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Stock markets close lower as weak rupee, inflation fears after fuel price hike weigh on sentiment

Mumbai, May 15 (PTI) Benchmark equity indices Sensex and Nifty surrendered early gains to close lower on Friday due to selling in metal, oil & gas and PSU bank shares and caution among investors amid surging crude oil prices. The 30-share BSE Sensex dropped 160.73 points, or 0.21 per cent, to settle at 75,237.99, after swinging between gains and losses during the session. The benchmark had rallied nearly 470 points in early trade before losing momentum. The 50-share NSE Nifty settled lower by 46.10 points, or 0.19 per cent, at 23,643.50, snapping its two-day gaining streak. Tata Steel, State Bank

Rupee hits record low of 96.14/USD, settles at fresh closing low of 95.86/USD

Mumbai, May 15 (PTI) The Indian rupee crashed below the 96/USD mark on Friday before closing at an all-time low of 95.86 (provisional) against the US dollar as elevated crude oil prices and inflation concerns added to the downside pressure on the rupee. Rupee has registered over 6 per cent losses so far this year, and in the past six trading sessions, it has depreciated nearly 2 per cent as Iran war risk escalation pushed crude oil prices higher. The dollar index moved northwards after strong US retail sales and stable labour market data reduced expectations of aggressive Federal Reserve

UN structure reflects an ‘earlier era’, India tells BRICS meeting

NEW DELHI, May 15 (Reuters) – Indian Foreign ​Minister Subrahmanyam Jaishankar ‌said on Friday that reform of ​the United ​Nations and its subsidiary ⁠bodies remains ​central as key ​UN structures, particularly the Security Council, continue ​to reflect ​an “earlier era”. Representation of Asia, ‌Africa, ⁠Latin America is essential in the UN, Jaishankar ​said ​in ⁠his speech at the ​BRICS foreign ​ministers’ ⁠meeting in New Delhi.

Trump touts business wins as China airs Iran, Taiwan concerns

BEIJING, May 15 (Reuters) – U.S. President Donald Trump entered his final talks with Xi Jinping on Friday touting economic wins that gave markets little ​to cheer, while Beijing warned Washington about mishandling Taiwan and said its war with Iran should never have started. Trump is making the first visit by a U.S. president to China, America’s main ‌strategic and economic rival, since his last in 2017, and has been seeking tangible results to beef up his dented approval ratings ahead of crucial midterm elections. “We’ve made some fantastic trade deals, great for both countries,” Trump said, seated beside Xi

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