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Sensex, Nifty tank in early trade as US announces 25 pc tariff plus penalty on India from Aug 1

Mumbai, Jul 31 (PTI) Benchmark equity indices Sensex and Nifty tumbled in early trade on Thursday after US President Donald Trump announced the imposition of a 25 per cent tariff on all goods coming from India starting August 1, plus an unspecified penalty for buying Russian crude oil and military equipment. The 30-share BSE Sensex tanked 786.36 points to 80,695.50 in opening trade. The 50-share NSE Nifty tumbled 212.8 points to 24,642.25. The announcement is being seen as a pressure tactic to get New Delhi to agree to demands made by the US, which has, in recent days, got favourable

India, Russia can take their ‘dead economies’ down together: Trump

US President Donald Trump

Washington, Jul 31 (PTI) US President Donald Trump once again mounted a sharp attack on India and Russia for their close ties and said he doesn’t care what New India does with Moscow. They can take their dead economies down together, for all I care, he said in a fresh social media post, hours after announcing 25 per cent tariffs on imports from India. “I don’t care what India does with Russia. They can take their dead economies down together, for all I care,” he said. “We have done very little business with India, their Tariffs are too high, among

Rupee recovers 14 paise from its all-time low to 87.66 against US dollar in early trade

Mumbai, Jul 31 (PTI) The rupee recovered 14 paise from its all-time low to 87.66 against the US dollar in early trade on Thursday on suspected RBI intervention, after US President Donald Trump’s tariffs of 25 per cent and the penalty for buying Russian Crude and Arms. Forex traders said the rupee, which plunged 89 paise, logging its steepest single-day fall in over three years, recovered some lost ground but is trading with a negative bias. At the interbank foreign exchange, the rupee opened at 87.66, then touched an early low of 87.74 against the US dollar. On Wednesday, the

Trump announces trade deal with Pakistan to develop ‘massive oil reserves’

New York/Washington, Jul 31 (PTI) US President Donald Trump has announced sealing a trade deal with Pakistan and said that Washington will work with Islamabad to develop what he described as the South Asian nation’s “massive oil reserves”. It is not immediately clear what massive oil reserves in Pakistan Trump was referring to. In a social media post, the US President also wondered if Pakistan could sell oil to India “some day”. “We have just concluded a deal with the country of Pakistan, whereby Pakistan and the United States will work together on developing their massive oil reserves,” Trump said

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