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Rupee strengthened by 5 paise against dollarThe rupee strengthened by 5 paise to close at Rs 83.10 against the dollar this evening.Sensex dropped 202 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 64948.66 points with a fall of 202.36 points.On the other hand, Nifty closed at 19310.20 points with a fall of 55.10 points.

India is facing record low rainfall in August, threatening summer crops.India is headed for its driest August in more than a century, partly due to the El Nino weather pattern that is likely to bring deficient rainfall over large areas, two meteorological officials said on Friday.August rains, expected to be the lowest since records began in 1901, could hurt yields of summer-sown crops, from rice to soybeans, pushing up prices and raising overall food inflation , which has become the highest in July since January 2020.The monsoon, vital to the $3-trillion economy, provides about 70% of the rain needed in India to water farms and replenish reservoirs and aquifers.A senior India Meteorological Department (IMD) official said on condition of anonymity, "The monsoon is not reviving as we had expected.""We're going to end the month with a huge deficit in the southern, western and central parts." He said, based on the rainfall so far and expectations for the rest of the month, India is likely to receive less than 180 mm (7 inches) of average rainfall this month.The Met officials are expected to announce the total rainfall in August and forecast for September on August 31 or September 1.India received just 90.7 mm (3.6 in) of rain in the first 17 days of August, about 40% less than normal. The normal average for the month is 254.9 mm (10 inches), he said.Earlier, the IMD had projected a rainfall deficit of up to 8% in August. The least rainfall in August on record was in 2005 with 191.2 mm (7.5 in).Another IMD official said that monsoon rains are expected to improve in the northeast and some central regions in the next two weeks, but the northwestern and southern states are likely to remain dry."Normally, we experience dry weather for five to seven days in August," the official said on condition of anonymity."However, this year the dry season in southern India has been unusually long. The El Nino weather pattern has started to affect the Indian monsoon." El Nino, the warming of waters that usually inhibits rainfall in the Indian subcontinent, has emerged in the tropical Pacific for the first time in seven years.This monsoon has been uneven, with June receiving 10% below average rainfall, but July rains again being 13% above average.Summer rains are important because almost half of India's agricultural land lacks irrigation.Farmers usually start planting other crops, including rice, maize, cotton, soybean, sugarcane and groundnut, from June 1, when the monsoon begins to hit the southern state of Kerala.Harish Gallipelli, director of trading firm ILA Commodities India Pvt Ltd, said the prolonged drought has resulted in extremely low soil moisture, which can hamper the growth of crops.

Bangladesh, India begin trade transactions in rupeesBangladesh and India on Tuesday began much-awaited trade transactions in rupees, with an aim to reduce dependence on the US dollar and strengthen the regional currency and trade. This is the first time Bangladesh has done bilateral trade with a foreign country other than the US dollar.Bangladesh Bank Governor Abdur Rauf Talukdar described the introduction of trade settlement in rupees as "the first step in a great journey"."Trade terms between India and Bangladesh have witnessed significant growth, with both countries benefiting from their economic cooperation," he said at the launching ceremony here. Indian High Commissioner Pranay Verma also attended the ceremony.The central bank governor said the transaction cost during trade with India will be reduced with the introduction of the Taka-Rupee dual currency card, which is almost set to be launched from September.However, Bangladesh and India conduct border trade in a semi-formal manner in certain areas called "border huts" where the two currencies are exchanged on a limited scale.Officials said that as part of the formal arrangement, from now on trade will be done initially in rupees and then gradually in Bangladeshi currency taka once the trade gap between the two countries narrows.Banks in Bangladesh and India have been permitted to open a Nostro account, an account with the other country's bank, for the purpose of foreign exchange transactions.Officials said the exchange rate will be determined according to market demand and the banks involved in the process.According to the latest official data from Dhaka, Bangladesh's exports to India are worth US$2 billion, while Bangladesh's imports from India are US$13.69 billion.However, many economists said that Bangladesh would not be able to quickly take advantage of the new system due to the trade deficit.But Talukdar said he is not just looking at this US$2 billion export, as "when we export and import in Indian rupee, it will have an impact on exporters and importers of both the countries".“We can increase our exports manifold, because customers in India will buy things in their own currency, consider it as their own product… It will open a new window for us in a big way in this (Indian) market because India is a big market. said the Talukdar.The Indian envoy said that India-Bangladesh relations have changed a lot in the last decade."One of the most important manifestations of that change is our markedly growing economic and commercial ties and connectivity links," he said, adding that Bangladesh is India's largest trading partner in South Asia, and the fifth largest globally. is a business partner.He said that bilateral trade has more than doubled in the last five years.The country's exports to India have crossed the $1 billion mark for the last three consecutive years and crossed the $2 billion mark for the first time during the last financial year.India, with its diverse market, has emerged as the top export destination for Bangladesh in Asia.

Pakistan: Spot rate increased by Rs 200 per headLAHORE: 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 18,200 per head. The local cotton market remained firm and the business volume was satisfactory.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 18,100 to Rs 18,300 per head. The rate of footi in Sindh is between Rs 7,200 to Rs 8,200 per 40 kg. The rate of cotton in Punjab is Rs 18,300 to Rs 18,700 per head and cotton is Rs 7,200 to Rs 8,500 per 40 kg. Cotton rates in Balochistan range from Rs 18,100 to Rs 18,300 per head, while footy rates range from Rs 7,400 to Rs 8,400 per 40 kg.About 400 bales of Hyderabad were sold at Rs.18,100 per head, 200 bales of Mirpur Khas at Rs.18,300 per head, 1400 bales of Shahdadpur at Rs.18,100 to Rs.18,300 per head, 400 bales of Sarhari were sold. 18,100 per head, 400 bales of Sarkand sold at Rs 18,100 per head, 1200 bales of Saleh Pat sold at Rs 18,100 to 18,300 per head, 200 bales of Moro at Rs 18,100 per head Sold from, 2000 knots Tando Adam, 1000 bales of Sanghar to Rs 18,300 per mind, 600 bales of Mian Channu sold Rs 18,650 to Rs 18,700 per mind, 200 knots of Laiya were sold by Rs 18,700 per mind, 800 knots of Pir. Mahal was sold for Rs.18,600 per head, Haasilpur for 200 bales at Rs.18,500, Vehari for Rs.18,300 to Rs.18,550 for 1600 bales, Haroonabad for Rs.18,400 to Rs.18,500 for 1200 bales. Per head, 600 bales of Chichavatni were sold at the rate of Rs.18,400 to Rs.18,500 per head, 200 bales of Fakir Wali were sold at the rate of Rs.18,500 per head, 400 bales of Fort Abbas were sold at the rate of Rs.18,400 per head, 200 bales of Chishtian were sold. 18,375 per head and 600 bales of Yazman Mandi were sold at Rs 18,300 to 18,375 per head and 400 bales of Burewala were sold at Rs 18,000 per head.The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 200 per head and closed it at Rs 18,200 per head. Polyester fiber was available at Rs 360 per kg.

Rupee recovered from all time low closing, strengthened by 12 paise todayThe rupee opened strongly against the dollar today. Today, the rupee opened at a level of Rs 83.03 against the dollar with a strength of 12 paise. On the other hand, on Thursday, the rupee closed at a level of Rs 83.15 against the dollar with a weakness of 20 paise. This was the biggest fall of the rupee against the dollar on the basis of closing.Share Market: Global signals are weak, the beginning may be volatileToday i.e. on Friday, there is a possibility of fluctuating atmosphere in the Indian stock markets. GIFT Nifty, however, is trading with a slight uptrend, indicating a positive opening for Sensex and Nifty.

Global cotton production likely to decline next seasonGlobal cotton production is expected to decline by three percent next season, while consumption may remain stable and ending stocks may be low.However, analysts said China holds the key to prices as any drop in demand from the communist nation could limit further upside.As a result, global cotton prices are expected to hover around US cents 80 per pound (₹52,600 per 356 kg candy) for the remainder of 2023.According to the US Department of Agriculture (USDA), cotton production could decline to 114.1 million (US) bales (217.7 kg) next season due to lower crops in the US and Uzbekistan. Indian crop is also being estimated to be less. However, production this season is estimated to be higher at 118.3 million bales, with larger harvests in Brazil and Argentina.Last month, the International Cotton Advisory Committee (ICAC) said production for the next season is estimated at 24.51 million tonnes (112.58 million US bales).Research agency BMI, a unit of Fitch Solutions, said global cotton production next season is expected to be 116.5 million bales, down 0.9 percent from this season's 117.6 million bales."The decline in global output will be driven by year-on-year declines in Brazil (3.3 per cent), mainland China (12.1 per cent) and India (1.9 per cent)," BMI said.3 reasons for the decline in productionThis is because cotton acreage in these three countries is down due to “weak global prices, poor margins compared to other crops and concerns over fertilizer supply”.Also, consumption is likely to pick up as mills are expected to replenish their low cotton stocks."Consumption rose to 116.9 million bales, largely due to strong consumption prospects in China more than offsetting lower utilization in Uzbekistan," the USDA said.ICAC said consumption in the next season is likely to be 23.79 million tonnes (109.27 million bales). BMI said global consumption is expected to grow 5 percent annually to 116.4 million bales in 2023-24.A slower year-on-year recovery in the US will be offset by a weaker economic outlook, with China's latest import data from June 2023 down 49 percent year-on-year due to production declines in Brazil, China and India and a reduction in planting area decline is observedThe USDA has projected the carryover stock for the next season to increase from 94.13 million bales to 91.59 million bales in view of the rising consumption.In light of these developments, BMI said it is maintaining its 2023 cotton price outlook at 86.5 cents per pound (₹56,900 per candy), up from the year-to-date average of 82.7 cents (₹54,400)."The US season-average farm price for 2023-24 is projected to be 79 cents per pound (₹52,000)," the USDA said.Current priceICAC forecasts the season-average A index for 2022-23 to range from 96.36 cents to 106.47 cents, with a midpoint of 100.78 cents per pound.Currently, cotton futures are quoted at $85.10 cents (₹56,000 per candy) on the Intercontinental Exchange, New York. In India, export benchmark Shankar-6 cotton currently stands at ₹61,300, while raw cotton (cotton) at the Rajkot agriculture terminal market is at ₹7,925 per quintal.  As far as Indian production is concerned, the USDA estimates that it will come down to 326.58 lakh bales (170 kg) in the next season as against the production estimate of 333 lakh bales this season. Pakistan's cotton crop, battered by unprecedented floods last year, is expected to rise sharply to 6.5 million US bales next season, BMI said.Import demand, especially from China, Vietnam and Bangladesh, will increase by 172 per cent to 43.4 million bales this season from 37.1 million bales.

Textile and apparel shipments continued to decline in July '23Textiles and apparel exports declined by 1.9% and 17.37% respectively in July this year as compared to the same period last year.Cumulative exports of textiles and apparel declined by 13.74% year-on-year for the period April-July 2023.Data shared by the Confederation of Indian Textile Industry (CITI) showed that cotton yarn, fabric and made-ups registered a growth of 6.62% ($1,009 million) in July 2023 as compared to July 2022 ($946.48 million). However, negative growth was registered in shipments of man-made yarn, fabric & made-ups, jute products, carpets, handicrafts and apparel items.A total of $1,663 million worth of textile products were shipped last month, compared to $1,695 million worth in the previous July. Apparel exports stood at $1,381 million in July 2022 and $1,141 million in the previous month.Sanjay Jain, president of the Indian Chamber of Commerce on the textile industry and managing director of TT Ltd, said apparel exports have been at a "sustained low" for over a year. In terms of volume, the decline was sharp. In the US market, retailers are clearing stocks and demand is expected to pick up again. "Inquiries are being taken for the clothing for spring/summer 2024, with shipments to begin early next year." Cotton yarn exports usually peak in September-October. “India is expecting a good cotton crop in the next season. If cotton prices remain competitive, exports will revive,” he said.Siddhartha Rajagopal, executive director, Cotton Textiles Export Promotion Council, said, “With respect to cotton textile exports, the mood is cautiously optimistic. Demand from China is looking up and if Indian cotton prices remain reasonable, yarn and fabric exports will pick up. India's strength lies in cotton textiles and the challenge is to sustain the growth in cotton exports.Ravi Sam, president of the Southern India Mills Association, said that in the current market conditions, India can regain its competitiveness in cotton textiles only if the import duty on cotton is removed. Indian cotton prices were higher than international prices on Wednesday, 16 August.

Rupee weakens by 20 paise against dollarThis evening, the rupee closed at a level of 83.15 against the dollar with a weakness of 20 paise.Sensex dropped 388 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 65151.02 points with a fall of about 388.40 points.On the other hand, Nifty closed at 19365.30 points with a fall of 99.70 points.

Pakistan: spot price strong amid busy trading in cotton marketLAHORE: The local cotton market remained firm on Wednesday with excellent trading volume.Cotton analyst Naseem Usman told PTI that the rate for the new crop of cotton in Sindh is between Rs 18,000 and Rs 18,300 per head. The rate of footi in Sindh is between Rs 7,200 to Rs 8,200 per 40 kg. The rate of cotton in Punjab is between Rs 18,200 to Rs 18,600 per head and the rate of foot is between Rs 7,300 to Rs 8,500 per 40 kg. Cotton rates in Balochistan range from Rs 18,000 to Rs 18,200 per head, while footy rates range from Rs 7,500 to Rs 9,000 per 40 kg.Around 600 bales of Mir Pur Khas were sold between Rs 18,100 to Rs 18,200 per head, 400 bales of Dor were sold between Rs 18,000 to Rs 18,075 per head, 600 bales of Shahdad Pur, 800 bales of Mehrab Pur were sold at Rs 18,000 to Rs 18,075 per head. 18,100 per head, 800 bales of Tando Adam at Rs.18,200 per head, 1000 bales of Sanghar, 200 bales of Kotri at Rs.18,000 per head, 1400 bales of Rohri at Rs.18,000 to Rs.18,050 per head, Rs.1200 per head. Bales of Saleh Pat Rs 18,000 to Rs 18,200 per head, 400 bales of Akari, 400 bales of Rani Pur Rs 18,000 per head, 1400 bales of Lodharan sold at Rs 18,100 to Rs 18,500 per head, 600 bales of Haroonabad sold at Rs 18,500 per head Mind, Vehari 1200 bales were sold for Rs 18,300 to 18,500 per head, 800 bales of Laya were sold for Rs 18,100 to 18,500 per head, 200 bales of Miyan Channu were sold for Rs 18,450. 18,500 per head, Chichavatni 1600 bales at Rs 18,300 per head, Mamo Kanjan 400 bales at Rs 18,450 per head, Fort Abbas 800 bales at Rs 18,400 per head, Haasil Pur 400 bales were sold. Mongi Bangla 400 bales, Pir Mahal 400 bales Rs 18,300 per head, Shujabad 400 bales, Marot 400 bales, Yajman Mandi 200 bales Rs 18,400 per head, Samundari 400 bales 400 bales per head. Jhang, Toba Tek Singh for 400 bales were sold at Rs.18,100 per head, Khair Pur Tami Wali for 200 bales at Rs.18,450 per head and Dera Ghazi Khan for 400 bales at Rs.18,200 to Rs.18,300 per head.The spot rate remained unchanged at Rs 18,000 per head. The rate of polyester fiber increased by Rs 2 and is available at Rs 360 per kg.

Rupee down 5 paise at 83.00 against US dollarThe Indian rupee opened lower by 5 paise against the US dollar on Thursday tracking weakness in Asian peers due to a rise in US treasury yields. The local currency opened at 83.00 against Monday's close of 82.95.Share market opened with a slight decline, know the level of SensexToday started with a fall in the stock market. Today, the BSE Sensex opened at a level of 65509.03 points with a fall of 30.39 points. On the other hand, the Nifty of NSE opened at a level of 19445.60 points with a fall of 19.40 points.

If the demand for withdrawal of BIS law is not accepted, the cotton ginning factory will be closedCotton Ginning Associations of Haryana, Punjab and Rajasthan have come out in protest against the Government of India's law to get certified by the Bureau of Indian Standards for making, processing and trading cotton bales. More than 100 ginners from all the three states gathered in Hisar today and raised their voice against this law of the government. In the meeting of Ginners, it was unanimously decided that this black law of the government will not be allowed to be implemented under any circumstances. If the government does not step back from implementing this law, then all the ginners will shut down their factories and will not even buy cotton from the farmers.The meeting was organized by the Haryana Cotton Ginning Association.Talking to reporters after a meeting held at a private restaurant, Haryana Cotton Ginning Association President Sushil Mittal said that the government is working against farmers, traders and industrialists. There is no justification for applying the rules of the Bureau of Indian Standards on cotton processing and bale making.BIS norms are applicable to the products manufactured in the factory. Cotton is an agricultural product and it is a raw material. Cotton ginners only process cotton in their factory and sell cotton further, so BIS rules should not be applicable in this whole process. Earlier, the government wanted to implement it from 27th August itself, but now the government is talking about implementing this law from 27th November. The decision to implement this law has been postponed for three months due to the opposition of the ginners. But, the ginners of the whole country want this law to be repealed and if the government does not repeal this law, the ginners will shut down their factories.Aditya Chitangalia, President of Upper Rajasthan Cotton Association, said on the occasion that BIS rule is not applicable anywhere in the business to business model. In such a situation, the central government is doing wrong by implementing this law. At present there are 500 cotton ginning units in Haryana, Punjab and Rajasthan and all of them process 60 lakh bales or say 30 million quintals of cotton in a year. If the government does not withdraw its decision, lakhs of people associated with all these factories will become unemployed and the country's economy will be badly affected. Farmers, laborers, businessmen all will be affected by this decision.Kuldeep Gupta, president of the Lower Rajasthan Cotton Association, said that anywhere in the world, Bureau of Standards regulations are not applicable to cotton processing or other agricultural production. In such a situation, instead of taking the country forward, why is the government doing the work of pushing back. If the government also wants to implement the rule, it can make it optional instead of mandatory. But what does the government want to declare the ginners as criminals by imposing heavy fines and jail term for not meeting the BIS standards.Suresh Bansal, president of the Punjab Cotton Factories Association, said that the government was acting like a puppet in the hands of the corporate sectors. The cotton industrialists are doing the work of cotton processing and are not committing crimes. The association cannot allow this wrong decision of the government to be implemented at any cost because what the government wants is not possible. If the government does not agree, they will be left with no option but to shut down the factories.Patron of Haryana Cotton Ginners Association Sumer Chand, cashier, Shyamsundar Badheria Bhuna, Bhagwan Bansal from Punjab, Kuldeep from Alwar, Ravindra from Hanumangarh, Balwant Khairtal Rajasthan, etc. were mainly present in this meeting.The decision taken in the North Cotton Ginning Association, as told by Mr. Sushil Mittal, the newly elected President.1. No generator will fill CCI tender.2. All Indian ginners will go on strike from 1st November 2023. No buying, no processing and no selling.