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Rupee surges 47 paise to close at 92.59/USD on US-Iran ceasefire, RBI pause on policy rates

Mumbai, Apr 8 (PTI) The rupee appreciated 47 paise to close at 92.59 (provisional) against the US dollar on Wednesday after US President Donald Trump announced the suspension of military strikes against Iran for two weeks, and the Reserve Bank kept the key benchmark rate unchanged with a neutral stance. Forex traders said investor sentiment got a boost after Governor Sanjay Malhotra assured that the steps taken on forex do not constitute a structural change. Moreover, confidence was exuded in the health of the banking system, notwithstanding recent developments in some private banks. Malhotra said the banking sector regulator did

Sensex, Nifty soar nearly 4 pc on US-Iran ceasefire, correction in crude prices

Mumbai, Apr 8 (PTI) Equity benchmark indices Sensex and Nifty surged nearly 4 per cent on Wednesday, following an impressive rally in global markets and a drop in crude oil prices after the US and Iran announced a two-week ceasefire. The RBI decision to keep the policy repo rate unchanged, heavy buying across all sectors and a strengthening rupee against the US dollar also improved investor sentiment, traders said. Rallying for the fifth day in a row, the 30-share BSE Sensex jumped 2,946.32 points or 3.95 per cent to settle at 77,562.90, registering its best trading day in five years.

Adani wins US court hearing in push to throw out SEC fraud suit

New York, Apr 8 (PTI) A US judge granted a request from billionaire Gautam Adani to schedule a hearing in his effort to dismiss a US Securities and Exchange Commission fraud case, which he says lacks necessary jurisdiction as well as fails on multiple reasons. This followed lawyers of Adani and his nephew, Sagar filing a plea seeking dismissal of the case. “The court has received Defendants’ letter requesting a pre-motion conference on their anticipated motion to dismiss the Complaint. The court GRANTS that request and DIRECTS the parties” to schedule the pre-motion conference, the Eastern District court of New

India set to get first Iranian oil cargo in 7 years, tracking data shows

NEW DELHI, April 8 (Reuters) – India is set to receive its first oil from Iran ​in seven years this week, after the U.S. temporarily removed ‌sanctions on Iranian oil and refined products to ease supply shortages, ship tracking data from LSEG and Kpler showed ​on Wednesday. The cargo on the Curacao-flagged very large ​crude carrier Jaya was purchased by state-run ⁠Indian Oil Corp .NS> and is heading to India’s ​east coast, the data showed. Indian Oil, the country’s top ​refiner, did not immediately respond to a Reuters email seeking comment. The vessel carrying Iranian oil initially went to South

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