India and Russia have suspended efforts to settle bilateral trade in rupees, after months of negotiations failed to convince Moscow to keep rupees in its coffers, two Indian government officials and a source with direct knowledge of the matter said.

India’s services activity expanded at the fastest pace in nearly 13 years in April, driven by robust demand, according to a private survey which also showed price pressures increased at their fastest rate in recent months.

India has cut the windfall tax on petroleum crude to 4,100 rupees ($50.14) per tonne from 6,400 rupees per tonne, effective from Tuesday, according to a government notification.

The Indian rupee strengthened against the US currency to a seven-week high on Wednesday, tracking Asian peers as the dollar index gave up gains and local equities remained resilient.

Apple opened its first retail store in India on Tuesday, underscoring the US tech titan’s increasing focus on the South Asian nation as a key sales market and alternative manufacturing hub to China.

Indian mills produced 31.1 million tonnes of sugar since the current season began on October 1, a fall of 5.4 per cent year on year, as many mills closed early due to limited availability of sugar cane, a leading trade body said on Tuesday.

India’s annual wholesale-price based inflation (WPI) eased to the lowest in nearly 30 months, as input prices continued to moderate, government data showed on Monday.

Russia’s Gazprombank has expanded its links with banks in India to expedite trade between the two countries in national currencies, a key executive told Reuters on Monday, as Russia this year has become the biggest supplier of oil to India.

India and Russia are discussing a free trade agreement, ministers said on Monday, a move that would further deepen bilateral commercial ties that have flourished since war broke out in Ukraine.

India’s foreign exchange reserves jumped to $584.76 billion for the week ended April 7, the highest in nine months, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.

The Indian rupee made slim gains against the US dollar on Wednesday, as the greenback slipped ahead of a crucial US inflation report that could influence the Federal Reserve’s next policy move.

The International Monetary Fund (IMF) said on Tuesday that it expects India’s economy to grow 5.9 per cent in the current fiscal year though it warned that turmoil in the financial system will hurt global growth.

Sugar prices in India have climbed more than 6% in two weeks and are likely to rise further as production is set to fall and demand from bulk consumers to strengthen during the peak summer season, industry officials told Reuters.

Growth in India’s dominant services industry eased last month from February’s 12-year high due to a softer expansion in demand, according to a private survey, which also showed input cost inflation falling to its lowest since September 2020.

India’s power generation grew at the fastest pace in over three decades in the just-ended fiscal year, a Reuters analysis of government data showed, fuelling a sharp surge in emissions as output from both coal-fired and renewable plants hit records.

India cut its windfall tax on crude oil to zero from 3,500 rupees ($42.56) a tonne and halved the tax on diesel to 0.5 rupee per litre, a government notification said on Tuesday.

The World Bank on Tuesday lowered its forecast for India’s economic growth in the current fiscal year that started on April 1 to 6.3 per cent from 6.6 per cent as it expects higher borrowing costs to hurt consumption.

India’s manufacturing sector expanded at its quickest pace in three months in March on improved output and new orders, although firms shed jobs for the first time in over a year, a private business survey showed on Monday.

India has extended restrictions on the export of diesel and gasoline, the government said in a notification, as New Delhi tries to ensure the availability of refined fuels for the domestic market.

India’s market regulator is investigating possible violation of ‘related party’ transaction rules in the Adani Group’s dealings with at least three offshore entities that have links to the brother of the conglomerate’s founder, two people said.