India’s production of horticultural crops consisting of fruits, vegetables, spices, medicinal plants and plantation crops in the crop year 2021-22 (July-June crop year) grew by around 2% to 341 million tonne (mt) against 334 mt reported in 2020-21. The horticultural crops production continues to be higher than the foodgrain production. As per the third advance estimates for the foodgrains production released in May, India’s output of rice, wheat and pulses in 2021-22 crop year was estimated at a record 314.51 mt. The vegetables production grew marginally to 204.61 mt in 2021-22 compared to 200.4 mt as per the final estimate …
Indian Rupee support at 78.80-78.50 against US Dollar; ECB, BoJ monetary policies to guide currency movement
By Dilip Parmar The Indian rupee managed to recover on Friday but settled with the eleventh weekly loss for the first time after 2008. The Indian currency has depreciated almost 7% against the dollar in 2022 but might not weaken further over the next few months as the market is already priced in weaker economic data and foreign fund outflows. In the week gone, spot USDINR gained 62 paise or 0.8% to 79.88, registering the biggest weekly gains since March 2022. After witnessing a parabolic up move in the last couple of months there could be some consolidation on the …
US stocks: Goldman profit beat, easing rate-hike bets drive Wall Street higher
U.S. stock indexes rose on Monday after Goldman Sachs beat profit expectations, extending last week’s positive momentum amid easing bets of a super-sized interest-rate hike by the Federal Reserve. The Dow rose over 200 points in early trading, picking up from Friday when U.S. economic data showed stronger-than-expected retail sales, an uptick in consumer sentiment and lower inflation expectations. The S&P 500 banks index added 0.9% on Monday, with Bank of America Corp reversing earlier declines to rise 1.3%, even as it posted a nearly 34% drop in second-quarter profit. “You’re getting the feeling that perhaps all the bad news …