India’s annual retail inflation eased to a three-month low of 6.77 per cent in October, helped by a slower rise in food prices and a higher base effect, strengthening bets of smaller rate hikes by the country’s central bank at its meeting next month.

The United States is happy for India to continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap, US Treasury Secretary Janet Yellen said on Friday.

Soaring wheat prices in India could prompt price-cooling measures such as the release of state reserves into the open market while axeing the 40 per cent tax on imports, trade and government sources said on Thursday.

The Indian government on Wednesday allowed international trade settlements in Indian rupees for export promotion schemes under foreign trade policy.

Crystal Grains launched its spice brand “Chef’s Choice” in Bangladesh market to make people’s life easier and more comfortable, especially for the working women. 

India’s foreign exchange reserves rose to $531.08 billion in the week through October 28, marking their biggest weekly gain since September 2021, the Reserve Bank of India’s (RBI) weekly statistical supplement showed on Friday.

The Indian rupee advanced on Tuesday as hopes that the US Federal Reserve could slow down the pace of its rate hikes buoyed risk appetite and hurt the dollar.

India has extended its restriction on sugar exports by another year until October 31, 2023, to contain prices of the sweetener in its domestic market, according to a notification from the country’s Directorate General of Foreign Trade on Friday.

The Indian government is looking to sell a 60.72 per cent stake in $5.6 billion IDBI Bank and has invited expressions of interest, it said on Friday, setting the ball rolling on a series of planned divestments to reduce the budget deficit.

India’s monthly fuel demand in September was at the lowest since November 2021, government data released on Friday showed.

Gold-supplying banks have cut back shipments to India ahead of major festivals in favour of focusing on China, Turkey, and other markets where better premiums are offered, three bank officials and two vault operators told Reuters.

India’s factory growth dipped to a three-month low in September due to a moderation in demand and output, despite easing inflationary pressures and strong business confidence, a private survey showed.

The government has extended the deadline for exporting hilsa to India to October 5 following pleas from traders, according to a circular from the commerce ministry yesterday.  

The Indian central bank likely sold dollars via state-run banks on Monday as rising oil prices and weak risk appetite pushed the rupee to within striking distance of record lows.

Trade between Bangladesh and India through Benapole land port will remain closed for four days on the occasion of Durga Puja.

The Indian government has cut a windfall tax on domestically produced crude oil to 8,000 rupees per tonne from 10,500 rupees per tonne from Sunday, after a decline in global oil prices.

Gasoline and gas oil sales by Indian state refiners rose sharply in September from a year earlier, signalling a pick-up in industrial activity ahead of the festive season from this month, preliminary sales data showed.

India has slashed the base import prices of crude and refined palm oil, crude soya oil and gold, the government said in a statement late on Friday, as prices corrected in the world market.

The Reserve Bank of India’s benchmark repo rate was raised by 50 basis points on Friday, the fourth straight increase in the current cycle, as policymakers extended their battle to tame stubbornly above-target retail inflation rate.

India’s depleted foreign exchange reserves are likely to drop further, falling to their lowest level in over two years by end-2022, as the Reserve Bank of India continues to defend the rupee from the mighty dollar’s rise, a Reuters poll found.