India has urged Myanmar’s administration to speed up the process of trade settlements through mutual currencies, a mechanism that was earlier agreed, an exporters’ body official said on Monday.

India’s central bank may not cut the key lending rate before February unless inflation falls sharply or a global crisis unfolds, a top treasury official of Axis Bank said.

The Indian rupee was trading marginally higher on Tuesday after a pullback in the US dollar, while traders awaited the Reserve Bank of India’s policy decision.

Home prices in India are set to hold above consumer inflation, even though interest rates are expected to stay higher for longer than previously thought, a Reuters poll of property analysts found.

India’s foreign exchange reserves fell for a second consecutive week and stood at a one-month low of $589.14 billion as of May 26, the Reserve Bank of India’s (RBI) data showed on Friday.

The Indian rupee inched lower on Tuesday, tracking the Chinese yuan-led decline on most Asian currencies, although losses were capped by portfolio inflows.

India is considering cutting its import tax on solar panels by half and is seeking a rollback in goods and services taxes on the devices to make up a shortfall in local output amid rising demand for renewable energy, three government sources said.

The Indian rupee closed higher for the first time in five sessions on Tuesday when investors evaluated hawkish comments from US Federal Reserve officials and progress in the debt ceiling talks.

India’s economy has sustained the growth momentum seen in the last fiscal quarter of 2022/23, while latest inflation outcome has been better than forecast, the Reserve Bank of India said on Monday.

India’s palm oil imports in May are set to fall to their lowest in 27 months as its rare premium other edible oils prompted buyers to cancel cargoes and replace them with soyoil and sunflower oil, dealers and cargo surveyors said on Tuesday.

The Indian central bank’s decision to withdraw its highest denomination currency note from circulation is likely to improve banking system liquidity, bringing down recently elevated short-term rates, analysts and bankers said.

The prospect of fresh G7 sanctions on Russia’s diamond trade weighs heavy on India’s diamond hub of Surat, already reeling from supply cuts and falling demand.

India will withdraw its highest denomination currency note from circulation, the central bank said on Friday. The 2000-rupee note, introduced into circulation in 2016, will remain legal tender but citizens have been asked to deposit or exchange these notes by September 30, 2023.

The state government of Meghalaya of India is keen to deepen economic and trade ties with Bangladesh, said Meghalaya Chief Minister Conrad Sangma, highlighting the possibility of direct import of garments, plastic products, electronic products, processed food and frozen food. 

The Indian rupee hit a more-than-six-week low against the US dollar on Wednesday, in line with the decline in other Asian currencies that tracked the fall in the Chinese yuan after weak economic data.

India has cut windfall tax on petroleum crude to zero from 4,100 rupees ($50.13) per tonne, effective May 16, according to a government notification.

India and Canada aim to seal an initial agreement this year to increase their trade and expand investment while setting out a mechanism to deal with disputes, they said in a statement on Wednesday.

The Indian rupee fell to a more than two-week low on Tuesday on the back of dollar purchases by importers and short covering by traders, with a rise in US yields also adding to the pressure.

Taiwanese electronics giant Foxconn has bought a huge tract of land on the outskirts of Indian tech hub Bengaluru, the key Apple supplier said in a filing Tuesday as it looks to diversify production away from China.

India has extended a $1 billion credit line for Sri Lanka by one year, a Sri Lankan official told Reuters on Tuesday, giving the crisis-hit country a backup funds to pay for essential imports.