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"Piyush Goyal: Will review import duty on cotton after consultation with agriculture ministry"We need to strike a balance between the interests of farmers and industry, says ministerUnion Minister of Textiles, Commerce and Industry, Consumer Affairs, Food and Public Distribution Piyush Goyal said, the decision to remove import duty on cotton will be taken after consultation with the Ministry of Agriculture.Asked about the textile industry's demand for removal of 11% duty on cotton, the minister told The Hindu, "We need to balance the interests of farmers and industry. We will take a decision after consulting the Ministry of Agriculture.On the decline in textile and apparel exports for almost a year, he said exports of products such as jewellery, diamonds and textiles have come down as the economic slowdown in many countries has affected the demand for such products.With regard to extension of time for new applications for Production Linked Incentive (PLI) Scheme for MMF (Man-Made Fibre) apparel, MMF fabrics and technical textiles till the end of October when the industry was demanding PLI Scheme 2.0, Shri Goyal said that the two schemes were targeted at different sectors of the textile industry.

Pakistan: Cotton Market: Spot price increased by Rs 300 per maund.LAHORE: The Spot Rate Committee of Karachi Cotton Association (KCA) on Thursday increased the spot rate by Rs 300 per maund and closed it at Rs 20,100 per maund. The local cotton market remained bullish and the traded volume was satisfactory.Cotton analyst Naseem Usman said that the rate of new crop of cotton in Sindh is Rs 20,200 to Rs 20,800 per maund.The rate of footi in Sindh is between Rs 8,800 to Rs 10,200 per 40 kg. In Punjab, the rate of cotton is between Rs 21,000 to Rs 21,200 per maund and the rate of cotton is between Rs 9,000 to Rs 10,500 per 40 kg. The rate of cotton in Balochistan is Rs 20,500 per head while the rate of footy ranges from Rs 9,700 to Rs 10,500 per 40 kg.About 600 bales of Sui Gas are sold between Rs 19,800 to Rs 20,000 per head, 200 bales of Sultanabad, 1800 bales of Rohri at Rs 20,000 per head, 2400 bales of Tando Edam are sold between Rs 19,750 to Rs 20,000. Per head, Shahdadpur 3400 bales Rs 19,800 to 20,000 per head, Sanghar 2400 bales Rs 19,700 to Rs 20,000 per head, Hala 600 bales, Sarkand 200 bales, Hyderabad 400 bales, Nawab Shah ki Khairpur 600 bales 800 bales were sold at Rs 20,000 per head, 800 bales of Saleh Pat at Rs 20,000 to 20,100 per head, 600 bales of Qila Abbas at Rs 20,600 per head, 600 bales of Multan were sold. 20,000 to Rs 20,300 per head, Fakir Wali 1800 bales at Rs 20,200 to Rs 20,400 per head, Fort Abbas 400 bales at Rs 20,500 per head, Haasil Pur 200 bales at Rs. 20,500 per head, Harunabad 3200 bales at Rs 20,200 to Rs 20,500 per head, Chishtian 2400 bales, Khanewal 1600 bales at Rs 20,500 per head, Rahim Yar Khan 1200 bales at Rs 20,300 to Rs 20,500 per head. Per head, 800 bales of Miyan Channu at Rs 20,400 to 20,500 per head, 600 bales of Bahawalpur at Rs 20,400 to 20,500 per head, 600 bales of Ahmed Pur Purvi at Rs 20,500 per head, 400 bales sold at Tunsa Sharif, 1000 bales of Burewala That's Rs 20,000 Sold at Rs.20,000 per head, 1800 bales of Vehari sold at Rs.20,000 to Rs.20,500 per head, 800 bales of Alipur sold at Rs.20,000 per head, 2400 bales of Laiya sold at Rs.20,000 to 20,500 Rs per head, 800 bales of Yajman Mandi sold for Rs 20,350 to Rs 20,400 per head, 400 bales of Khairpur Tamiwali sold for Rs 20,200 to Rs 20,400 per head, 3200 bales of Lodhran sold for Rs 20,400 per head. 20,200 to 20,500 per head and 1200 bales of Chichavatni were sold at the rate of Rs.20,200 to 20,500 per head.The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 300 per head and closed it at Rs 20,100 per head. The rate of polyester fiber was increased by Rs 3 per kg and was available at Rs 373 per kg.

Rupee jumps 22 paise to open at 82.57 against the US dollarThe Indian rupee opened 22 paise higher against the US dollar on Friday amid a softer American currency and after the release of domestic GDP data. The local currency opened at 82.57 a dollar as against previous close of 82.79.

Pakistan: The uptrend continues in the cotton marketLAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Wednesday hiked the spot rate by Rs 300 per head and closed it at Rs 19,800 per head. The local cotton market remained firm and the trading volume was satisfactory.Cotton analyst Naseem Usman said that the rate of new crop of cotton in Sindh is Rs 19,800 to Rs 20,800 per maund. The rate of footi in Sindh is between Rs 8,200 to Rs 9,200 per 40 kg. In Punjab, the rate of cotton is Rs 20,000 to 20,300 per maund and the rate of cotton is Rs 8,500 to 9,500 per 40 kg. Cotton rates in Balochistan range from Rs 19,700 to Rs 19,800 per maund while cotton rates range between Rs 10,000 to Rs 10,500 per 40 kg.About 800 bales of Akri Haider Shah, 800 bales of Kotri Kabir, 600 bales of Rani Pur were sold between Rs 19,950 to Rs 20,000 per maund, 2800 bales of Saleh Pat were sold between Rs 19,700 to Rs 20,000 per maund, 800 bales of Rohri Sold between Rs 19,800 to Rs 20,000 per maund, 400 bales of Peer Vasan were sold between Rs 19,950 per maund, 200 bales of Sui Gas, 200 bales of Mehraab Pur, 200 bales of Rasulabad, 400 bales of Hingorja were sold. At the rate of Rs 19,975 per maund, 2600 bales of Sanghar were sold at Rs 19,500 to Rs 19,600 per maund, 200 bales of Mirpur Khas were sold at Rs 19,600 per maund, 200 bales of Nouabad were sold at the rate of Rs 19,400 per maund. 2800 bales of Tando Edam were sold at Rs 19,300 to Rs 19,500 per maund, 2800 bales of Shahdad Pur were sold at Rs 19,300 to Rs 19,500 per maund, 800 bales of Sarkand were sold at Rs 19,500 to Rs 19,800 per maund, 900 bales of Murid were sold at Rs 19,500 to Rs 19,800 per maund. Wala, 200 bales of Yajman Mandi, 1400 bales of Lodhran, 200 bales of Mungi Bangla, 400 bales of Dera Ghazi Khan, 600 bales of Chichawatni, 800 bales of Harunabad, 2000 bales of Laiya, 1800 bales of Vehari, 300 bales of Multan. say , 400 bales of Fort Abbas, 600 bales of Rahim Yar Khan, 200 bales of Sadiqabad were sold at Rs 20,000 per maund and 800 bales of Utal were sold between Rs 19,500 and Rs 19,800 per maund.The Spot Rate Committee of Karachi Cotton Association increased the spot rate by Rs 300 per maund and closed it at Rs 19,800 per maund. Polyester fiber was available at Rs 370 per kg.

Rupee rises 8 paise to open at 82.65 against the US dollarThe Indian rupee opened 8 paise higher against the US dollar on Thursday amid a fall in dollar index after downward revision to second quarter US economic growth. The local currency opened at 82.65 a dollar as compared to previous close of 82.73.

Rupee gains 5 paise to open at 82.66 against the US dollarThe Indian rupee opened 5 paise higher against the US dollar on Wednesday amid a fall in greenback and US Treasury yields. The local currency opened at 82.66 a dollar as compared to previous close of 82.71.

Rupee weakens by 8 paise against dollarThis evening, the rupee closed at a level of 82.71 against the dollar with a weakness of 8 paise.Sensex up 79 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65075.82 points with a gain of about 79.22 points.Whereas the Nifty gained 36.70 points.

Pakistan: Stable trend in cotton marketLAHORE: The local cotton market remained firm on Monday with satisfactory trading volume.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is Rs 19,400 to Rs 19,500 per head. The rate of footi in Sindh is between Rs 7,500 to Rs 9,000 per 40 kg. Cotton rates in Punjab range from Rs 19,200 to Rs 20,000 per head and cotton between Rs 7,500 to Rs 9,200 per 40 kg. Cotton rates in Balochistan range from Rs 19,400 to Rs 19,500 per head, while footy rates range from Rs 8,200 to Rs 9,300 per 40 kg.Shahdadpur 1200 bales, Tando Adam 1800 bales were sold at Rs 19,200 to Rs 19,300 per head, Hyderabad 200 bales, Rani Pur 200 bales, Rohri 400 bales, Kotri Kabir 400 bales at Rs 19,000 per head. Sadiqabad sold 600 bales for Rs 19,500 per head, Hyderabad 1400 bales for Rs 19,500 to 19,800 per head, Vehari 1400 bales, Yajman Mandi 1200 bales for Rs 19,800 per head, Fort 600 bales. Abbas was sold at Rs 19,700 per head, 1000 bales of Layya were sold at Rs 19,500 per head and 1000 bales of Burewala were sold at Rs 19,800 per head.The spot rate remained unchanged at Rs 19,200 per head. Polyester fiber was available at Rs 365 per kg.

Rupee opens 4 paise higher at 82.59 against the US dollarThe Indian rupee opened 4 paise higher on Tuesday amid a pullback in the greenback and US Treasury yields ahead of a slew of key economic data. The local currency opened at 82.59 a dollar as compared to previous close of 82.63.

India on track for lowest monsoon rains in 8 years - sourcesIndia is bracing for the lowest monsoon rains in eight years, two meteorological officials told Reuters on Monday, with an El Nino weather pattern causing rainfall to drop from August to September, the lowest in more than a century. Most are on track to dry up.Shortage of summer rains could make essential commodities like sugar, pulses, rice and vegetables more expensive and push up overall food inflationThe monsoon, vital to India's $3 trillion economy, provides about 70% of the rain needed in the country to water crops and replenish reservoirs and aquifers. Nearly half of agricultural land in the world's most populous country lacks irrigation.A senior India Meteorological Department (IMD) official said, "El Nino reduced rainfall in August and it will have a negative impact on September rainfall as well." He declined to be identified as he was not authorized to provide information to the media.The official said India is poised to end the June-September monsoon season with a rainfall deficit of at least 8%, which would be the highest since 2015, when El Nino also reduced rainfall.The Meteorological Department did not immediately respond to requests for comment.The Indian Meteorological Officer is expected to announce its September forecast on August 31.In its previous full-season forecast on May 26, the IMD had projected a rainfall deficit of 4% for the season, assuming limited impact from the El Nino weather pattern.El Nino is a warming of Pacific waters that usually accompanies dry conditions in the Indian subcontinent.Meteorological officials said earlier this month that India was headed for its driest August in more than a century.The current monsoon has been uneven, with June rainfall being 9% below average, but July rainfall again being 13% above average.Another IMD official said the southwest monsoon would start withdrawing from northwest India on time or a little before the normal date of September 17.He said that the delayed withdrawal of monsoon has resulted in above average rainfall in the last four Septembers."In September, the northern and eastern states may receive less than normal rainfall. However, we may see an improvement in rainfall over the southern peninsula," said another official.September rains are crucial for winter-sown crops such as wheat, rapeseed and chickpea.A Mumbai-based dealer of a global trading house said, "Due to scanty rains in August, the soil moisture level has gone down. We need good rains in September, otherwise sowing of winter crops will be affected."

Rupee strengthened by 2 paise against dollarThe rupee strengthened by 2 paise to close at Rs 82.63 against the dollar this evening.Sensex up 110 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 64996.60 points with a gain of about 110.09 points.On the other hand, the Nifty closed at the level of 19306.00 points with a gain of 40.20 points.