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India willing to let fiscal deficit widen to 4.8% of GDP, Bloomberg News reports

June 12 (Reuters) – India is preparing for a wider-than-expected budget deficit this year, Bloomberg News reported ​on Friday, citing an official familiar with the ‌matter, as the war in Iran raises fuel subsidy costs and pressures government finances. Reuters could not immediately verify the report and has sought ​comment from India’s finance ministry. The country, the world’s ​third-largest oil importer and consumer, is willing to let ⁠the budget gap widen by as much as 50 ​basis points to 4.8% of GDP compared with the 4.3% ​target for this fiscal year that started on April 1, according to the report.

Stock markets surge tracking global rally, drop in oil prices as US ends war with Iran

Mumbai, Jun 12 (PTI) Benchmark indices Sensex and Nifty rebounded in early trade on Friday and were trading sharply higher, following a rally in global markets and a drop in crude oil prices after US President Donald Trump declared that his country has ended the war with Iran. The 30-share BSE Sensex jumped 921.30 points to 74,753.85 during initial deals. The 50-share NSE Nifty surged 254.20 points to 23,417.25. US President Donald Trump said that a deal to end the war with Iran is nearly complete and is expected to be signed over the weekend in Europe, as he called

India curbs bulk fuel buying at retail pumps, caps diesel sales

NEW DELHI, June 12 (Reuters) – India has barred commercial consumers from buying gasoline and and diesel from retail fuel stations ​and imposed limits on daily diesel purchases to prevent local shortages, ‌amid disruptions to global supply chains due to the war in the Middle East. Retail fuel station dealers have been directed to sell up to 200 litres of diesel per customer ​or vehicle a day, according to a government order issued late on ​Thursday, adding the customers cannot resell the diesel. Commercial customers, like trucking ⁠companies, have been buying diesel from retail outlets of state-run companies where prices

Rupee surges 65 paise to 95.20 against US dollar in early trade

Mumbai, Jun 12 (PTI) The rupee surged 65 paise to 95.20 against the US dollar in early trade on Friday as global crude oil prices retreated after US President Donald Trump indicated an imminent deal with Iran. A weaker greenback and positive sentiment at the domestic equity markets provided further boost to the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened at 95.40 before rising further to 95.20 against the greenback. The rupee had plunged 60 paise to settle at 95.85 against the US dollar on Thursday. “The rupee opened stronger on Friday, fuelled

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