Daily brief
Investors are dumping Indian assets as an energy shock sends the rupee sliding, with the currency falling 45 paise to 94.67 against the US dollar. India’s forex reserves dropped by $7.79 billion to $690.69 billion, and Indian shares declined on an oil spike as US-Iran attacks dented peace hopes. The Middle East conflict is costing Indian oil firms an estimated Rs 30,000 crore monthly to keep fuel prices stable.
High-frequency trader IMC is spending big to build a team in India.
More than 40 India-bound ships remain trapped near Hormuz, and India plans to build a strategic outpost near a key shipping lane in the Indo-Pacific.
India ordered an antitrust probe into liquor giant Pernod's dealings with retailers.
No AI and poor returns drive Indian investors to foreign markets, while the Centre says there is no wheat glut in Punjab mandis and procurement and lifting are better than last year.