Today evening, the rupee depreciated by 53 paise to close at Rs 74.98 against the dollar.Sensex falls again, 555 points fallToday the stock market closed with a fall. Today, where the Sensex closed at the level of 59189.73 points, down about 555.15 points. On the other hand, Nifty closed at 17646.00 points down by 176.30 points.
Rupee reaches 12-week low, loses 18 paise, opens at 74.63There was weakness in the rupee against the dollar in the foreign exchange market and the rupee has reached a low of about 12 weeks. Rupee weakened by 18 paise to open at 74.63 level against dollar today. On the other hand, in Tuesday's trade, the rupee had closed down by 13 paise against the dollar. The rupee today closed at 74.44 against the dollar.The market has started with gains. Sensex is trading at the level of 59,885.58 with a gain of 140.7 points or 0.24 percent. On the other hand, Nifty is seen at the level of 17,869.05 with a strength of 39.00 points or 0.26 percent.
Cotton Prices Surge to Highest Level in a DecadeChina buys up U.S. supplies of crop, even as Trump-era import ban limits use of Chinese-grown fiberCotton futures are trading at their highest price in about a decade, with growing Chinese demand being met in part by rising U.S. exports to China, a curiosity of Trump-era trade-war policies.Most-active U.S. cotton futures trading on the Intercontinental Exchange closed Tuesday up 3.8% at $1.09 a pound, keeping prices at their highest level since September 2011. Prices have risen 22% over the past 11 sessions.Higher clothing prices could eventually follow.Prices for other raw materials, such as lumber, have surged this year, because of high demand and supply-chain kinks that have kept goods from getting to customers who want them. Prices for other U.S. crops, such as corn and wheat, have jumped this year amid drought conditions in the U.S. and abroad. Cotton shows the sometimes-unexpected effects that trade policy can have on prices.Last year, President Donald Trump banned U.S. imports of clothing and other products made of cotton from the Xinjiang region, China’s largest cotton-producing area. The administration said at the time that there was evidence that the products were made with forced labor by the Uyghur ethnic group.“China has become more active in the world market,” he said, adding that the U.S. can offer the volume and quality of cotton that China wants.Yet, China’s robust demand for cotton and other raw materials could peter out. Power outages have swept through Chinese provinces, with the government sometimes forcing factories to shut down to save energy. The National Bureau of Statistics in Beijing reported Thursday that the country’s manufacturing activity contracted in September, ending an 18-month expansion streak.“Power rationing will constrain industrial activity until demand weakens enough to bring the domestic electricity market back into equilibrium,” said Julian Evans-Pritchard, senior China economist with Capital Economics, in a note last week.
*Cotton price hits decade high**With just a little break, cotton prices have again started to go up in international markets, mainly because of increased imports by China, the largest consumer worldwide, and a rise in demand following the reboot of economic activities across the globe.**Every pound of cotton was traded at $1.06 – the highest in the last decade, according to the New York futures market. Earlier in 2010, the price reached $1.6 per pound.* *Besides, cotton prices registered a 35% hike over the last 10 months.**The rise in prices of cotton, the key raw material for making clothing items, will have a ripple effect on yarn prices, eventually disrupting apparel shipments, said industry people.**While talking to journalists on Tuesday, Mohammad Ali Khokon, president at Bangladesh Textile Mills Association (BTMA), said proforma invoices that they will issue for November to sell yarns might see a 15% hike in prices.**A proforma invoice is a preliminary bill or invoice used to request payment from the committed buyer for goods or services before they are supplied.**That is why he has requested apparel exporters to keep the additional cost on yarn purchases in mind while negotiating prices with buyers.**Shahidullah Azim, vice-president at Bangladesh Garment Manufacturers and Exporters Association, however, told The Business Standard that if cotton prices increase in the global markets, yarn prices in Bangladesh should rise at least after three months.* *It will not be logical to hike prices before that, otherwise, apparel makers will have to go for imports instead of sourcing domestically, they added.**"If we cannot survive, they [spinners] will not too," he said.**Khorshed Alam, chairman at the Little Star Group, said a rise in global consumption of cotton following the reopening of economic activities globally has led to a rise in its prices.**Besides, China is now stocking up on a big amount of cotton to meet their future needs, maybe foreseeing any possible crisis, he also said.**"When I was negotiating with an Indian supplier for importing 200 tonnes of cotton, its price went up by $.02 per pound," he added.**Prices of cotton had been rising worldwide since the beginning of this year, leading to a surge in yarn and fabric prices.**Prices of cotton had been rising worldwide since the beginning of this year, leading to a surge in yarn and fabric prices.**RMG entrepreneurs have claimed that local spinning mills have been charging much higher than in the global market, while spinners have repeatedly clarified that they hiked prices in line with cotton prices.**Both the parties, however, recently reached an agreement on pricing of yarns.**In FY21, Bangladesh, the second largest exporter, earned around $39 billion in merchandise exports, of which apparel items accounted for over 31 billion. The country also stands at the second position in cotton imports as in the last fiscal year, it imported over 8 million bales of cotton, mainly from African countries.*
*Cabinet may approve mega textile park scheme on Wednesday**The Union Cabinet is likely to approve on Wednesday a scheme proposed by the textiles ministry to setup seven mega investment textile parks (MITRA) to attract investments into the sector and generate employment.**Officials said the scheme could be taken up by the Cabinet and if approved, it will pave the way to set up mega parks with integrated facilities and plug-and-play infrastructure on over 1,000 acres in the next three years, on the lines of China and Vietnam.**“It is likely to be cleared by the Cabinet and some states have already shown interest in setting up the parks,” said an official.**Announced in Budget FY22, the MITRA parks will also have uninterrupted water and power supply, common utilities and research and development labs. They are intended to have and quick turnaround time to minimise transportation losses, aimed to attract big-ticket investments in the sector.**States will have to ensure road connectivity and power availability for the parks.**The parks are crucial to attract foreign direct investment (FDI). From April 2000 to September 2020, India’s textile sector received Rs 20,468.62 crore, or $3.4 billion, of FDI, which is just 0.69% of the total FDI inflows during the period.**Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, express or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.*
*All India Weather Forecast for October 06, 2021**Weather systems made across the country*Conditions are becoming favorable for withdrawal of Monsoon from western part of Rajasthan by tomorrow, 6th October, with the formation of an Anti Cyclone likely over western parts of Rajasthan.A Cyclonic Circulation is persisting over Sub-Himalayan West Bengal and adjoining region.The Cyclonic Circulation lies over South-West Bay of Bengal and adjoining Coastal Tamil Nadu.A trough is extending from this cyclonic circulation to Southeast Arabian Sea across Tamil Nadu and Kerala, where another Cyclonic Circulation is persisting.*Weather movement across the country during the last 24 hours*During the last 24 hours, isolated heavy to very heavy rainfall occurred over Gangetic West Bengal, Tamil Nadu, foothills of Uttar Pradesh and Haryana.Light to moderate rain occurred over Tamil Nadu, Kerala, South Interior Karnataka, Andaman and Nicobar Islands, Marathwada, Madhya Maharashtra, parts of Chhattisgarh, Madhya Pradesh, central parts of Uttar Pradesh, Himachal Pradesh, Assam, Meghalaya and Arunachal Pradesh.Light rain occurred over Uttarakhand, rest of Northeast India, parts of Telangana, Coastal Karnataka, North Interior Karnataka and Lakshadweep.*Probable weather activity during next 24 hours*Conditions are becoming favorable for the withdrawal of monsoon from October 6.During the next 24 hours, light to moderate rain with isolated heavy falls at isolated places is likely over Andaman & Nicobar Islands, Tamil Nadu, South Coast of Andhra Pradesh, parts of Kerala and Lakshadweep.Light to moderate rain at isolated places over Northeast India, parts of West Bengal, Sikkim, parts of Madhya Pradesh, Vidarbha, Marathwada, Madhya Maharashtra, Coastal Karnataka, South Interior Karnataka and Chhattisgarh, Rayalaseema and Uttar Pradesh .Light rain may occur at isolated places over Bihar, Jharkhand, Odisha, North Interior Karnataka, Uttarakhand, Himachal Pradesh, Jammu and Kashmir and Northwest Rajasthan, Punjab and Haryana.
*PAKISTAN COTTON MARKET UPDATE**Moderate business on cotton market**The local cotton market on Tuesday remained bullish and trading volume remained satisfactory. The Spot Rate remained unchanged at Rs 13900 per maund. The Polyester Fiber was available at Rs 225 per kg.**Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is in between Rs 12000 to Rs 14300 per maund and the rate of cotton in Punjab is in between Rs 13800 to Rs 14300 per maund.**The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 6000 per 40 kg. The rate of Phutti in Punjab is in between Rs 5000 to Rs 6200 per 40 kg. The rate of Banola in Sindh is in between Rs 1450 to Rs 1800 per maund. The rate of Banola in Punjab is in between Rs 1500 to Rs 1900 per maund. The rate of cotton in Balochistan is in between Rs 13500- 14300 per maund. The rate of Phutti in Balochistan is Rs 5800-7000 per maund.**200 bales of Moro were sold at Rs 13600 per maund, 200 bales of Khan Pur were sold at Rs 13700 per maund, 1200 bales of Rohri were sold at Rs 13700 to Rs 13800 per maund, 1200 bales of Saleh Pat were sold at Rs 13700 to Rs 13900 per maund, 600 bales of Sarhad , 800 bales of Khan Pur Mehar, 600 bales of Pano Aqil, 1200 bales of Ghotki were sold at Rs 14100 to Rs 14200 per maund, 1600 bales of Dharki were sold at Rs 14200 per maund, 200 bales of Karor Lal Ahsan were sold at Rs 135550 per maund, 600 bales of Noor Pur were sold at Rs 13700 per maund, 400 bales of BahawalPur were sold at Rs 13800 per maund, 800 bales of Shujabad were sold at Rs 13800 to Rs 13850 per maund, 400 bales of Layyah, 800 bales of Faqeer Wali were sold at Rs 13800 to Rs 14000 per maund, 400 bales of Yazman Mandi, 400 bales of Haroonabad were sold at Rs 14000 per maund, 2800 bales of Rahim Yar Khan were sold at Rs 14100 to Rs 14200 per maund, 200 bales of Ahmed Pur were sold at Rs 14300 per maund.*
Today evening, the rupee depreciated by 13 paise to close at Rs 74.44 against the dollar.Sensex rises again, closes up by 446 pointsToday the stock market closed sharply. Today, where the Sensex closed at the level of 59744.88 points with a gain of 445.56 points. On the other hand, Nifty closed at 17822.30 with a gain of 131.00 points.
U.S. trade chief intends to have 'frank' talks with ChinaU.S. Trade Representative Katherine Tai said she intends to have frank conversations with her counterpart in China in the coming days and discuss progress made under the phase one trade agreement.In a speech delivered to a U.S. think tank, Tai said the U.S. will seek to negotiate with Beijing about its industrial policies, but the goal is "not to inflame trade tensions with China."China and the U.S. signed the phase one trade deal in January 2020 as a part of phased mitigation between the world's two largest economies' tariff battle since 2018.According to the deal, China will purchase an additional $200 billion worth of U.S. goods and services, including $32 billion in U.S. farm products, during the two-year period from January 1, 2020, through December 31, 2021.As of August, China's purchases of covered agricultural products reached 92 percent of the year-to-date target in the deal, data from the Chinese import statistics showed, or 89 percent, using the U.S. export data, a tracker of think tank Peterson Institute for International Economies showed.Tai also announced that the U.S. will launch "a targeted tariff exclusion process" imposed on Chinese goods by the previous U.S. administration.Major U.S. business groups called the additional tariffs "costly and burdensome" in a letter to the Biden administration in August. They added that many U.S. retailers chose to absorb the cost of U.S. imposed duties on Chinese goods or passing them to consumers.Tariffs have failed to bash off the will for bilateral trade. In the first eight months of 2021, China-U.S. trade surged 36.6 percent from the same period of last year, reaching $470.3 billion, among which China's export to the U.S. raised by 33.3 percent while imports jumped 48 percent, China customs data showed."To expand China-U.S. trade cooperation, as we have always emphasized, both sides should work together to create an atmosphere and conditions to promote the implementation," said Gao Feng, spokesperson of China's Ministry of Commerce, responding to a question on the possibility of China achieving the imports goals in the deal on a press conference in late August.
Cotton crop at risk again, Vidharbh farmers seek govt aidExtended rains are now posing risk to cotton, the main crop of Vidarbha. Harvest in a number of pockets is reported to be delayed by 20 to 25 days as the fields are still wet. This has prevented cotton boll formation to the full capacity, in turn, holding up the harvest.If farmers in Vidarbha are still hoping for some sunshine that may save the crop, cotton growers in neighbouring region of Marathwada are already reported to be in losses due to excessive rains. Once it gets dry, there are chances of pink bollworm pest affecting the crop, said experts.This is the second crop at stake after soyabean. Farmers in both Vidarbha and Marathwada have reported losses as their soyabean output was reduced to 50%. The rates of soyabean too have halved to Rs4,500 from Rs9,000 in the beginning of the harvest season as low quality is one of the reasons.Last year, cotton growers had to face low rates due to Covid pandemic. The pandemic restrictions had also hit the MSP (minimum support price) procurement and there were reports of pink bollworm infestation too.Officials in the agriculture department contacted by TOI said there are losses, but only in low lying areas of Vidarbha. There may be losses, but not as much to create a crisis, said the officials.In Yavatmal, a group of farmers had blocked the road to highlight the situation. Their demand is that state government should carry out assessment of the losses and declare a compensation.“Cotton arrivals, which begin by Dussehra, may be delayed by 20 days or so,” said Sudhir Kothari, a director in Hinganghat APMC, one of the major markets for cotton.President of Shetkari Sanghatana Anil Ghanwat said farmers of Marathwada are already in losses. Fields located near dams are already flooded because gates have been opened due to heavy rainfall. “Shortage of soyabean is expected this time, so are the cotton supplies,” he said.Former director of Central Institute of Cotton Research (CICR) CD Mayee said even as the situation in Vidarbha is under control, there are major losses in Marathwada. There are chances of pink bollworm infestation once it gets dry. There are also reports of cotton bolls rotting, he said.Vijay Jawandhia, farm activist from Wardha, said the crisis may also hit the farm workers’ earnings. In some places, the crops are not even in a condition to be harvested.Farmers TOI talked to in different districts said there are chances that the yield may be reduced to half, if there is no dry spell soon.SiS Commited to update you on all textile related news real time.RegardsTeam SisAny query plz call 9111977771https://wa.me/919111977775
Punjab farmers worried as rain delays paddy, cotton harvest in MalwaPunjab’s cotton growers are left worried about the loss of quality of their ready-to-harvest produce after untimely rain lashed south Punjab on Monday evening.Farmers of Bathinda and Mansa districts said they were already braving losses caused by the pink bollworm attack and the inclement weather would hit them further.Cotton and paddy are the main kharif crops sown in seven districts of the state’s southern belt.Picking of cotton is underway, whereas paddy harvesting in Malwa is yet to pick up.The wet conditions will now stall harvesting till the weekend.Sudden showers damage raw cotton at mandisAccording to Punjab Agricultural University’s observatory at the Bathinda-based regional research centre, Bathinda district recorded 70mm of rainfall on Monday evening. Strong winds were reported from Bathinda, Fazilka, Muktsar and other adjoining places.Unsold raw cotton at several mandis of Muktsar, Bathinda and Fazilka was damaged due to sudden showers in the evening.Lodging of crops reported: State agri deptState agriculture department joint director Gurvinder Singh said rainfall at this juncture would affect the quality of cotton bolls and paddy grains.“Initial field inputs suggest lodging of crops of cotton and paddy at several places across the state. Rains are undesirable for kharif crops as paddy and cotton are ready for harvest,” he said.Harvesting held up for at least five daysBathinda chief agriculture officer Manjit Singh said cotton harvesting would be stalled for at least five days following rain in various parts of Malwa region“Unfriendly weather conditions would also push paddy harvesting, that is yet to gain momentum, by 3-4 days. Farmers are being advised to delay harvest,” he said.Sharanjit Singh from Mann Khera village of Mansa district said inclement weather would be a double whammy for farmers.“Pink bollworm attack has done considerable damage to the crop. Delay in the harvesting of cotton and paddy would lead to a delay in wheat sowing in the area. We are keeping fingers crossed to tide over these challenging times,” he said.
Rupee collapses against dollar, opens weak by 32 paise Rupee opened with heavy weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 32 paise at Rs 74.63 against the dollar. At the same time, on Monday, the rupee weakened by 20 paise to close at Rs 74.32 against the dollar.Sensex falls again, breaks open by 61 pointsToday the stock market opened with a fall. Today the BSE Sensex fell by about 60.76 points and opened at the level of 59238.56 points. On the other hand, the Nifty of NSE opened with a decline of 26.60 points at the level of 17664.70 points.
*PAKISTAN COTTON MARKET UPDATE**Prices drift lower on cotton market**The Spot Rate Committee of the Karachi Cotton Association on Monday decreased the spot rate by Rs 200 per maund and closed it at Rs 13900 per maund.**The Spot Rate Committee of the Karachi Cotton Association on Monday decreased the spot rate by Rs 200 per maund and closed it at Rs 13900 per maund. The rate of Polyester Fiber was increased by Rs 5 per kg and was available at Rs 225 per kg.**The local cotton market remained bearish and trading volume remained low due to rains. Cotton Analyst Naseem Usman told Business Recorder that after ten years international cotton market crossed 100 cent. After the reports of cotton crop damage in India, China started to buy cotton from America.**The Prices of textiles and garments made in China are likely to rise by 30 to 40 per cent in the coming weeks on account of planned shut down in the industrial provinces of Jiangsu, Zhejiang and Guandong. The shut downs are due to governments efforts to reduce carbon emissions and shortage of electricity production owing to short supply of coal from Australia.**The rate of cotton in Sindh is in between Rs 11500 to Rs 14100 per maund and the rate of cotton in Punjab is in between Rs 13600 to Rs 14100 per maund. The rate of the new crop of Phutti in Sindh was in between Rs 4000 to Rs 5800 per 40 kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 6100 per 40 kg. The rate of Banola in Sindh is in between Rs 1550 to Rs 1800 per maund. The rate of Banola in Punjab is in between Rs 1450 to Rs 1800 per maund. The rate of cotton in Balochistan is in between Rs 13600- 13700 per maund. The rate of Phutti in Balochistan is Rs 5900- 6700 per maund.**All Pakistan Textile Mills Association (APTMA) Patron-in-Chief Gohar Ejaz has announced that the textile industry is going to invest $5 billion by adding 100 new textile plants which will provide 500,000 new jobs and increase textile exports.* *SiS Commited to update you on all textile related news real time.**Regards**Team Sis**Any query plz call 9111977771**https://wa.me/919111977775*
*All India Weather Forecast for October 05, 2021**Weather systems made across the country*The Low Pressure Area lies over Northeast Bihar and adjoining Sub-Himalayan West Bengal and Sikkim. It will weaken by the evening of October 4.A low pressure line is extending from this low pressure area up to North Orissa in East Jharkhand.A Cyclonic Circulation is persisting over South-West Bay of Bengal off Tamil Nadu Coast.Another cyclonic circulation lies over southeast Arabian Sea off Kerala coast. Under its influence, a Low Pressure Area is likely to develop over Southeast Arabian Sea in the next 24 hours.A trough is extending from a cyclonic circulation over southeast Arabian Sea to a cyclonic circulation over southwest Bengal across Kerala and interior Tamil Nadu.*Conditions are becoming favorable for withdrawal of monsoon from 6th October.**Weather movement across the country during the last 24 hours*During the last 24 hours, isolated light to moderate rain at isolated places over Sikkim, Sub-Himalayan West Bengal, parts of West Assam Interior Tamil Nadu and South-East Madhya Pradesh, South-West Uttar Pradesh and Jharkhand It rained heavily.Rest of Northeast India, Gangetic West Bengal, parts of East Uttar Pradesh, Bihar, Jharkhand, Chhattisgarh, remaining parts of South and South West Madhya Pradesh, parts of Madhya Maharashtra, South Gujarat, one or two parts of Interior Karnataka and Odisha Light to moderate rain fell.Light rain occurred over Jammu and Kashmir, North Punjab, parts of Odisha, remaining parts of Tamil Nadu, Kerala, Coastal Karnataka, Lakshadweep, isolated parts of Telangana, southeast Rajasthan, Delhi and Andaman and Nicobar Islands.*Probable weather activity during next 24 hours*During the next 24 hours, light to moderate rain with isolated heavy falls at isolated places is likely over Assam, Meghalaya, Nagaland, Tamil Nadu, Kerala, Andaman and Nicobar Islands and isolated parts of Lakshadweep.Light to moderate rain may occur at isolated places over rest of Northeast India, parts of Gangetic West Bengal, Jharkhand, South Madhya Pradesh, Maharashtra, parts of Telangana, Coastal Karnataka, Coastal Andhra Pradesh and Chhattisgarh.
Today evening, the rupee depreciated by 20 paise to close at Rs 74.21 against the dollar.Sensex bounces back, closes up by 534 pointsToday the stock market closed sharply. Today, where the Sensex closed at the level of 59299.32 points with a gain of 533.74 points. At the same time, the Nifty closed at the level of 17691.30 points with a gain of 159.30 points. Apart from this, a total of 3,541 companies were trading in BSE today, out of which about 2,332 shares closed up and 1,016 shares closed down.
Rupee depreciates against dollar, opens 5 paise weakerRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 5 paise at Rs 74.17 against the dollar. At the same time, the rupee on Friday closed at Rs 74.12 with a strength of 11 paise against the dollar.Sensex has a good start, opens up by 325 pointsToday the stock market opened with great momentum. Today the BSE Sensex opened with a gain of 324.47 points at the level of 59090.05 points. On the other hand, the Nifty of NSE opened with a gain of 66.30 points at the level of 17598.30 points.
All India Weather Forecast for October 04, 2021Weather systems made across the country A low pressure area is persisting over Bihar. It will move in northeast direction and weaken gradually.Another cyclonic circulation is over Southwest Bay of Bengal. It extends up to 5.8 km above sea level.Severe Cyclone Shaheen persists over Gulf of Oman and adjoining Northeast Arabian Sea. It is likely to weaken gradually and cross the Oman coast as a cyclonic storm in the early hours of October 4.A trough is extending from a cyclonic circulation over Bay of Bengal to South Madhya Maharashtra across Tamil Nadu and Interior Karnataka.Weather movement across the country during the last 24 hoursDuring the last 24 hours, light to moderate rain with isolated falls over Kerala, Sikkim, parts of Sub-Himalayan West Bengal, Assam and Arunachal Pradesh and 1-2 parts of Southeast Rajasthan, Southwest Madhya Pradesh, Coastal Karnataka and South Tamil Nadu It rained heavily at some places.Lightweight over Tamil Nadu, Andaman & Nicobar Islands, Lakshadweep, remaining parts of Coastal Karnataka, East Rajasthan, parts of Haryana, parts of Uttar Pradesh, Himachal Pradesh, Jammu and Kashmir, Northeast India, Bihar and parts of West Bengal and Orissa It rained moderately. .Light rain occurred in Uttarakhand, Punjab, Gujarat, Chhattisgarh and Rayalaseema.Probable weather activity during next 24 hoursDuring the next 24 hours, isolated isolated places over Sub-Himalayan West Bengal, Sikkim, Assam, Meghalaya, Arunachal Pradesh, parts of Nagaland, Andaman and Nicobar Islands, Coastal and South Interior Karnataka, Kerala and Interior Tamil Nadu. Moderate rain with heavy rain is possible at some places.Light to moderate rain is possible over Gangetic West Bengal, Bihar, Jharkhand, parts of Odisha, parts of Chhattisgarh, parts of Madhya Pradesh, Vidarbha, Marathwada, Madhya Maharashtra, Konkan and Goa and Lakshadweep.
Today evening, the rupee strengthened by 11 paise to close at Rs 74.12 against the dollar.Sensex fell, Sensex closed by breaking 361 pointsToday the stock market closed with a fall. Today, where the Sensex closed at a level of 58765.58, down 360.78 points. On the other hand, Nifty closed at the level of 17532.00 points with a fall of 86.20 points.
Rupee depreciates against dollar, breaks 9 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 9 paise at Rs 74.32 against the dollar. At the same time, on Thursday, the rupee closed at a level of 74.23 with a weakness of 8 paise against the dollar.Poor start of Sensex, came below 59000 markToday the stock market opened with a fall. Today the BSE Sensex fell by about 387.04 points and opened at the level of 58739.32 points. On the other hand, the Nifty of NSE opened with a decline of 118.40 points at the level of 17499.80 points.
*No respite in price hike on cotton market**The Spot Rate Committee of the Karachi Cotton Association on Thursday increased the spot rate by RS 300 per maund and closed it at Rs 14100 per maund.**The Spot Rate Committee of the Karachi Cotton Association on Thursday increased the spot rate by RS 300 per maund and closed it at Rs 14100 per maund. The Polyester Fiber was available at Rs 225 per kg.**The local cotton market remained bullish and trading volume remained low due to rains. Cotton Analyst Naseem Usman told Business Recorder that after ten years international cotton market crossed 100 cent. After the reports of cotton crop damage in India, China started to buy cotton from America.**The Prices of textiles and garments made in China are likely to rise by 30 to 40 per cent in the coming weeks on account of planned shut down in the industrial provinces of Jiangsu, Zhejiang and Guandong. The shut downs are due to governments efforts to reduce carbon emissions and shortage of electricity production owing to short supply of coal from Australia.**The rate of cotton in Sindh is in between Rs 1300 to Rs 14300 per maund and the rate of cotton in Punjab is in between Rs 13800 to Rs 14000 per maund.**The rate of the new crop of Phutti in Sindh was in between Rs 4800 to Rs 6000 per 40 kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 6400 per 40 kg.**The rate of Banola in Sindh is in between Rs 1350 to Rs 1800 per maund. The rate of Banola in Punjab is in between Rs 1650 to Rs 1900 per maund. The rate of cotton in Balochistan is in between Rs 13800- 14000 per maund. The rate of Phutti in Balochistan is Rs 6000- 7200 per maund.*