funds after an investor lobby group named AMRI (Asset Management Roundtable of India) said on Monday that the immediate impact of the new Sebi KYC norms, if not amended, would flush out USD 75-billion FPI investment from the country within a short time-frame. The organisation also warned that it would have severe impact on stocks and rupee. However, taking strong objection to these claims, Securities and Exchange Board of India (Sebi) on Tuesday said in a rare early morning statement, "It is preposterous and highly irresponsible to claim that 75 billion dollars of FPI investment will move out of the country because of Sebi's circular issued in April 2018." Brokers said rising global crude oil prices, which went past the USD 78 per barrel mark, and weak rupee weighed on market sentiment. The rupee hit fresh record low of 71.37 against the US dollar in early trade. Meanwhile, foreign portfolio investors (FPIs) net sold shares worth a net of Rs 21.13 crore and domestic institutional investors (DIIs) also sold equities to the tune of Rs 542.12 crore on Monday, as per provisional data. Most Asian stocks fell amid continuing concerns about stability in emerging markets and prospects for escalating US-China trade tensions. Japan's Nikkei fell 0.05 per cent, Hong Kong's Hang Seng was down 0.12 per cent in early trade and China's Shanghai Composite index shed 0.17 per cent. US markets were closed yesterday for Labor Day holiday.

Sensex, Nifty turn volatile on foreign fund outflow, rising oil prices

A month after <a href="http://wionews.com/world/-1-trillion-market-capitalisation-result-of-apples-innovation-ceo-cook-to-employees-156648">Apple hit $1 trillion in market value</a>, online retail giant Amazon.com Inc on Tuesday became the second company to reach the $1 trillion mark in the US stock market.

<a href="http://wionews.com/world/apple-reaches-1-trillion-value-a-look-at-how-it-got-there-156805">Also Read: A look at how Apple reached $1 trillion in market value</a>

Jeff Bezos-led Amazon breached the $1 trillion valuation near 1540 GMT when it's share price hit $2,050.50.&nbsp;

Shares in the world's largest online retailer last traded up 1.4 per cent at $2,041.68.&nbsp;

Amazon crossed the $2,000 threshold for the first time on August&nbsp;30th after doubling its price in just 10 months. Amazon shares first hit $1,000 on October&nbsp;27, 2017. It first reached $100 on October. 23rd, 2009.

Amazon stocks have&nbsp;risen 70 per cent this year, at the beginning of the year it was valued at $580 billion.

The company's zooming share price has been led by its successful Amazon Prime memberships, Web Services and record-breaking sales and advertising across the&nbsp;retail site.

Bezos, who is already the richest man in the world due to Amazon's valuation, started the company in a garage in 1994 selling books online. It sold its first book - Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought by Douglas Hofstadter - to a computer engineer in mid-1995.

The Seattle-based company began selling books online throughout the US soon after and went public in 1997. Bezos started the coveted Amazon Prime Services - the two-day delievery service in America in 2005, the company later expanded the operation in Germany, Japan, UK and other countries including India in 2016.

The company also launched the Kindle &nbsp;in 2007, an e-reading service disrupting the printed book industry.

Shares in the world's largest online retailer last traded up 1.4 per cent at $2,041.68.

A month after Apple hit $1 trillion in market value, online retail giant Amazon.com Inc on Tuesday became the second company to reach the $1 trillion mark in the US stock market. Also Read: A look at how Apple reached $1 trillion in market value Jeff Bezos-led Amazon breached the $1 trillion valuation near 1540 GMT when it's share price hit $2,050.50. Shares in the world's largest online retailer last traded up 1.4 per cent at $2,041.68. Amazon crossed the $2,000 threshold for the first time on August 30th after doubling its price in just 10 months. Amazon shares first hit $1,000 on October 27, 2017. It first reached $100 on October. 23rd, 2009. Amazon stocks have risen 70 per cent this year, at the beginning of the year it was valued at $580 billion. The company's zooming share price has been led by its successful Amazon Prime memberships, Web Services and record-breaking sales and advertising across the retail site. Bezos, who is already the richest man in the world due to Amazon's valuation, started the company in a garage in 1994 selling books online. It sold its first book - Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought by Douglas Hofstadter - to a computer engineer in mid-1995. The Seattle-based company began selling books online throughout the US soon after and went public in 1997. Bezos started the coveted Amazon Prime Services - the two-day delievery service in America in 2005, the company later expanded the operation in Germany, Japan, UK and other countries including India in 2016. The company also launched the Kindle in 2007, an e-reading service disrupting the printed book industry.

After Apple, Jeff Bezos-led Amazon hits $1 trillion in market value