Russia became India’s third-largest coal supplier in July, with imports rising by over a fifth compared with June to a record 2.06 million tonnes, data from Indian consultancy Coalmint showed.

Amid the ongoing Russia-Ukraine war and sanctions imposed by the West on Moscow’s nine major banks, India and Russia are trying to resolve the issue of payment for a large quantity of oil bought by India from Russia avoiding the Western sanctions. 

India’s headline retail inflation is expected to ease to its lowest level in five months in July due to declining food prices as well as the lagged effect of a cut in fuel taxes, Barclays said.

India has cut fuel export taxes for the second time in less than two weeks and increased a windfall tax on locally produced crude oil, a government notification on Tuesday said.

The Indian rupee lost ground on Wednesday after four straight sessions of gains as the country’s ballooning trade deficit and uncertainty around the upcoming central bank decision dented its appeal.

India’s record high trade deficit in July signals a further deterioration in the country’s external balances, which is likely to keep the rupee under pressure, analysts said on Wednesday.

India will not slip into recession or stagflation, Finance Minister Nirmala Sitharaman told parliament on Monday, after opposition parties raised concerns about rising inflation and its impact on the economy.

The Reserve Bank of India will hike its key interest rate on Friday, economists polled by Reuters said, but there was no consensus on the size of the move

Gasoline and gasoil sales by Indian state refiners in July fell from a month earlier as monsoon rains restricted mobility and construction work while high inflation curtailed overall demand for goods, preliminary sales data shows.

India’s factory activity expanded at its quickest pace in eight months in July, driven by solid growth in new orders and output as demand continued to improve on the back of easing price pressures, a private survey showed.

The monsoon, which accounts for about 75 per cent of India’s annual rainfall, is the lifeblood of its nearly $3 trillion agriculture-dependent economy.

India’s central bank has zero tolerance for volatile and bumpy movements in the rupee and will continue to engage with the foreign exchange market to ensure the rupee finds its appropriate level, its chief Shaktikanta Das said on Friday.

Indian oil-to-telecoms giant Reliance Industries reported earnings that missed analyst estimates Friday, despite a strong performance by its core oil-refining business.

The Indian rupee fell to more than 80 per US dollar for the first time on record Tuesday, as the greenback extended its rally and foreign capital outflows intensified.

Indian traders and shopkeepers will hold a nationwide protest next week against a hike in taxes on a range of products and services, including food grains and household items, that went into effect on Monday, a top official of a leading traders’ group said.

India’s economy has remained resilient in the face of global headwinds and with inflation coming off its recent peak is expected to stay on course to become the world’s fastest-growing economy, the Reserve Bank of India said on Saturday.

The Indian rupee weakened in opening trade on Thursday to hit record lows against the greenback for a fourth straight session after data showed US inflation, already at four-decade highs, accelerated even further.

India’s biggest cement producer, UltraTech Cement, is importing a cargo of Russian coal and paying using Chinese yuan, according to an Indian customs document reviewed by Reuters, a rare payment method that traders say could become more common.

India’s electricity shortages have eased over the last six weeks as renewables generation has increased seasonally and relieved some of the pressure on coal-fired units short of fuel.

India and the European Union resumed talks Monday on a free-trade deal after a nine-year gap, as Western countries seek to wean New Delhi off its close economic ties to Russia.