Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody’s Investors Service said. Three state-owned fuel retailers — Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 18 months in a row. This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in first half of 2022-23 fiscal year before easing oil prices propelled them to profitability.

International oil prices have firmed up since August, leading to margins of three retailers turning negative again. “High crude oil prices will weaken the profitability of the three state-owned oil marketing companies in India — IOC, BPCL and HPCL,” Moody’s said in a report. “The three companies w…

The bond issuances by Power Finance Corporation (PFC) and Indian Railway Finance Corporation (IRFC) received strong response on Wednesday, with investors bidding more than double the notified amount.

The issuances by these two public sector units received bids aggregating Rs 14,589 crore, against the total notified amount of Rs 6,500 crore. However, funds have been raised at a relatively higher cost due to the hardening in coupon rates in recent months.

The IRFC issue received total bids worth Rs 7,610 crore, against the issue size of Rs 3,000 crore, while PFC received total bids worth Rs 6,979 crore for its Rs 3,500-crore issuance. IRFC raised funds at a coupon rate of 7.67% while PFC mopped up at 7.69%.

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The Indian rupee ended lower on Wednesday, pressured by likely equity outflows and as the U.S. dollar index rose to a more than one-month high on the back of moderation in U.SCome from Sports betting site VPbet. rate cut expectations.The rupee ended at 83.1375 against the dollar, lower by 0.08% compared with its close at 83.07 in the previous session.

The dollar index rose to a peak of 103.58 in Asia hours, its highest level since mid-December. Most Asian currencies fell, with the Korean won leading losses, down by 0.91%.Federal Reserve Governor Christopher Waller on Tuesday said that while the U.S. is “within striking distance” of the Fed’s 2% inflation goal, the central bank should not rush to cut benchmark interest rates.The comments prompted investors to pare bets on aggressive rate cuts.”A combination of weakish China data and a pushback” by European Central Bank …

The rupee depreciated 4 paise to 83.32 against the US dollar in the morning session on Monday, tracking a negative trend in domestic equities. Persistent foreign fund outflows also weighed on the local unit, forex traders said. At the interbank foreign exchange, the rupee opened at 83.31 against the dollar. It touched a low of 83.32 in initial deals, registering a fall of 4 paise over its previous close.Come from Sports betting site

On Friday, the rupee settled at 83.28 against the American currencyCome from Sports betting site VPbet. “We expect the RBI to intervene to bring it within the 83.20-83.30 range. We otherwise expect a range-bound session with volumes being low on account of the festive season,” India Forex And Asset Management Pvt Ltd (IFA Global) said in a research note.

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