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Rupee opens 5 paise higher at 83.20 against the US dollarThe rupee opened 5 paise higher against the US dollar on Wednesday, tracking cues from positive equity markets and a weaker American currency against major rivals overseas. The local currency opened at 83.20 a dollar as against previous close of 83.25.

Pakistan Sizeable business activity on cotton marketThe local cotton market on Tuesday remained steady and the trading volume remained satisfactory.Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is Rs 15,800 to Rs 17,000 per maund.The rate of Phutti in Sindh is in between Rs 5,000 to Rs 7,000 per 40 kg. The rate of cotton in Punjab Rs 16,500 to Rs 17,000 per maund and the rate of Phutti in Punjab is in between Rs 6,000 to Rs 7,500 per 40 kg. The rate of cotton in Balochistan is Rs 15,500 to Rs 16,000 per maund while the rate of Phutti is in between Rs 7,000 to Rs 8,200 per 40 kg.The Spot Rate remained unchanged at Rs 16,800 per maund. The rate of Polyester Fiber was decreased by Rs 10 per kg and was available at Rs 360 per kg.source : Business Recorder, 2023

Cotton prices dropped on improved supply prospects.Cotton candy prices experienced a decline of -0.73% to settle at 59,540, driven by improved supply prospects as the new crop season begins. This will lead to increased arrivals, putting pressure on prices. India's cotton exports faced challenges in 2022-23, dropping to a record low of 15.50 lakh bales. However, the downside is expected to be limited due to a weaker production outlook, with an 8%-10% decrease compared to the previous year.The prolonged dry spell and pink bollworm damage in North India could affect cotton yields and quality for the 2023-24 crop. Globally, the cotton industry is grappling with reduced production and consumption. U.S. cotton projections for 2023/24 indicate lower production, exports, and ending stocks. India is expected to produce 330-340 lakh bales of cotton in the 2023-24 season. Cotton picking in northern states is gaining momentum. Market prices in Rajkot, a major spot market, ended at 28,184.25 Rupees, down by -0.84%.From a technical perspective, the market is undergoing long liquidation, with a decrease in open interest by -1.83%. Prices dropped by -440 rupees. Support for Cotton candy is at 59,380, with a potential test of 59,210 below that. Resistance is likely at 59,760, with prices possibly testing 59,970 if they move above.source : Investing

This evening the rupee strengthened by 1 paise and closed at Rs 83.25 against the dollar.Today the stock market closed with a rise. Today the Sensex closed at 66079.36 points with a gain of about 566.97 points. Whereas Nifty closed at the level of 19689.80 points with a gain of 177.50 points.

Pakistan: Business slow in cotton marketThe Spot Rate Committee of Karachi Cotton Association (KCA) on Monday reduced the spot rate by Rs 2,00 per maund and closed it at Rs 16,800 per maund.The local cotton market remained stable and the trading volume was satisfactory.Cotton analyst Naseem Usman told Business Recorder that the cotton rate in Sindh is Rs 15,500 to Rs 17,000 per maund. The rate of footi in Sindh is between Rs 6,500 to Rs 7,800 per 40 kg.The rate of cotton in Punjab is Rs 16,500 to 17,000 per maund and the rate of cotton in Punjab is Rs 6,800 to 7,800 per 40 kg. Cotton rates in Balochistan range from Rs 16,500 to Rs 16,800 per maund while cotton rates range between Rs 7,000 to Rs 8,000 per 40 kg.1000 bales of Shahdad Pur, 1000 bales of Tando Edam were sold at Rs 15,800 to Rs 16,000 per maund, 200 bales of Sui Gas, 200 bales of Korondi were sold at Rs 16,400 per maund, 400 bales of Saleh Pat were sold at Rs 16,400 per maund. Per maund, 200 bales of Mir Pur Mathelo were sold at Rs 17,100 per maund (Primax), 600 bales of Fakir Wali were sold at Rs 16,650 per maund.The Spot Rate Committee of Karachi Cotton Association on Monday reduced the spot rate by Rs 2,00 per maund and closed it at Rs 16,800 per maund. The rate of polyester fiber was reduced by Rs 10 per kg and is available at Rs 360 per kg.Source: Business Recorder, 2023

Rupee rises 2 paise to 83.24 against US dollar in early tradeThe rupee rose 2 paise to 83.24 against the US dollar in early trade on Tuesday, helped by positive equity market trends even as concerns remained over the conflict in the Middle East.

SIMA calls for relook at power sector policies for textile industryThe Southern India Mills Association (SIMA) has appealed to the Tamil Nadu government to review its policies related to energy for textile industry.“Tamil Nadu has been the most attractive destination for new investments mainly due to its unique energy policies relating to wind power, open access power, third party power etc., thus making the power intensive sectors like textiles to remain competitive when compared to any other States in the country. To achieve the growth, strengthening the policy initiatives already implemented by the State Government is necessitated,” said S.K. Sundararaman, chairman of the association.Out of 15 million spindles of over 20 years old capacity in the country, Tamil Nadu has 12 million spindles that account for nearly 60% of the total capacity. Unless appropriate policies are announced or the power tariff revision rolled back to the level before September 2022, most of the textile mills in the State will be closed in a few years.Since power cost accounts for more than 45% of the manufacturing cost in the textile industry, it has become a governing factor for any textile unit to sustain its viability, and make investments in modernisation, expansion and green field projects.Further, the Tangedco does not incur losses due to banking as captive wind energy consumers not only compensate all the losses on account of banking, but also provide scientific data relating to wind forecast. The life of wind turbines generators is estimated to be 25 years for the purpose of determining the wind tariff while Tangedco has taken a decision to discontinue banking facility and is advocating repowering of old windmills.“It has become essential for the Government of Tamil Nadu to have a relook at the policies relating to the textile industry, particularly the power tariff, to sustain the survival of the industry,” he said.source : THE HINDU BUREAU

Today the Sensex closed with a decline.This evening, the rupee closed at Rs 83.26 with a weakness of 1 paise against the dollar.Today the Sensex fell by about 483.24 points and closed at the level of 65512.39 points. Whereas Nifty closed at the level of 19512.30 points with a fall of 141.20 points.

Rupee opened strongly against dollar. Today the rupee opened 2 paise stronger at Rs 82.22 against the dollar. At the same time, on Friday the rupee closed at Rs 83.24 against the dollar with a weakness of 1 paise.

This evening the rupee closed at Rs 83.25 against the dollar without any movement.  Today the stock market closed with a rise. Today Sensex closed at 65995.63 points with a rise of 364.06 points.Whereas Nifty closed at the level of 19653.50 points with a gain of 107.70 points.

Pakistan: The decline in cotton market continues.LAHORE: The Spot Rate Committee of Karachi Cotton Association (KCA) on Thursday reduced the spot rate by Rs 2,00 per maund and closed it at Rs 17,500 per maund. The local cotton market remained bearish and the trading volume remained satisfactory.Cotton analyst Naseem Usman said that the cotton rate in Sindh is Rs 16,000 to Rs 17,000 per maund. The rate of footi in Sindh is between Rs 6,500 to Rs 7,500 per 40 kg.The rate of cotton in Punjab is between Rs 16,500 to Rs 17,200 per maund and the rate of cotton in Punjab is between Rs 6,500 to Rs 7,500 per 40 kg.The rate of cotton in Balochistan is between Rs 16,500 to Rs 16,700 per maund while the rate of cotton is between Rs 7,000 to Rs 8,200 per 40 kg.1200 bales of Dherki were sold at Rs 18,100 to Rs 18,200 per maund, 1800 bales of Saleh Pat were sold at Rs 17,000 to Rs 17,600 per maund, 400 bales of Sui Gas were sold at Rs 17,000 per maund, 600 bales of Mir Pur Khas were sold. Rs 15,500 per maund, 1200 bales of Mehraab Pur were sold at Rs 17,300 to Rs 17,400 per maund, 1200 bales of Tando Edam were sold at Rs 16,800 to Rs 17,000 per maund, 600 bales of Rohri were sold at Rs 17,000 per maund. Maund, 1600 bales of Khair Pur were sold at Rs 17,000 to Rs 17,600 per maund, 1000 bales of Rahim Yar Khan, 600 bales of Sadiqabad, 600 bales of Khan Pur were sold at Rs 17,800 per maund, 200 bales of Samundari were sold at Rs. Rs 16,500 per maund, 600 bales of Fakir Wali were sold at Rs 17,800 per maund, 800 bales of Fort Abbas were sold at Rs 17,500 to Rs 18,000 per maund, 4800 bales of Mian Wali were sold at the rate of Rs 17,500 to Rs 17,900 per maund. 600 bales of Chistian were sold at Rs 17,500 to Rs 17,650 per maund, 400 bales of Tunsa Sharif were sold at Rs 17,500 to Rs 17,800 per maund, 400 bales of Bhakhar were sold at Rs 17,500 per maund, Laiya 1800 bales were sold. 17,500 to 17,800 per maund, 200 bales of Donga Bonga were sold at Rs 17,800 per maund, 2800 bales of Yajman Mandi, 2400 bales of Harunabad were sold at Rs 17,500 to 17,800 per maund and 800 bales of Shujabad were sold at Rs 17,800 per maund. Rs 17,600 to Rs 18,000 per head.KCA's Spot Rate Committee reduced the spot rate by Rs 2,00 per maund and closed it at Rs 17,500 per maund. Polyester fiber was available at Rs 370 per kg.