Mumbai: The rupee rose on Monday to its highest against the dollar in a week, despite a steep sell-off in global risk assets, on the back of dollar sales by corporates and exporters, as well as unwinding of long-dollar positions by banks. The recovery comes after the rupee had hit a string of record lows against the dollar in the second half of May, with the latest on Thursday when...
03:05 PM, Jun 04, 2012
Mumbai: The Reserve Bank of India (RBI) has some room to reduce policy rates following a moderate core inflation and soft global oil prices, a deputy governor said on Monday. Subir Gokarn was speaking to television channel CNBC-TV18 on the sidelines of a investor conference in Mumbai. The 10-year benchmark bond yield fell to its lowest level in two-and-half months at 8.31 per cent in early trade on expectations of...
02:19 PM, Jun 04, 2012
New Delhi: Petrol prices were slashed by Rs 2 on Saturday, a day before the Anna-Ramdev fast and on a day Prime Minister Manmohan Singh met Trinamool Congress chief Mamata Banerjee, who asked for a rollback. The timing of the much awaited cut in petrol prices cannot be missed. Sources say that the government was not keen on a rollback soon after the Bharat Bandh, which is when oil companies...
09:58 PM, Jun 02, 2012
Minister of State V Narayanasamy said that petrol prices could come down further if international crude prices drop. ...
09:41 PM, Jun 02, 2012
New Delhi: Gold prices on Saturday jumped sharply up to Rs 1,095 per 10 gram crossing the Rs 30,000 per 10 gram level, its all-time high, on account of rise in global prices of precious metal and weakening rupee. The maximum jump in prices was seen in Chennai, where gold became costlier by Rs 1,095 at Rs 30,380 per 10 gram, followed by Delhi with a again of Rs 960...
08:33 PM, Jun 02, 2012
New Delhi: Union Minister for Overseas Affairs Vayalar Ravi on Saturday pushed for reduction in petrol prices and said that the oil marketing companies are making false claims that they are incurring losses. He suggested that bold steps should be taken to reduce the recent increase in petrol prices. In a letter to Union Minister for Petroleum S Jaipal Reddy, Ravi questioned the claims of oil companies that they are...
08:11 PM, Jun 02, 2012
People feel that a Rs 2 cut in the petrol price will not be of any help and it should have been at least Rs 5 per litre. ...
07:39 PM, Jun 02, 2012
The opposition parties as well as UPA ally Trinamool Congress have said that the Rs 2 cut in the petrol price is not enough. ...
07:36 PM, Jun 02, 2012
New Delhi: In what comes as a relief to the common man, petrol prices will be cut by Rs 2 per litre with effect from Saturday midnight. Speaking to CNN-IBN, Minister of State for petroleum, RPN Singh, said that the oil companies were giving back their gain to the people by slashing the price. "Oil companies are giving back their gain to the people by slashing prices by Rs 2....
05:46 PM, Jun 02, 2012
There has been a lot of political uproar over the recent petrol price hike since a week. But there could be some talk of rolling petrol prices back partially. It may be recalled that last week, oil marketing companies announced an 11 per cent hike in petrol prices to cut down their losses of around Rs 6-8 which they incurred on selling petrol. However, the hike didn't go well with...
12:40 PM, May 31, 2012
New Delhi: India may come to a standstill on Thursday with the BJP-led NDA and the Left giving a call for a nation-wide bandh to demand a rollback of the steepest-ever petrol price hike. Terming it as an "anti-people" decision and a "savage attack" on the people, the NDA called for a 'Bharat bandh', while Left parties will observe the day as 'All India Protest Day' that will include strikes,...
07:03 PM, May 30, 2012
New Delhi: The UPA government may face more flak over the next few days. Sources have told CNN-IBN that after petrol a diesel price hike is on the cards as well. In fact the government may hike prices as early as June. Sources have also said that the timing will depend on the political scenario, the way the rupee moves as well as on the market conditions. CNN-IBN has also...
07:33 AM, May 26, 2012
New Delhi: Strange but true, the subsidy on kerosene, LPG and diesel is twice the total budget of the ministries of rural development, drinking water and sanitation and, more than the budget of the Defence Ministry, Minister for Rural Development and Drinking Water Jairam Ramesh said on Friday. In his own words: "The total subsidy on diesel, kerosene and LPG comes to Rs 1,90,000 crore. Whereas, the total budget for...
07:17 PM, May 25, 2012
New Delhi: Petroleum Minister Jaipal Reddy on Friday defended the hike in oil prices and said that the government will watch the international situation for a few days before taking a decision on the issue. The minister added that a partial rollback of the prices was not likely soon. Reddy said, "India is facing the twin crisis of rupee devaluation against US dollar and a substantial increase in the international...
05:57 PM, May 25, 2012
Amid speculation that a partial rollback of petrol prices is likely due to political pressure, Chief Economic Advisor Kaushik Basu has said that a rollback of any kind will adversely affect the fiscal deficit target leading to price increase in general. In an interview with Karan Thapar on 'Devil's Advocate', the Chief Economic Advisor said that oil price regulations had to be made in such a way, that in the...
04:28 PM, May 25, 2012
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