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US Commerce Secretary, New Delhi give differing accounts of breakdown in India trade talks

NEW DELHI, Jan 9 (Reuters) – India’s trade pact with the United States stalled last year because Prime Minister Narendra Modi did not make a telephone call to President Donald Trump ahead of a deal, Commerce Secretary Howard Lutnick said on Friday, giving an account of events that New Delhi has denied. Trade talks between India and the U.S. fell apart and Trump then doubled tariffs on Indian goods in August to 50%, the world’s highest rate, including a levy of 25% in retaliation for India’s purchases of Russian oil. “It’s all set up and you have got to have

Stock markets take downtrend for 5th day; Sensex, Nifty tank nearly 1 pc

Mumbai, Jan 9 (PTI) Benchmark indices Sensex and Nifty buckled under selling pressure for the fifth straight session on Friday, falling nearly 1 per cent, as investors turned cautious due to growing concerns over potential US tariff hikes amid lingering geopolitical worries. The relentless foreign capital flight from Indian markets also affected the market sentiment, traders said. After a brief rebound in early trade, the 30-share BSE Sensex failed to carry forward the momentum and tumbled 604.72 points, or 0.72 per cent, to sink below the 84,000-level and settle at 83,576.24. During the day, it dropped 778.68 points, or 0.92

Rupee falls 26 paise to close at 90.16 against US dollar

Mumbai, Jan 9 (PTI) The rupee declined 26 paise to settle at 90.16 (provisional) against the US dollar on Friday, weighed down by elevated global crude oil prices and persistent foreign fund outflows amid rising geopolitical tensions. A stronger greenback and weak sentiment in domestic equity markets are putting further pressure on the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened higher at 89.88 but lost ground through the day to settle at 90.16 (provisional) against the US dollar, down 26 paise from its previous close. During the day, the local currency traded between

Gold, silver futures slide for 2nd straight day on profit booking ahead of US jobs data

New Delhi, Jan 8 (PTI) Gold and silver prices declined for the second straight day in the futures trade on Thursday, tracking weak global trends as investors booked profits ahead of the key US jobs data. Analysts said the employment numbers will offer fresh cues on the Federal Reserve’s monetary policy outlook. On the Multi Commodity Exchange (MCX), gold futures for February delivery decreased Rs 896, or 0.65 per cent, to Rs 1,37,113 per 10 grams in a business turnover of 14,957 lots. Silver futures also witnessed heavy selling pressure on the MCX amid cautious positioning by traders. The white

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