Rupee weakens by 22 paise against dollarThis evening, the rupee closed at a level of 82.74 against the dollar with a weakness of 22 paise.Sensex dropped 505 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 65280.45 points with a fall of about 505.19 points.On the other hand, the Nifty closed at a level of 19331.80 points with a fall of 165.50 points.
India's cotton exports at 19-year low, decline in production and yieldThe cotton crisis is threatening a double whammy for India. The country's cotton output - by far the largest in the world - will fall to its lowest in 14 years in 2022-23, as yields in cotton-growing states have fallen.This can convert the country from a net exporter of the commodity to a net importer.This estimate by the Cotton Association of India (CAI) has worrying consequences for the country which is the largest producer of cotton in the world. One of the fundamental problems is that it will affect the livelihood of the farmers. The other big problem is that our exports of cotton and its derivatives, such as textiles and apparel, will decline.India's cotton crop is often referred to as "white gold" because of its importance to the agricultural and textile sectors – cotton being a major raw material in this sector. Agro-climatic conditions have made cotton crop favorable. But now this may change.In fact, CAI has reduced the estimate of cotton crop by 4.65 lakh bales to 298.35 lakh bales for the 2022-23 season. Excessive rains in many cotton growing areas are believed to be a major loss this time. About 40 lakh hectares of crops have been damaged due to excessive rains in Maharashtra. Apart from the immediate impact of unseasonal rains, the cotton problem has also escalated. It was years in the making. According to industry officials, excessive dependence of growers on traditional farming methods and absence of modern seeds have been cited as other major reasons for the low yield of cotton.Its effect will be seen on exports. Commerce and Industry Ministry data shows that cotton exports (HS code 5201) declined from $2,659.25 million to $678.75 million in FY 2022-23, registering a year-on-year decline of -74.48% .Except for exports, when domestic production of a commodity falls, the shortage causes its prices to rise. CAI says cotton prices are likely to touch Rs 75,000 per candy by the middle of this year. The prices generally range between Rs 35,000-55,000 per candy.Experts say this development will impact all participants in the cotton supply chain.what you sow you will reapIndustry veterans claim that a crisis in the cotton sector is now inevitable. But there were clear signs that a crisis was brewing and negligence in reacting quickly led to this situation.TT Ltd MD Sanjay K Jain says he is not surprised. “The low cotton yield was much expected. We have not introduced any new cotton seed for 10-15 years. Our awareness about agronomic practices is very low. It is not logical to expect our productivity to increase,” says Jain, who is also the president of the National Textiles of Indian Chamber of Commerce.He also points out that the government is stuck in some royalty issues with some international seed companies and these are yet to be resolved.The Textiles Advisory Group (TAG) in the Ministry of Textiles is aware of these issues, says Jain, but the pace of solutions being implemented is "disappointingly slow". "My request to policymakers is that we need to move with extraordinary speed to implement solutions."Cotton supply chain caught in multiple issuesJain's urgency is understandable. India's cotton crop supports the livelihood of about 6 million cotton farmers and engages 40–50 million persons in allied activities such as cotton processing and trading. Almost all of them are in the MSME segment - a group that may not have the financial strength to withstand such disruptions but can easilysensitive to such shocks. In addition, exports of cotton and its derivatives, such as yarn, fabric and apparel, contribute significantly to foreign exchange earnings.Jain says he does not see any sign of change in the current situation in the next year or two. One way out of the crisis is to focus on increasing the yield of cotton per hectare.This significant disparity in yield also highlights the need for better agricultural techniques, access to better seeds and advanced agricultural infrastructure to maintain a competitive edge in the global market. Apart from the presence of substandard cotton seeds, another major concern is the lack of awareness among cotton growers about optimum sowing practices.“At present, the price range of cotton from Punjab and Haryana is Rs 5,450-5,900 per mande (1 mand = 37.5 kg) and Rs 54,500-56,000 per candy (1 candy = 355.6 kg) for cotton from central India, which depends on the variety. While prices in Punjab and Haryana have increased by 25% compared to the regular average prices, central India is witnessing a whopping 238% increase in cotton prices,'' says Garg.The MD of TT Ltd says that there was no duty on cotton for many years. It is possible to pay duty, import raw materials, make finished goods, and export them when prices are low. But when domestic cotton prices are higher than global prices, the duty undercuts pricing in exports. “There should be no import duty on cotton at least till April-October so that the industry gets a level playing field,” says Jain.Vineet Garg, director of the Indian Cotton Association Ltd, says that Indian spinners and clothiers used to import yarn from China and Vietnam to meet domestic needs when local produce was not able to meet the needs. But the 11% duty has made these imports unviable, he says.But some industry observers say the gloom may soon fade away.Purani of sourcing platform Reshammandi says cotton is expected to stabilize at Rs 75,500-Rs 80,000 per tonne, but yarn prices will see further decline. But he is hopeful that favorable weather could increase the size of the crop.Indian Cotton Association Limited also shares this vision of improvement in the coming season. The minimum support price (MSP) approved by the government will also help in stabilizing cotton prices.It is imperative that the government addresses the crisis in the cotton sector and lifts business sentiment. Otherwise we may lose the magic of "white gold" - a source of income for a large section of people.
"Tamil Nadu cotton farmers demand price support measures"Balachandran, a cotton farmer from Thuraiyur taluk, grew cotton on 10 acres. They got an average price of ₹ 7,000 per quintal (100 kg), compared to ₹ 12,000 per quintal last year.In several villages in Tiruvarur district, farmers are selling at ₹4,000 to ₹4,500 per quintal to local traders, though the minimum support price (MSP) is around ₹6,300 per quintal.Cotton farmers in Tamil Nadu, especially in the delta regions, are harvesting the summer crop and are getting prices nearly 50% lower than last year, and in many places even less than the MSP.A Cotton Corporation of India (CCI) official in Coimbatore told The Hindu that its employees are present in the delta districts and CCI is ready to buy cotton at MSP if prices fall below this.“Only medium or large scale farmers can take the produce to regulated markets where prices are higher than the MSP. Small farmers sell to local traders who charge less than the MSP citing quality issues,'' says Manohar Sambandam, a farmer in Tiruvarur district.They say there is a difference of at least ₹10 per kg between the price of cotton sold to local traders and the price received in regulated markets. They allege that there is a lot of scope for improvement in post-harvest practices to improve the quality of cotton and get better prices, but traders are not even giving fair prices to the farmers.“Last year, though the prices were ₹6,500 to ₹7,000 per quintal at the beginning of the harvesting months, it shot up to ₹12,000. Many farmers increased the area under cotton in the hope of higher prices this year as well. Now, with prices falling by over 50%, they are not happy,'' says Ravichandran, a cotton farmer from Nannilam.Mr Ravichandran says the state government should recommend the central government to advance the implementation of the revised MSP from June-July in Tamil Nadu, though it is from October 1 across the country.Mr. Sambandam says change is needed at the policy-level. “The measures are needed to ensure stable prices for cotton farmers. Forming an FPO is an option,'' he says.Farmers also say that they need supply of quality seeds to get better yield.
Pakistan: The spot price of cotton was realized at Rs 200 per head.LAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Thursday hiked the spot rate by Rs 200 per head and closed it at Rs 16,700 per head.The local cotton market was tight and the trading volume remained satisfactory. Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 17,000 to Rs 17,200 per head. The rate of footi in Sindh is between Rs 6,800 to Rs 7,200 per 40 kg.The rate of cotton in Punjab is between Rs 17,300 to Rs 17,500 per head and the rate of cotton is between Rs 7,200 to Rs 8,500 per 40 kg. Cotton rates in Balochistan range from Rs 16,800 to Rs 17,000 per head, while footy rates range from Rs 72,00 to Rs 8,500 per 40 kg.About 800 bales Jhole Rs 17,000 per head, 1000 bales Shah Pur Chakkar Rs 16,800 to Rs 16,950 per head, Kotri 400 bales Rs 16,600 to Rs 17,000 per head, 400 moro sold. 16,800 to Rs 16,850 per head, Mirpur Khas 1400 bales sold for Rs 16,575 to Rs 17,000 per head, Shah Dadpur 1800 bales sold for Rs 16,500 to Rs 16,800 per head, Chichavatni sold 800 bales. Rs 17,000 to Rs 17,100 per head, 800 bales of Miyan Channu Rs 17,100 to Rs 17,200 per head, 200 bales of Layya Rs 16,900 per head, 200 bales of Khanewal, 200 bales of Sahiwal were sold. 17,300 per head, 400 bales of Pir Mahal, 1600 bales of Burewala at Rs 16,900 to 17,200 per head and 400 bales of Sadiqabad were sold at Rs 17,000 per head.The spot rate committee of the Karachi Cotton Association (KCA) increased the spot rate by Rs 200 per head and closed it at Rs 16,700 per head. Polyester fiber was available at Rs 350 per kg.
Rupee falls 17 paise to open at 82.68 against US dollarThe Indian rupee on Friday opened lower by 17 paise against the US dollar as concerns grew over further tightening of the Federal Reserve's policy following strong US private placement data. The local unit opened at 82.68 against the US dollar as compared to its previous close of 82.51.Stock market Sensex slips from all-time high, breaks 226 pointsToday, the BSE Sensex opened at a level of 65559.41 points with a fall of 226.23 points. On the other hand, the Nifty of NSE opened at a level of 19422.80 points with a fall of 74.50 points. A total of 2,488 companies opened for trading on BSE today.
Rupee weakens by 28 paise against dollarThis evening, the rupee closed at a level of 82.51 against the dollar with a weakness of 28 paise.Sensex up 339 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65785.64 points with a gain of about 339.60 points.On the other hand, the Nifty closed at the level of 19497.30 points with a gain of 98.80 points.
spinning mills strikeCoimbatore: Open-end spinning mills have started a strike to protest against the hike in electricity tariffs and raw material prices.The mills produce yarn from cotton waste, clothing waste and pet bottles. More than 640 members are involved in the production of yarn including powerloom, handloom and home textiles."There has been an abnormal increase in cotton prices. Cotton waste is our raw material. The increase in the price of cotton has, in fact, increased the cost of cotton waste by 50% to 75%," State President of Recycled Textiles Association M Jaibal told TOI.“Besides, the state government has hiked the electricity duty, which has put pressure on our operations. Electricity usage during peak hours, which is 6-10 am and 6-10 pm, attracts an additional 15% charge, Jaibal.“Before the hike, for 112 KW under LTCT, we paid a total of ₹3,920 with ₹35 per KW. Now, we are paying 153 per kWh and the total amount has increased to 17,200. In addition, during peak hours, which is from 6-10 am to 6-10 pm, there is an additional charge of 15% on electricity usage.“We are not able to run the industry because of the hike in electricity duty and cotton. We ran out of liquidity, with operators suffering losses of around 4 to 5 lakh per month,” he said.Mill operators have started a strike across the state, demanding the state government to reduce electricity charges and address the issues of rising raw material costs.
Pakistan: The local cotton market showed no movement on Wednesday and the trading volume was satisfactory.Lahore: Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 16,600 to Rs 16,800 per head. The rate of footi in Sindh is between Rs 6,800 to Rs 7,300 per 40 kg.The rate of cotton in Punjab is between Rs 17,000 to Rs 17,200 per head and the rate of cotton is between Rs 7,200 to Rs 8,300 per 40 kg. The rate of cotton in Balochistan is Rs 16,700 per head while the rate of footy is between Rs 7,000 and Rs 7,300 per 40 kg.About 3200 bales of Tando Adam were sold at the rate of Rs.16,300 to Rs.16,600 per head, 2800 bales of Shahdadpur were sold at the rate of Rs.16,300 to Rs.16,750 per head, 2400 bales of Sanghar were sold at the rate of Rs.16,300 to Rs.16,500 per head Sold from, 600 Mir Pur Khas 400 bales, Kotri 400 bales, Rasool Abad 400 bales, Mehrab Pur 400 bales, Maqsood Renad 200 bales, Nauabad 400 bales, Chodgi 400 bales, Naurangi 200 bales 1 6,500 Sold at the rate of Rs. , Shahpur Chakar 800 bales were sold at Rs 16,400 to Rs 16,700 per head, Vehari 1400 bales were sold at Rs 16,900 to Rs 17,100 per head, Khanewal 400 bales were sold at Rs 17,200 per head, 800 bales of Jahanian were sold. 16,950 to 17,000 per head, 200 bales of Burewala were sold at 17,000 per head, 400 bales of Pir Mahal, 200 bales of Layya were sold at 16,900 per head.Naseem Usman further said that the Deputy Commissioner of Sanghar called the leaders of the cotton growers to his office and ordered them to buy footy at the rate of Rs 8500 per 40 kg and if they do not do so, strict action will be taken against them . The leaders of cotton ginners have asked the ginners of Sanghar district to stop the purchase of cotton immediately.Meanwhile, the Sindh government has taken cognizance of non-adherence to the official cotton rates. Provincial Agriculture Advisor Manzoor Hussain Wasan has said that the official price of footi is Rs 8500 per 40 kg.The Advisor directed all the Deputy Commissioners and officers of Agriculture Department to take action against the dealers who do not buy cotton from the farmers at the rate fixed by the Government. He said that cotton factories buying cotton from farmers at a lower price should be sealed.Vasan said farmers from Sanghar, Mirpurkhas, Nawabshah, Khairpur and other towns lodged complaints which would be addressed.The spot rate remained unchanged at Rs 16,500 per head. Polyester fiber was available at Rs 350 per kg.
Rupee falls 13 paise to open at 82.36 against the US dollarThe Indian rupee opened 13 paise lower against the US dollar on Thursday minutes after the US Federal Reserve's June meeting hinted at more interest rate hikes this year. The local unit opened at 82.36 a dollar as compared to the previous close of 82.23.Stock market slipped from upper levels, know the latest situationToday the stock market opened with a fall. Today, the BSE Sensex opened at a level of 65396.71 points with a fall of 49.33 points. On the other hand, NSE's Nifty opened at 19385.50 points with a fall of 13.00 points.
Rupee weakens by 21 paise against dollarThis evening, the rupee closed at a level of 82.23 against the dollar with a weakness of 21 paise. Sensex fell 33 pointsToday the stock market closed with a fall.Today the Sensex closed at a level of 65446.04 points with a fall of 33.01 points.On the other hand, the Nifty closed at the level of 19398.50 points with a gain of 9.50 points.
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.
| title | Created At | Action |
|---|---|---|
| Rupee weakens by 22 paise against dollar . | 07-07-2023 23:29:21 | view |
| India's cotton exports at 19-year low, decline in production and yield | 07-07-2023 21:34:35 | view |
| "Tamil Nadu cotton farmers demand price support measures" | 07-07-2023 18:52:33 | view |
| Pakistan: The spot price of cotton was realized at Rs 200 per head. | 07-07-2023 18:14:46 | view |
| Rupee falls 17 paise to open at 82.68 against US dollar | 07-07-2023 17:36:41 | view |
| Rupee weakens by 28 paise against dollar | 06-07-2023 23:21:48 | view |
| spinning mills strike | 06-07-2023 20:42:19 | view |
| Pakistan: The local cotton market showed no movement on Wednesday and the trading volume was satisfactory. | 06-07-2023 18:06:04 | view |
| Rupee falls 13 paise to open at 82.36 against the US dollar | 06-07-2023 17:39:32 | view |
| Rupee weakens by 21 paise against dollar | 05-07-2023 23:32:48 | view |
| China's imports cheaper due to rise in rupee against yuan | 05-07-2023 20:17:28 | view |
| Pakistan: The cotton market remains stable. | 05-07-2023 18:22:35 | view |
| Rupee opens marginally lower at 82.05 against US dollar | 05-07-2023 17:48:38 | view |
| Rupee weakens by 6 paise against dollar . | 04-07-2023 23:25:01 | view |
| All India Weather Forecast for July 04, 2023 | 04-07-2023 19:26:00 | view |
| Rupee rises 4 paise to 81.92 against US dollar | 04-07-2023 18:59:35 | view |
