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Rupee weakens by 10 paise against dollarThis evening, the rupee closed at a level of 82.17 against the dollar with a weakness of 10 paise.Sensex up 502 pointsToday the stock market closed with a boom.Today, where the Sensex closed at the level of 66060.90 points with a gain of about 502.01 points.On the other hand, the Nifty closed at a level of 19564.50 points with a gain of 150.70 points.

Spinning mills in Tamil Nadu will stop production and sale of yarn from July 15.A major crisis is brewing in spinning mills of Coimbatore as industry associations have decided to stop production and sale of yarn from July 15 due to heavy losses incurred by them. This was decided at an emergency meeting of MSME Spinning Mills Associations held on Wednesday.For the first time in the last 20 years, export of yarn and textiles have declined by around 28 per cent. Today, cotton price per candy (356 kg) is ₹58,000; price of 40’s yarn is ₹235 per kg and clean cotton cost is ₹194 per kg, says a joint statement issued by S Jagaesh Chandran, Hony Secretary, South India Spinners Association (SISPA) and G Subramaniam, President, India Spinning Mill Owners Association (ISMA), both based in Coimbatore.As per guidelines of South Indian Textile Research Association, the minimum conversion cost of cotton to yarn should be ₹2 per kg. In today’s situation, the conversion cost from cotton to yarn is only ₹1. This means, spinning mills incur a loss of ₹40 per kg. A mill having about 10,000 spindles would produce 2,500 kg of yarn per day, which is incurring a loss of ₹1,00,000 per day.The reason for the crisis is due to 11 per cent import duty on cotton, the price of domestic cotton is 15 per cent higher. India has lost many international orders and is unable to compete with neighbouring countries in the export of yarn, fabric and clothing.Over the past several months, banks’ interest rates have gradually increased from 7.5 per cent to 11 per cent. As a result, the cost of yarn production has increased from ₹5 to ₹6 per kg.Tamil Nadu Generation and Distribution Corporation (TANGEDCO) increased Retail Tariff Petition for Low Tension Consumers (LT & LT-CT) and High Tension Consumers (HT), Multi Year Tariff and tariff increased during peak hours (Time of the Day - TOD), the production cost of spinning mills has gone up by ₹6, the statement said.The Centre has provided short-term loans under the Emergency Credit Line Guarantee Scheme (ECLGS) to revive and rehabilitate the industry. However, entrepreneurs who availed this loan have used it to tide over the crisis and for payment of bank dues, electricity charges, labour wages, ESI and PF. The repayments for the ECLGS loan started and this has become an additional burden on the spinning mills and this also increased the cost of production by ₹5 per kg.There is unrestricted import of yarn and fabrics from countries like China, Vietnam and Bangladesh. Due to this, the entire textile value chain of the country has been greatly affected, the statement said.The two associations appealed to the Centre to immediately withdraw the 11 per cent import duty imposed on cotton and reduce the interest rates of the banks to the previous level of 7.5 per cent. The outstanding short-term loan of ‘Emergency Credit Line Guarantee Scheme (ECLGS) be restructured and provide fresh ECLGS loan as given earlier. Provide a six month holiday period and seven years repayment period at a lower rate of interest.The Centre should extend the term loan by two year moratorium and restructure the existing term loan as given in the past. There should not be any stringent rules by the Reserve Bank of India (RBI) in moratorium for the spinning sector.Further, no subsidy or concession should be encouraged by any State Government to increase the spinning capacity, they said.The Minimum Support Price (MSP) operation has to be extended to Cotton Yarn. The MSP has to be fixed at atleast Rs. 2.25 Paisa per count per kg. From January 1, the associations requested that all types of fabrics manufactured in India should print the precise weight on the fabric.“We request the Government of Tamil Nadu should cancel the amendment immediately,” the statement said.At present, TANGEDCO is charging 90 per cent of Maximum Demand charges or Recorded demand, whichever is higher. Considering the Extra Ordinary situation of the Spinning Industry, the associations requested the State government to direct the TANGEDCO to collect 20 per cent of Maximum Demand Charges or recorded demand.In India, the capacity of spinning mills is already very high. The Centre should immediately formulate a One Country - One policy for the textile industry, the statement said. 

Pakistan: Strong trend in cotton marketLAHORE: The local cotton market remained stable on Thursday with satisfactory trading volume.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 16,800 to Rs 16,900 per head. The rate of footi in Sindh is between Rs 6,600 to Rs 7,200 per 40 kg.In Punjab, cotton rates range from Rs 17,300 to Rs 17,500 per head and cottonseeds range from Rs 7,200 to Rs 8,000 per 40 kg. Cotton rates in Balochistan range from Rs 16,900 to Rs 17,000 per head, while footy rates range from Rs 6,800 to Rs 7,300 per 40 kg.The federal government has finally decided to intervene in the cotton market and has directed the Trading Corporation of Pakistan (TCP) to buy cotton to stabilize the falling prices and ensure the minimum support price.According to a national daily, Punjab Agriculture Secretary Iftikhar Ali Sahu chaired a meeting on crop management and monitoring and said that TCP will soon start ensuring better compensation for cotton growers and the government will maintain the minimum support price mechanism. will fulfill its commitment.It is to be noted that the government had announced Rs 8,500 per 40 kg support price for cotton in March when cultivation began and the move was appreciated in the farming community and the textile sector, but since then, it has As the minimum support price has failed to ensure. It is now being sold at a minimum of Rs 6,500 per 40 kg.Prices are also falling as this year's cotton crop has produced on a large scale and the target is likely to be met.Representatives of the Pakistan Cotton Ginners Association (PGCA) told the Agriculture Secretary that early cotton harvesting, sown in February, is underway, and production numbers look good so far with nearly 60 factories operating in the province and yarn ginning reaching a record number. Has been factory.Dr. Anjum Ali, Director General, Agricultural Extension, Punjab, echoed the sentiment and said that though there have been some reports of thrips attacks, it has not yet reached the economic threshold level (ETL) and agricultural extension and pest alert teams are active. their efforts to control it.Around 800 bales of Mir Pur Khas were sold between Rs 16,900 to Rs 17,000 per head, 1800 bales of Shahdad Pur were sold between Rs 16,900 to Rs 17,100 per head, 3600 bales of Tando Adam, 1200 bales of Sanghar, 600 bales of Shah 16,800 to 17,000 per head of Pur Chakkar, 600 bales of Hyderabad, 600 bales of Kotri at Rs 16,900 to 17,000 per head, 1400 bales of Nawab Shah were sold at Rs 17,000 to 17,050 per head. 1,000 bales of Chaudagi were sold at Rs.16,950 to Rs.17,000 per head, 400 bales of Jhola at Rs.16,900 per head, 400 bales of Winder at Rs.16,975 to Rs.17,000 per head, 600 bales of Miyan Channu were sold. 200 bales of Sahiwal, 800 bales of Pir Mehal, 600 bales of Chichavatni, 200 bales of Mongi Bangla were sold at the rate of Rs.17,500 per head, 400 bales of Jahanian were sold at the rate of Rs.17,400 per head, 1200 bales of Layya were sold Gone. 17,500 to Rs 17,600 per head, 200 bales of Tounsa, 400 bales of Sadiqabad at Rs 17,500 per head, 1600 bales of Vehari at Rs 17,400 to 17,700 per head, 1200 bales of Burewala were sold at Rs 17,400 per head. 800 bales of Mana, Khanewal were sold at Rs.17,500 to 17,600 per head.The spot rate remained unchanged at Rs 17,000 per head. Polyester fiber was available at Rs 350 per kg.

Rupee opens 13 higher at 81.94 against the US dollarThe Indian rupee extended gains to open 13 paise higher against the US dollar Friday on broader weakness in the greenback and sustained FII inflows into the domestic equities. The local currency opened at 81.94 a dollar as compared to the previous close of 82.07 a dollar.

Rupee strengthened by 17 paise against dollarThe rupee strengthened by 17 paise to close at Rs 82.07 against the dollar this evening.Sensex up 164 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65558.89 points with a gain of about 164.99 points.On the other hand, the Nifty closed at a level of 19413.80 points with a gain of 29.50 points.

China: China's exports fall the most in three years due to the struggle of the global economyBEIJING: China's exports plunged the most in three years in June, falling a more than expected 12.4% year-on-year, as tensions from the struggling global economy show signs of escalating and Chinese policymakers face mounting pressure. facing. for promotional measures.Customs data on Thursday showed imports also fell more than expected, falling by 6.8%. A Reuters poll of economists had forecast a 9.5% drop in exports and a 4.0% decline in imports.The pace of China's post-pandemic recovery has slowed after rising sharply in the first quarter, with analysts now downgrading their projections for the economy for the rest of the year as factory production slowed due to persistently weak global demand. Is.Lav Daliang, spokesman for the General Administration of Customs, blamed "weak global economic recovery, slowing global trade and investment, and rising unilateralism, protectionism and geopolitics" for the poor export performance in remarks at a press conference in Beijing.Policymakers are now staring at the prospect of slowing growth to just 3% a year in the world's second-largest economy, according to economists' forecasts. This is less than half the normal rates of recent decades and creates a sense of an economy in recession.Chinese Premier Li Keqiang, who took office in March, has talked a good game on implementing policy measures to boost demand and strengthen markets, but few concrete steps have been announced and Investors are getting impatient."Looking ahead, headwinds facing the external sector remain strong, requiring policy support for domestic demand," said Zhou Hao, economist at Guotai Junyan International.South Korean shipments to China, a leading indicator of China's imports, fell 19.0% last month, the smallest decline since October, but the decline in semiconductors and other components used to manufacture electronic goods Demand remains weak.Raw material demand also showed signs of weakness, with copper imports falling 16.4% in June from a year earlier.Chinese factory activity has been shrinking in recent months, while consumer prices edged into deflation in June and producer prices fell at their sharpest pace in more than seven years.After badly missing the 2022 target, the government has set a modest GDP growth target of around 5% for this year.

Pakistan: Cotton market stable with satisfactory trading volumeLAHORE: The local cotton market remained stable on Wednesday with satisfactory trading volume.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 16,900 to Rs 17,100 per head. The rate of footi in Sindh is between Rs 6,500 to Rs 7,300 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 8,200 per 40 kg. The rate of cotton in Balochistan is Rs 17,100 per head while the rate of footy is between Rs 7,000 and Rs 7,300 per 40 kg.About 400 bales of Shahdad Pur were sold at Rs.16,900 to Rs.17,200 per head, 8800 bales of Tando Adam at Rs.16,900 to Rs.17,200 per head, 3800 bales of Sanghar at Rs.16,750 to Rs.17,100 per head, 1400 bales were sold. 600 bales of Mirpur Khas, 600 bales of Hyderabad were sold at Rs.16,800 per head, 200 bales of Qazi Ahmed at Rs.16,875 per head, 200 bales of Kotri at Rs.16,800 per head, 400 bales of Shahpur Chakkar were sold. Rs 16,900 to Rs 17,000 per head, 200 bales of Gup Chani sold at Rs 17,000 per head, 400 bales of Haider Shah sold at Rs 16,900 per head, 200 bales of Nawab Shah sold at Rs 16,800 per head 400 bales were sold at the rate of Rs.17,000 per head of Dalawar Pur, 400 bales of Tando Muhammad Khan at Rs.16,900 per head, 800 bales of Harunabad at Rs.17,400 to Rs.17,500 per head, 600 bales of Miyan Channu at Rs.17,500. Per head, 800 bales of Burewala were sold at Rs.17,400 per head, 800 bales of Khanewal at Rs.17,500 to 17,600 per head, 1000 bales of Chichavatni at Rs.17,400 to 17,500 per head, 1200 bales of Vehari were sold at Rs.17,500 per head. 17,400 to Rs 17,500 per head, 2600 bales of Laiya for Rs 17,300 to Rs 17,500 per head, 400 bales of Haasil Pur at Rs 17,350 per head, 200 bales of Ahmed Pur Purvi at Rs 17,300 per head. 200 bales of Maund, Fazilpur were sold at Rs.17,400 per head, 200 bales of Kaur Lal Esan at Rs.17,400 per head and 200 bales of Multan at Rs.17,350 per head.The spot rate remained unchanged at Rs 17,000 per head. Polyester fiber was available at Rs 350 per kg.

Rupee opens 29 paise higher at 81.95 against the US dollarThe Indian rupee opened 29 paise higher against the US dollar on Thursday on a weak greenback amid hopes that cooling inflation in the US will allow the Federal Reserve to pause interest rate hikes soon. The local currency opened at 81.95 a dollar as compared to the previous close of 82.24.Stock market again towards all time high, Sensex opened up by 357 pointsToday the stock market opened with a boom. Today, the BSE Sensex opened at a level of 65750.95 points with a gain of about 357.05 points. On the other hand, the NSE's Nifty opened at a level of 19482.80 points with a gain of 98.50 points.

Rupee strengthened by 12 paise against dollarThe rupee strengthened by 12 paise to close at Rs 82.25 against the dollar this evening.Sensex breaks 224 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 65393.90 points with a fall of 223.94 points.On the other hand, the Nifty closed at a level of 19384.30 points with a fall of 55.10 points.

Pakistan: Considerable activity seen in the cotton marketLAHORE: The local cotton market remained stable on Tuesday with satisfactory trading volume.Cotton analyst Naseem Usman said that the rate of new crop of cotton in Sindh is between Rs 17,000 to Rs 17,100 per head. The rate of footi in Sindh is between Rs 7,000 to Rs 7,400 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 7,300 to Rs 7,900 per 40 kg. Cotton rates in Balochistan range from Rs 17,000 to Rs 17,100 per head, while footy rates range from Rs 7,200 to Rs 7,400 per 40 kg.About 200 bales of Daur, 200 bales of Bukhari were sold at Rs.17,200 per head, 1200 bales of Nawab Shah at Rs.17,100 to Rs.17,200 per head, 4000 bales of Tando Edam at Rs.17,000 to Rs.17,200 per head. , Kotri 800 bales sold at Rs 16,900 to Rs 17,100 per head, Khadro 400 bales at Rs 17,000 to Rs 17,100 per head, Shahdadpur 2,000 bales at Rs 17,000 to Rs 17,300 per head, 1000 bales were sold. Mirpur Khas was sold for Rs.17,000 to Rs.17,100 per head, Sanghar for Rs.17,000 to Rs.17,100 per head for 1800 bales, Hyderabad for Rs.17,000 per head for 600 bales, Khando for Rs.17,100 for 600 bales. Rs 17,200 per head, 200 bales of Jhola Rs 17,000 per head, 200 bales of Hala Rs 17,200 per head, 200 bales of Shahpur Chakar Rs 17,000 per head, 800 bales of Laiya sold Rs 17,200 to 17,500 per head, 1 of Chichavatni 400 bales 17,200 to 17,500 rupees per head, 600 bales of Haasilpur, 800 bales of Harunabad, 200 bales of Rajanpur, 1200 bales of Burewala, 800 bales of Miyan were sold. 1600 bales of Channu, Vehari, 600 bales of Ahmed Pur East, 800 bales of Rahim Yar Khan, 600 bales of Pir Mahal, 400 bales of Gojra, 4,00 bales of Shujabad Rs.17,500 per head, 18,00 bales sold to Khanewal were sold at Rs.17,500 to Rs.17,700 per head.The spot rate remained unchanged at Rs 17,000 per head. Polyester fiber was available at Rs 350 per kg.

Rupee rises 10 paise to open at 82.27 against the US dollarThe Indian rupee opened 10 paise higher against the US dollar on Wednesday helped by broader weakness in the greenback ahead of the crucial US inflation data. The local currency opened at 82.27 a dollar as compared to the previous close of 82.57.Stock market rises further, Sensex close to all-time highToday the stock market opened with a boom. Today, the BSE Sensex opened at a level of 65726.19 points with a gain of about 108.35 points. On the other hand, the NSE's Nifty opened at a level of 19469.80 points with a gain of 30.40 points.