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Weakness in the rupee, the rupee opened at 74.95, down 8 paiseLike the equity market, the rupee has also started with a weakness. Rupee has opened weak against the dollar by 8 paise today. The rupee has opened at 74.95 against the dollar.On the other hand, the rupee weakened by 32 paise to close at 74.88 in yesterday's trade. 

Market has got off to a weak start in pre-opening. Sensex is trading at a level of 52409.29 with a fall of 144.11 points or 0.27 percent, while Nifty is down 5.20 points or 0.03 percent at the level of 15747.20.Biggest fall in US since OctoberThe US markets saw the biggest fall since October. DOW JONES slipped by 700 points but today DOW FUTURES is seeing a good recovery from the lower levels and it has jumped around 150 points. Asia has also improved after a weak start. However, slight weakness is being seen in SGX NIFTY.Crude down 7%, Brent near $69There has been a sharp decline in crude due to increased supply and fear of falling demand due to Kovid. Brent fell 7 percent to near $ 69. 

PAKISTAN COTTON MARKET UPDATETrading volume slows ahead of holidaysThe local cotton market on Monday remained stable and trading volume remained low. Cotton Analyst Naseem Usman told Business Recorder the rate of cotton in Sindh is in between Rs 12500 Rs 12700 per maund. The rate of cotton in Punjab is in between Rs 13300 to Rs 13500 per maund.The rate of new crop of Phutti in Sindh was in between Rs 5200 to Rs 5300 per 40 kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 6600 per 40 Kg. The rate of Banola in Sindh is in between Rs 1700 to Rs 1800 per maund. The rate of Banola in Punjab is in between Rs 1900 to Rs 2000 per maund. The rate of cotton in Balochistan is Rs 12900-13000 per maund. The rate of Phutti in Balochistan is in between Rs 5600 to RS 5700 per maund.1000 bales of Tando Adam, 1400 bales of Shahdad Pur were sold at Rs 12400 to Rs 12800 per maund, 1400 bales of Sanghar were sold in between Rs 12400 to Rs 12600 per maund, 400 bales of Mir Pur Khas were sold in between Rs 12400 to Rs 12500 per maund, 400 bales of Hyderabad were sold at Rs 2400 per maund, 600 bales of Chichawatni, 200 bales of Mungi Bangla, 200 bales of Samundri and 200 bales of Haroonabad were sold at Rs 13500 per maund.The sowing of cotton crop in Punjab is on final stages, where as sowing in Sindh has almost been completed.Cotton Cooperation of India has increased the prices by Rs 500 per candy. The Spot Rate remained unchanged at Rs 12700 per maund. The Polyester Fiber was available at Rs 213 per kg.

Piyush Goyal wants 10x jump in textiles sector capacityPiyush Goyal, the new textiles minister, has set an ambitious target of scaling up the industry’s capacity by 10 times, amid indications that the government is planning more steps to boost investment and employment in the sector.While Goyal has not given a timeframe, he wants the team of officers in the ministry to prepare a detailed action plan for each segment — ranging from fibres and garments to handloom and handicraft — along with the deadline, a source present in last week’s deliberations told TOI. Man-made fibre along with technical textiles and handloom have been identified as key thrust areas.Currently, the size of the textiles industry is estimated at around $140 billion (over Rs 10 lakh crore), with apparel accounting for over half the share (see graphic). Textiles’ share in India’s GDP is estimated at around 2.3% and is the largest employer, employing about 45 million workers.With around a quarter of the produce, getting exported, the government is hoping that a series of steps, including the extension of Rebate of State and Central Taxes & Levies (RoSCTL) will provide clarity to exporters when they negotiate contracts.Similarly, integrated textiles parks are seen to be another thrust area, with the proposed free trade agreements with the UK and the EU expected to provide further fillip to Indian exporters. With lower duties in these crucial markets, the textiles industry is hoping to compete more favourably with rivals such as Bangladesh, which enjoy wage and tariff advantages.Steps such as Mudra loans for startups to buy cotton-plucking machines for renting to farmers are proposed in a bid to create jobs and income for small entrepreneurs, said an officer.At the same time, the minister has asked his team to focus on improving the quality of handloom and handicrafts and standardising it, given that there is a vast potential in a growing market such as India, apart from the exports market.

Rupee weakens, 18 paise down at 74.74 levelLike the equity market, the rupee has had a weak start. The rupee has opened weak by 18 paise against the dollar. The rupee has opened at 74.74 today against the dollar.In Friday's trade, there was a weakness in the rupee against the dollar. The rupee weakened by 2 paise to close at 74.56 against the dollar.The market started on a weak note amid weak global cues. Sensex is trading 484.92 points or 0.91 percent down at 52,655.14 level. On the other hand, Nifty is trading at a level of 15,760.95, down 162.45 points or 1.02 percent.

Rupee fell 32 paise to close at 74.88 levelToday the weakness in the rupee against the dollar also showed deepening. Rupee has weakened by 32 paise to close at 74.88 against the dollar today. However, the rupee also started with weakness today. The rupee opened weak against the dollar by 18 paise. Rupee opened today at 74.74 level against dollar.In Friday's trade, there was a weakness in the rupee against the dollar, the rupee weakened by 2 paise to close at 74.56 against the dollar.The effect of weakness in the global markets was seen on the Indian markets and on the first day of the trading week, there was a decline in the market.In today's trade, Sensex-Nifty has closed more than 1 percent down. On the other hand, banking and financial stocks saw the most pressure. Nifty broke the most after 30 April i.e. 11 weeks. There was selloff in banking, metal, auto stocks. Whereas midcap, small cap got brakes on record rise of 6 days.At the end of trading, the Sensex closed at 52,553.40, down 586.66 points, or 1.10 percent. On the other hand, Nifty closed at 15,752.40, down 171.00 points, or 1.07 per cent. 

Indian yarn manufacturer SVP Global Ventures gets listed on NSESVP Global Ventures Ltd, an Indian diversified cotton yarn manufacturer, has announced that the company has received approval for direct listings of its equity shares on the National Stock Exchange (NSE) effective from July 14, 2021, under the scrip id “SVPGLOB”. The company’s modern and automated manufacturing units are situated in Oman and India. Earlier this month, SVP reported a significant revenue growth of 77.8 per cent to ₹571.1 crores in its fourth quarter (Q4) of FY21 against ₹321.3 crores in the corresponding period of prior fiscal. EBITDA for the quarter ended on March 31, 2021, surged 41 per cent to ₹93.6 crores (₹66.2 crores), whereas profit after tax increased to ₹38 crores (loss: ₹8 crores). “Compact cotton yarn contributed 84 per cent and traditional yarn contributed 16 per cent for FY21 as compared to 75 per cent and 25 per cent for FY20, respectively,” OP Gulia, president for SVP Global Ventures Limited, said in a press release.

Today evening the rupee depreciated by 2 paise to close at Rs 74.56 against the dollar.Sensex could not sustain the momentum, closed down by 19 pointsToday the stock market closed with a slight decline. Today, where the Sensex closed at the level of 53140.06 points with a fall of about 18.79 points. On the other hand, Nifty closed at 15923.40 points down 0.80 points. 

Money strengthened and closed at 74.55 levelThe rupee strengthened against the dollar. The rupee today closed at 74.55 against the dollar by 3 paise.However, the rupee also started on a strong note today. Rupee today opened with a gain of 11 paise against the dollar. The rupee had opened at 74.48 today against the dollar.The market is seeing a rise for the fourth consecutive day.The Sensex-Nifty closed at a record high in today's trading.At the end of trading, the Sensex closed at 53,158.85 with a gain of 254.80 points, or 0.48 per cent. On the other hand, Nifty closed at 15,924.20 with a gain of 70.25 points or 0.44 percent. 

In Marathwada, soyabean gains over cottonThe area of cotton cultivation in Marathwada has reduced during this kharif season as more farmers have opted for soyabean over the traditional cash crop, implying a gradual shift in the cropping pattern in the region.As per official data, the Aurangabad agricultural division — covering Aurangabad, Jalna and Beed districts — has reported soyabean sowing on 4.03 lakh hectare. This is 123% of the expected soyabean sowing. Latur division, which covers the remaining five districts of Marathwada has also seen soyabean sowing of 105% (13.99 lakh hectare).On the other hand, cotton sowing has taken place only on 67% of the expected area of 6.97 lakh hectare in the Aurangabad division and 65% expected area (3.58 lakh hectare) in the Latur division as per the latest official data till July 5.Aurangabad district agricultural superintendentTukaram Mote said soyabean has been emerging as a preferred crop over cotton in the region. “A range of factors, including lower cultivation cost, shorter harvesting period and resistance to more diseases and pests, has made soyabean an attractive crop for the farmers. Moreover, the unique ability of soyabean to increase soil fertility with nitrogen-fixation and international demand for the oilseed crop as animal and poultry feed also fetches good returns for the farmers,” he said.In addition, soyabean is traditionally supplied to oil mills for production of edible oils and other derivates. This is considered an advantage of soyabean over cotton.Vilas Deshpande, an Aurangabad-based farmer, who has cultivated soyabean on over 2.5 acre during the ongoing kharif season, said the attack of pink bollworm on cotton crops in the recent past was one of the reasons for the shift in cropping pattern. “Also, soyabean reaches the harvesting stage within 100-110 days, whereas cotton requires five months. The reduced harvesting time helps farmers cultivate supplementary crops, like chickpea, boosting the income,” he said.

Today evening, the rupee closed at Rs 74.70 with a weakness of 9 paise against the dollar.Sensex falls by 486 pointsToday the stock market closed with a fall. Today, where the Sensex fell by about 485.82 points, closed at the level of 52568.94 points. On the other hand, Nifty closed at 15727.90 with a fall of 151.80 points.