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Rupee nears 94/USD, down 41 paise to record low of 93.94 in early trade

Mumbai, Mar 23 (PTI) The rupee continued its slide in the early trade on Monday, losing 41 paise to slump to a record low of 93.94 against the US dollar as the raging war in West Asia kept global crude oil prices elevated, and the greenback remained strong. Sustained foreign fund outflows and a crash at the domestic equity markets in the morning session further weakened the local unit, forex traders said. At the interbank foreign exchange, the local unit opened at 93.84 against the US dollar before sliding further to its record low of 93.94, down 41 paise from

Stock markets dive as Middle East conflict, crude oil prices continue to dent sentiment

Mumbai, Mar 23 (PTI) Benchmark indices Sensex and Nifty dropped sharply in early trade on Monday as the Middle East conflict entered its fourth week driving crude oil prices higher. A massive bearish trend in global equity markets and relentless foreign fund outflows also made investors jittery. The 30-share BSE Sensex dived 1,555.62 points, or 2 per cent, to 72,977.34 during initial trade. The 50-share NSE Nifty tanked 479.95 points, or 2 per cent, to 22,634.55. From the 30-Sensex firms, Tata Steel, State Bank of India, Bajaj Finance, Bharat Electronics, Titan, and Adani Ports were among the biggest laggards. HCL

Refiners in India, elsewhere in Asia look to buy Iranian oil after US waives sanctions

NEW DELHI/SINGAPORE, March 21 (Reuters) – Indian refiners plan to ​resume buying Iranian oil while refiners elsewhere in Asia are examining such a move after Washington temporarily removed sanctions ‌to alleviate an energy crunch caused by the U.S.-Israeli war on Iran, traders said on Saturday. Three Indian refining sources said they will buy Iranian oil and are awaiting government directions and clarity from Washington on details such as payment terms. Refiners in India, which has much smaller crude stockpiles than other ​big Asian oil importers, rushed to book Russian oil after the U.S. recently lifted sanctions temporarily. The Indian government

Why Middle East gas field attacks could send energy prices soaring

Sydney, Mar 21 (The Conversation) Israel’s bombing of Iran’s South Pars gas field has sent shockwaves through global energy markets. The South Pars gas field is part of the world’s largest gas field, known as North Dome, shared by Iran and Qatar. Until now, nations on both sides of the conflict have confined their attacks to civilian infrastructure, where the damage is unlikely to affect critical services. But Israel’s attack on South Pars, and Iran’s retaliatory strike on Qatari gas infrastructure, represents a major escalation in the Middle East conflict. So why is energy infrastructure being targeted? And how might

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