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Stock markets decline after a day’s breather; Sensex drops over 300 points dragged by IT firms, spike in oil prices

Mumbai, Jun 3 (PTI) Benchmark indices Sensex and Nifty closed lower on Wednesday after a day’s breather, dragged by heavy selling in IT stocks, a fresh spike in crude oil prices and persistent foreign fund outflows. The 30-share BSE Sensex dropped 303.67 points, or 0.41 per cent, to settle at 74,346.17. During the day, it tanked 1,157.24 points, or 1.55 per cent, to 73,492.60. The 50-share NSE Nifty declined 77.95 points, or 0.33 per cent to end at 23,405.60. Benchmark indices had snapped a four-day falling streak to close nearly half a per cent higher in the previous session on

Rupee falls 31 paise to close at 95.67 against US dollar

Mumbai, Jun 3 (PTI) The rupee depreciated 31 paise to close at 95.67 (provisional) against the US dollar on Wednesday, after the US Trade Representative proposed a 12.5 per cent additional duties on Indian imports, citing labour violations. Forex traders said strong dollar demand, surging crude oil prices, geopolitical tensions, and relentless foreign capital outflows dented investor sentiment further. At the interbank foreign exchange market, the rupee opened at 95.43 against the US dollar, then touched an intraday low of 95.80 and finally ended the session at 95.67 (provisional), down 31 paise from its previous close. On Tuesday, the rupee

U.S. targets India with forced labour tariff amid talks on trade pact

NEW DELHI, June 3 (Reuters) – The United States has proposed an additional ‌tariff of 12.5% on imports from India, saying it is among 60 economies that failed to curb imports made with forced labour, a step that threatens to complicate two-way trade talks underway in New Delhi. The proposal by the ​U.S. Trade Representative’s office came on the second of three days of talks between ​Indian trade officials and a U.S. delegation led by Assistant USTR Brendan Lynch. India “has ⁠failed to impose and effectively enforce a forced labour import prohibition,” the office said in ​a 92-page report on

Indian rupee could fall to 98/USD by July amid energy crisis, BofA Securities exec says

MUMBAI, June 3 (Reuters) – The Indian rupee could weaken to a record low of 98 against the U.S. dollar by July as the energy shock triggered by the ​Middle East crisis continues to pile pressure on domestic assets, especially the currency, ‌a BofA Securities executive told Reuters. The rupee, Asia’s worst performing currency this year, has been battered by the war-led energy shock that threatens to slow growth and push up inflation in India, ​which imports almost 90% of its crude requirements and half of its gas ​needs. Authorities have implemented several measures to protect the currency and preserve

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