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China's imports cheaper due to rise in rupee against yuanIndia's inflation outlook, which faces risks to the upside due to an uncertain monsoon forecast, has benefited from economic struggles in neighboring China, as a sharp appreciation in the rupee against the yuan makes imported goods cheaper.Bloomberg data shows that from March 31 to June 30, the rupee has appreciated by 6% against the Chinese currency. For the calendar year so far, the rupee's appreciation is at a similar level and taking into account the rupee's gain from the yuan's low in January, the domestic currency has strengthened by 8%.While slowing Chinese growth has weighed on global economic prospects, given the current trade dynamics, India will benefit from an inflation perspective.“China is the largest source of our non-energy imports, which means that due to the appreciation of the rupee against the yuan, we will import deflation from China. I think this is under-appreciated in public discussions. It is a The positive thing it will bring is that "core inflation will be lower because imported Chinese goods will be cheaper," said Jahangir Aziz, head of emerging markets economics at JP Morgan.India's trade gap with China widened to $83.2 billion in the last fiscal, as against $72.91 billion in FY22. Exports to China are set to decline by nearly 28% to $15.32 billion in FY2023, while imports grew by 4.16% to $98.51 billion in the previous fiscal.The report noted that imports of Chinese goods have been on a steady rise in the current calendar year, rising by 4.6% in January-April to cross $37.86 billion.deflationary effectStandard Chartered's Anubhuti Sahai said, "The yuan's weakness basically indicates that China is exporting deflation to the rest of the world and to that extent it will also help India because when it comes to our total imports, especially chemicals It is an important partner in etc. Bank's Head of South Asia Economic Research.Analysts said that while macro inflation dynamics would be shaped by the spatial distribution of the monsoon, the yuan's depreciation would be icing on the cake if rains due to the El Nino effect do not cause a nasty shock."For India's inflation, over the next few quarters, the monsoon story becomes far more important than the external story. Core inflation is well contained. A sharp rise in commodity prices is unlikely in the immediate term. "The theme of low commodity prices is also included in the story," Sahai said.China's faltering after tighter Covid restrictions, higher returns in the US following an aggressive rate hike by the Fed and slower export demand amid weak global growth have contributed to the yuan's weakness. The Chinese currency fell to a six-month low against the US dollar last month.Rahul Bajoria, senior regional economist at Barclays, said, "I think this is largely a reflection of a weaker yuan rather than any material change in the dynamics of the rupee. This is something that could help ease inflationary pressures." "mean reversion"This has to be watched because we have a big trade relationship with China. It's pretty much a mean reversion. Even in the first half of the year when people were very bullish about the Chinese economy, we saw the dollar-China There has been a significant decline." ," They said.The Reserve Bank of India's efforts to ensure minimum volatility in the exchange rate of the rupee against the US dollar has also contributed to the movement of the Indian currency against the yuan."If the yuan continues to depreciate against the dollar, the rupee will probably appreciate even more against the CNY. If you want to keep the dollar-rupee rate stable at 81-82, the result is that it Have to take steps against your other trading partners. It's arithmetic,'' Aziz said.The rupee has appreciated by 0.8% against the US dollar so far in 2023, while it depreciated by about 10% last year. Currency traders said that in the past few months, amid heavy foreign inflows into equities, the RBI has been controlling the rupee's gains by buying dollars and replenishing its reserves.

Pakistan: The cotton market remains stable.LAHORE: The local cotton market remained stable on Tuesday with satisfactory trading volume.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 16,400 to Rs 16,500 per head. The rate of footi in Sindh is between Rs 6,700 to Rs 7,200 per 40 kg. The rate of cotton in Punjab is between Rs 17,000 to Rs 17,300 per head and the rate of cotton is between Rs 7,500 to Rs 8,700 per 40 kg.Chichavatni sold for Rs 17,000 to Rs 17,200 per head in 1200 bales, Vehari in Rs 17,200 to Rs 17,500 per head, Khanewal in 1400 bales for Rs 16,950 to Rs 17,700 per head, Burewala in 400 bales. Sold for Rs.17,200 per head, 200 bales of Jahaniya, 200 bales of Haasilpur sold for Rs.17,000 per head, 200 bales of Peer Mahal, 200 bales of Samudri sold for Rs.16,900 per head, 600 bales of Hyderabad sold at the rate of Rs.16,700 per head , 400 bales of Mirpur Khas were sold at the rate of Rs.16,400 to Rs.16,500 per head, 400 bales of Khadro, 400 bales of Chodgi were sold at the rate of Rs.16,500 per head, 3600 bales of Tando Edam were sold at the rate of Rs.16,200 Gone. 16,700 per head, 2400 bales of Sanghar was sold at Rs.16,300 to Rs.16,500 per head and 2600 bales of Shahdadpur were sold at Rs.16,400 to Rs.16,700 per head.The spot rate remained unchanged at Rs 16,500 per head.The rate of polyester fiber decreased by Rs 5 per kg and is available at Rs 350 per kg.

Rupee opens marginally lower at 82.05 against US dollarThe Indian rupee opened marginally lower against the US dollar on Wednesday amid weakness in Asian currencies due to weak China data and minutes ahead of the US Federal Reserve June meeting to be held later in the day. The local unit opened lower at 82.05 per dollar, down 3 paise compared to its previous close of 82.02.

Rupee weakens by 6 paise against dollarThis evening, the rupee closed at a level of 82.02 against the dollar with a weakness of 6 paise.Today the closing of Nifty and Sensex is a new level. Today, where the Sensex closed at a level of 65479.05 points with a gain of about 274.00 points.On the other hand, the Nifty closed at the level of 19389.00 points with a gain of 66.50 points.

All India Weather Forecast for July 04, 2023Weather systems across the country:A cyclonic circulation is over Northwest Uttar Pradesh and adjoining areas.The cyclonic circulation is over central parts of Uttar Pradesh.The offshore trough is extending from South Maharashtra Coast to Kerala Coast.A cyclonic circulation lies over central parts of South Bay of Bengal at middle levelsAnother cyclonic circulation is over North Arabian Sea.During the last 24 hours, the weather movement across the countryCoastal Karnataka and Kerala received moderate to heavy rain during the last 24 hours.Light to moderate rain with isolated heavy falls occurred over Lakshadweep, Konkan & Goa, Sikkim, Sub-Himalayan West Bengal and Northeast Bihar.Light to moderate rains occurred over Northeast India, Andaman and Nicobar Islands, Marathwada, South Gujarat, Coastal Andhra Pradesh and East Rajasthan.Light rain occurred over Bihar, Uttar Pradesh, Chhattisgarh, Madhya Pradesh, Tamil Nadu, Interior Karnataka, parts of Himachal Pradesh and Uttarakhand.Likely weather activity during next 24 hoursModerate to heavy rain is possible over Coastal Karnataka and Kerala during next 24 hours.Light to moderate rain with few heavy falls very likely over Lakshadweep, Konkan & Goa, Sikkim, Sub-Himalayan West Bengal, Uttar Pradesh, Bihar, Assam, Meghalaya, Arunachal Pradesh and Northeast Bihar.Light to moderate rains may occur over Northeast India, Andaman and Nicobar Islands, South Gujarat, Coastal Andhra Pradesh, West Bengal, Jharkhand and Tamil Nadu.Light rain may occur over Chhattisgarh, Madhya Pradesh, Interior Karnataka, parts of Himachal Pradesh and Uttarakhand.

Rupee rises 4 paise to 81.92 against US dollarThe Indian rupee opened 4 paise higher against the US dollar on Tuesday led by positive sentiment in domestic equities amid foreign capital inflows. The local unit opened at 81.92 against the US dollar as compared to its previous close of 81.96.

Cotton gains momentum as Haryana records lowest cotton yield in two decadesCotton yesterday closed 1.93% higher at 57100 as Haryana records lowest cotton yield in two decades in 2022-23 even as the state has almost completely converted to genetically modified Bt cotton, which is being sold in North Was introduced in India as an insect-repellent. Yield enhancing variety in 2005-06. According to survey data from the China Cotton Storage Information Center, China's total cotton planting area fell by 10.3% over the previous year. The survey data shows that the country's total cotton planting area till May was 41.40 million mu, which is equivalent to 2.77 million hectares. Acreage fell 8.0% to 36.16 million, equivalent to 2.42 million hectares, in the northwestern Xinjiang region, China's main cotton-producing region.In the global 2023/24 cotton balance sheet, higher opening stocks and production exceed consumption growth, and ending stocks are estimated at 92.8 million, 515,000 bales higher than in May. World cotton production this month is estimated at 1.0 million bales higher as larger crops in the United States and Pakistan offset a shortfall of 500,000 bales for China. Consumption is higher at 765,000 bales, with increases in Vietnam, Pakistan, Bangladesh, Indonesia and Turkey. World trade is also projected to increase to 900,000 bales due to increased US exports and Chinese imports.Technically market is under short covering as market has seen -1.5% fall in open interest and it closed at 329 while prices are up 1080, now cotton is taking support at 56540 and below this A test of 55970 level can be seen, and resistance is now likely to be seen at 57540, on the upside the price could test 57970.

Pakistan: Cotton market: spot price declines by Rs 1000 per maundLAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Monday reduced the spot rate by Rs 1,000 per head and closed it at Rs 16,500 per head.The local cotton market remained stable and the trading volume was satisfactory. Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 16,300 to Rs 16,500 per head. The rate of footi in Sindh is between Rs 6,700 to Rs 72,00 per 40 kg. The rate of cotton in Punjab ranges from Rs 17,000 to Rs 17,200 per mane and cotton between Rs 7,500 to Rs 8,500 per 40 kg.About 4,200 bales of Tando Adam were sold at Rs.16,400 to Rs.16,700 per head, 2200 bales of Sanghar at Rs.16,200 to Rs.16,500 per head, 1200 bales of Shah Pur Chakar, 1800 bales of Mir Pur Khas at Rs.16,500 per head. 16,500 to Rs 16,600 per head, 1600 bales of Shahdadpur were sold for Rs 16,400 to 16,600 per head, 800 bales of Hyderabad were sold for Rs 16,300 to 16,500 per head, 800 bales of Khando, 800 bales of Tando Muhammad were sold. 16,400 per head, 400 bales of Rajanpur were sold at 16,850 per head, 600 bales of Chichavatni were sold at 17,000 per head and 800 bales of Burewala were sold at 17,200 to 17,300 per head Sold at rate.The spot rate committee of the Karachi Cotton Association reduced the spot rate by Rs 1,000 per head and closed it at Rs 16,500 per head. Polyester fiber was available at Rs 355 per kg.

Rupee strengthened by 8 paise against dollarThe rupee strengthened by 8 paise to close at Rs 81.96 against the dollar this evening.Sensex rose 486 pointsToday the stock market has closed at a record level.Today, where the Sensex closed at a level of 65205.05 points with a gain of about 486.49 points.On the other hand, the Nifty closed at the level of 19322.50 points with a gain of 133.50 points.

Welspun India to see 2-fold growth in domestic business by 2026A global leader in home textiles and part of the $2.3 billion Welspun Group, is expecting its home textile business to double from around Rs 650 crore last year to around Rs 2,200 crore by 2026 due to increased demand in India . markets and a better performing economy.The company which currently claims to produce one in five towels in the United States and also holds a major market in Europe, saw a decline in demand last year due to economic issues in these regions. During the last financial year, the company's income fell by nearly 12 per cent to Rs 8,215 crore in 2021-22 from Rs 9,377 crore. The company now aims to increase India's share in the topline from around 8 per cent to around 12-15 per cent by 2026.“Last year, the whole world was going through upheavals. In commodities, cotton prices soared by more than 100 percent, and there was also a container crisis and freight disruption. Now, the overall recovery is happening and it started in the fourth quarter of the last financial year. Q1 and Q2 will be slightly better this year. If we talk about the US economy, it has grown by 2 per cent and inflation is at 5 per cent, which is the lowest in the last 22 months. Certainly, we are seeing that everything is getting easier,'' said Deepali Goenka, CEO & MD, Welspun India.However, the Indian market is turning out to be a bright spot for the company at the moment. The company registered a growth of nearly 30 per cent in the domestic market last year with a turnover of around Rs 550 crore in home textiles, while its flooring business clocked a turnover of Rs 100 crore, taking the total domestic sales to around Rs 650 crore. “Definitely, India will continue to grow. Our emerging businesses are also doing well in India. We expect the India business to reach around Rs 2,200 crore by 2026, while our domestic business is going to exceed last year's around Rs 650 crore,' Goenka said. Apart from India, the regions where the company is betting big are Australia, South East Asia and West Asia.The growth in the Indian market will be driven by the company's strategy of 'Welspun from every home to every heart'. Currently, 31 per cent of the global share of home textiles is coming from the US, 34 per cent from Europe and 35 per cent from the rest of the world. The global home textile market size is expected to grow from around $49 billion now to $60 billion by 2025. The Indian home textile market is now worth around $7 billion. It is expected to reach $10 billion in the next four years. Home textiles has a mix of products and it will all depend on the growth in demand in the Indian market,” he said.

Declining exports: Ministry of Commerce will meet exporters todayAn official said the commerce ministry has convened a meeting of exporters on Monday to take stock of the situation as outbound exports have been coming down for the past four months. Exporters are expected to highlight issues such as providing more support to participate in global exhibitions and fairs; expediting negotiations to conclude free trade agreements with the UK, Canada, Israel and the GCC (Gulf Cooperation Council); and allowing industry to double cut the salaries of professionals to retain talent in India.According to the ministry data, exports declined 10.3 per cent year-on-year for the fourth consecutive month to USD 34.98 billion in May, while the trade deficit widened to a five-month high of USD 22.12 billion.Cumulatively, exports declined by 11.41 per cent to US$ 69.72 billion during April-May in the current fiscal, while imports declined by 10.24 per cent to US$ 107 billion.Sluggish demand in key markets, high inflation in advanced economies and the Russia-Ukraine war are taking a toll on the country's exports.Apparel Export Promotion Council (AEPC) chairman Naren Goenka said more support measures from the government such as participation in global exhibitions would help boost exports.FIEO Director General Ajay Sahay said that the RoDTEP (Remission of Duties and Taxes on Exported Products) scheme will also help boost exports by providing benefits to advance authorisation, special economic zones and export-oriented units.When asked about ways to boost shipments, Sanjay Budhia, Chairman - CII National Committee on Exim and MD - Patton Group, said that in view of the global recessionary trend, a strategic approach is needed to encourage exports. Needed."Resolving the specific issues faced by exporters, especially related to non-tariff barriers affecting supplies in critical markets, should be the primary focus," Budhia said. The pandemic has led to a rethink of strategies for sourcing, diversification of supply routes and manufacturing.He said promoting technology upgradation and innovation in manufacturing processes would also help improve the quality and competitiveness of Indian products, leading to higher exports.Budhia also said that the focus should be on skill development initiatives to enhance the capabilities of the workforce, especially in sectors with export potential."Support should be provided to encourage research and development for modernization of manufacturing processes, skill development, promotion of sustainable practices and enhancing the competitiveness of sectors such as pharmaceuticals, chemicals, textiles and auto and auto components," he added.He said that the focus should also be on boosting quality standards and streamlining regulatory procedures, this could also help India increase its exports in the agriculture and food processing sectors.India is already an agricultural powerhouse with a wide variety of food products, and this should be reflected in its exports.He suggested that India should also set up a trade promotion body with dedicated offices abroad to provide branding and promotional activities as well as marketing services to Indian exporters.He said, this body will help in the areas of trade facilitation, capacity building and awareness generation and help in achieving the desired target of USD 2 trillion by 2030 and making India a global economic superpower.In addition, he suggested facilitation centers for free trade agreements as they would become one-stop points of information on all FTAs by India and would aim to reach exporters to developing markets in FTA-partner countries.Budhia said, “These centers will facilitate better understanding of the provisions of FTAs in goods, services and investment and can help Indian industry to make better use of existing FTAs and benefit from preferential liberalization through capacity building programmes.” Are." ,He said investment in expansion of cold chain network could open up export opportunities for sectors like agriculture, horticulture and pharmaceuticals.The official said representatives of export bodies including Federation of Indian Export Organizations (FIEO), Apparel Export Promotion Council and Leather Export Council are likely to attend the meeting.