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Rupee opens flat at 82.12 against the US dollarThe Indian rupee opened flat at 82.12 against the US dollar on Wednesday amid weakness in other Asian currencies.

"The stalled monsoon in India will pick up speed soon, rain expected in 3-4 days"India's stalled monsoon is likely to pick up pace in the next three to four days and may cover major rice, soybean, cotton and sugarcane growing regions in southern, central and western states, weather officials said on Tuesday.The monsoon, the lifeblood of India's $3 trillion economy, provides about 70% of the rainfall it needs to water its farms and recharge reservoirs and aquifers. This also gives relief from the scorching heat.It usually rains around June 1 in the state of Kerala, on India's southwest coast, and by mid-June covers almost half of the country.This year, the formation of severe cyclone Biperjoy in the Arabian Sea delayed the onset of monsoon and restricted its progress to one-third of the country.A senior official of the India Meteorological Department (IMD) said, "Conditions are becoming favorable for the monsoon to strengthen. It will advance rapidly into the central, western and northern parts of the country from this weekend."Cotton, soybeans and pulses are cultivated mainly in the central parts of the country, which is the largest importer of vegetable oils and pulses and the top cotton producer.India has received 33% less rainfall than normal so far in June, though the deficit is as high as 95% in some states."Based on the information we have now, it looks like monsoon rains will be good this week," said Mrutyunjay Mohapatra, director general of the IMD.The IMD has predicted below average rainfall for June, with monsoon expected to increase in July, August and September.A strong El Niño, marked by sea surface warming over the Pacific Ocean, could cause severe drought in Southeast Asia, India and Australia, while other parts of the world such as the U.S. Rain could drench the Midwest and Brazil.The emergence of a strong El Niño led to consecutive droughts in 2014 and 2015 for only the fourth time in a century, pushing Indian farmers into extreme poverty.

Rupee weakens by 18 paise against dollarThis evening, the rupee closed at 82.12 against the dollar with a weakness of 18 paise.Sensex up 159 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 63168.30 points with a gain of about 159.40 points.On the other hand, the Nifty closed at a level of 18816.70 points with a gain of 61.20 points.

Pakistan: The spot rate has declined by Rs 300 per head.LAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Monday reduced the spot rate by Rs 3,00 per head and closed it at Rs 19,600 per head.The local cotton market remained bearish and the trading volume remained low. Cotton analyst Naseem Usman told that the rate of new crop of cotton in Sindh is between Rs 19,800 to Rs 20,000 per head.The price of footi in Sindh ranges from Rs 8,500 to Rs 9,200 per 40 kg. The rate of cotton in Punjab is Rs 20,200 to Rs 20,500 per head and the rate of futi is Rs 9,200 to Rs 10,000 per 40 kg.About 600 bales of Balochistan was sold at Rs.19,400 to Rs.19,700 per head and 600 bales of Tando Adam was sold at Rs.19,500 to Rs.19,800 per head.The spot rate committee of the Karachi Cotton Association (KCA) reduced the spot rate by Rs 3,00 per head and closed at Rs 19,600 per head. Polyester fiber was available at Rs 355 per kg.

The rupee opened 9 paise lower at 82.03 against the US dollarThe Indian rupee opened 9 paise lower against the US dollar on Tuesday after losses in Asian peers amid lower risk appetite. The local currency opened at 82.03 per dollar compared to the previous close of 81.94.

Pink bollworm detected in cotton fields in Abohar, farmers worriedThe cotton farmers of Abohar are worried about the pink bollworm being found in their fields, although officials say there is nothing to worry about at the moment. As per the information, the pests were seen in the fields where the farmers had sown the crop before the recommended period of April 15-May 15.Officials say that the pest population is currently below the ETL (Economic Threshold Level), and hence there is no reason to panic.As per the information, the pests were seen in the fields where the farmers had sown the crop before the recommended period of April 15-May 15.Satdev, a resident of Telupura village, 21 km from Abohar, said he had taken eight acres of land on lease from a local landlord for ₹42,000 per acre to sow cotton.“The cotton crop is about two feet tall now, and it has been affected not only by the pink bollworm, but also by the green stink bug and leaf curl, even though we sprayed insecticides on the crop twice. Buds have started forming but we are likely to suffer damage due to pink bollworm attack.Pawan, another farmer from Telupura village, said, "I had planted cotton in 10 acres, which has now been attacked by the pink bollworm."He demanded that the Punjab government should provide the required quantity of pesticides at subsidized rates through cooperative agriculture societies.Assistant Agriculture Officer, Abohar, Gagandeep Singh said bollworm attack has been reported in about 25-30 acres of cotton fields in each village. “The department had alerted the farmers about the threat of pest attacks. But current checking is trivial and less than ETL. Farmers should not panic and ensure timely inspection of fields and use of insecticides like Proclaim, Avath and Ethion. Cotton growers have also been advised to continue irrigating the cotton crop.In 2021, 34% raw cotton was destroyed by bollworm attack, while 2022 saw heavy losses in the South Malwa region of Punjab.

Rupee steady against dollarThe rupee ended flat at Rs 81.94 against the dollar this evening.Sensex breaks 216 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 63168.30 points with a fall of 216.28 points.On the other hand, the Nifty closed at a level of 18755.50 points with a fall of 70.50 points.

After the cyclone, the daily arrival of cotton decreased from 25,000 to 8,000 bales.AHMEDABAD: Cyclone Biparjoy has badly hit the textile industry in Gujarat, though manufacturers are hopeful that the situation will improve in the coming months. With ginning units based in Saurashtra ceasing production activities and a large number of markets remaining shut, cotton arrivals in the state have come down to around 8,000 bales per day from around 25,000 bales a day last week. Power supply is yet to be restored in parts of Saurashtra and Kutch. Spinning mills will remain closed for a few more days in some areas of the state.Jayesh Patel, vice-president, Spinners' Association Gujarat (SAG), said: "Most of the spinning mills in Saurashtra and the Kutch region stopped production for two days due to the cyclone. There are about 70 spinning mills in the Saurashtra region and most resumed operations on Saturday." but many are still closed due to power issues.Cotton yarn prices are down to Rs 245 per kg (30 comb variety) and mills are running at around 80% capacity against the biggest drop in exports.Gujarat has recorded a bumper crop of cotton this year and the movement of arrivals was 25,000 bales per day before the cyclone, said Ajay Shah, secretary of the Gujaratkot Association.Shah said “During the cyclone, arrivals have come down to 8,000 bales per day as ginning has been stopped. We believe Gujarat will press at least 93 lakh bales this year and still around 10 lakh bales will be carried forward.The Indian textile industry has seen huge volatility in cotton prices in the last one year and experts believe that higher MSP will ensure better sowing this season as well.

Pakistan Weekly Cotton Review: Widespread drop in prices in the local market.Karachi: During the last week, a sharp decline was observed in the cotton prices in the local market. The spot price was decreased by Rs.600 per head. However, there was an increase in the trading volume.Rain affects quality of cotton crop in Sindh; However, the sowing of cotton has been completed.However, the All Pakistan Textile Mills Association (APTMA) has said that the textile sector is facing a grave crisis. The association warned that they would hand over the keys of their units to the finance ministry if the government did not restore subsidy on gas and electricity from July.In the domestic cotton market, cotton prices turned bearish during the last week as spinning mills showed interest in buying quality cotton, while ginners also showed interest in selling cotton, which led to increase in traded volumes.APTMA has warned the government through print and electronic media that the problems of the textile sector, especially energy and gas issues, must be resolved immediately. The association warned that if this situation continues, it will be difficult for them to run their factories.The cotton price in Sindh is in the range of Rs 19,600 to Rs 19,900. The rate of footi is 8500 to 9400 rupees per 40 kg. The rate of cotton in Punjab is Rs 20,000 to Rs 20,500 per head and the rate of foot is Rs 9,000 to Rs 10,500 per 40 kg. The rate of cotton in Balochistan is Rs 19,800 per head while the rate of footy is Rs 9,000 to Rs 9,400 per 40 kg.The spot rate committee of the Karachi Cotton Association has reduced the spot rate by Rs 6,00 per head and closed it at Rs 19,900 per head.Naseem Usman, president of Karachi Cotton Brokers Forum, has said that overall the market is bearish. The futures trading rate for New York cotton has declined. The Indian cotton market is also bearish.According to the USDA's weekly export and sales report for the year 2022-23, 98,900 bales were sold. China topped the list buying 70,500 bales. Bangladesh came second with 11,700 bales and Vietnam with 9,900 bales. In the year 2023-24, 65,700 bales were sold. China topped the list buying 63,800 bales.Separately, caretaker chief minister Punjab Mohsin Naqvi chaired a meeting at his office where it was learned that 100% cotton sowing has been achieved in Faisalabad, Sahiwal and Sargodha.The meeting expressed satisfaction over the achievement of this important milestone by the provincial government. During the meeting, the Secretary, Agriculture Department presented a report on cotton cultivation and supply and demand of urea in the state.The CM appreciated the performance of the agriculture department, administration and field staff for their dedicated efforts in cultivating cotton in an area of over 4.6 million acres.He reiterated the government's commitment to protect the interests of cotton growers at all costs and directed the administration to ensure adequate supply of urea for the farmers. The diligent cooperation between the government and the hard work of farmers has resulted in extraordinary growth in the area under cultivation, and farmers can expect a rewarding result for their efforts in the current year, he concluded.However, at the AGM of PCBA in Multan, experts from PCGA and PCCC presented useful suggestions for the revival of cotton.

Rupee opens flat at 81.93 against the US dollarThe Indian rupee opened flat at 81.93 against the US dollar on Monday, near its five-week high level

Rupee strengthened by 24 paise against dollarThis evening, the rupee strengthened by 24 paise to close at Rs 81.93 against the dollar.Sensex rose 467 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 63384.58 points with a gain of about 466.95 points.On the other hand, the Nifty closed at the level of 18826.00 points with a gain of 137.90 points.