Latest news with #OMCs
Business Recorder
6 hours ago
- Business
- Business Recorder
Bullish momentum grips PSX as Pakistan, US strike strategic trade deal
The Pakistan Stock Exchange (PSX) saw bullish momentum during the early hours of trading on Thursday, as investors rejoiced after the US struck a trade deal with Pakistan. At 9:50am, the benchmark KSE-100 index was hovering at 139,657.99 level, an increase of 1,245.74 points or 0.90%. Across-the-board buying was observed in key sectors, including automobile, cement, commercial banks, fertilizer, oil and gas exploration companies, OMCs, refinery and power generation. Index-heavy stocks including HUBCO, PSO, SNGPL, MARI, OGDC, PPL, POL and SSGC traded in the green. Analysts attributed the buying spree to investor optimism after the US and Pakistan struck a deal that will result in lower tariffs for the South Asian nation, as well as an agreement in which Washington will help develop Islamabad's oil reserves. 'We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves,' US President Donald Trump wrote on social media on Wednesday. 'We are in the process of choosing the Oil Company that will lead this Partnership.' Trump's social media post did not provide further details. Meanwhile, Pakistan's Finance Minister Muhammad Aurangzeb, in a video message on Thursday, termed the trade deal a 'win-win' situation for both countries. 'We are in a good place today in Pakistan, in terms of where we have arrived before August 1. We have come a long way in terms of our overall strategic partnership between Pakistan and the United States,' he said. Pakistan faced a potential 29% tariff on exports to the United States under tariffs announced by Washington in April on countries around the world. Tariffs were subsequently suspended for 90 days so negotiations could take place. US total goods trade with Pakistan was an estimated $7.3 billion in 2024, according to the website of the Office of the US Trade Representative, up from around $6.9 billion in 2023. The US goods trade deficit with Pakistan was $3 billion in 2024, a 5.2% increase over 2023. Internationally, Asian equities slipped on Thursday after weaker-than-expected Chinese activity data and a plunge in copper prices, while investors weighed a trade deal between South Korea and the US The dollar held near a two-month high as investors weighed a Federal Reserve decision to hold rates steady and strong earnings from megacap tech firms. Nasdaq futures surged 1.2% after better-than-expected earnings from Microsoft and Meta Platforms. S&P 500 futures advanced 0.8%, while the US dollar held steady after hitting a two-month high. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.7%, though still on track for its fourth consecutive monthly gain in July. This is an intra-day update
The Print
a day ago
- Business
- The Print
Rupee hits over four-month low; ends 21 paise down at 86.91 against US dollar
Moreover, investors remained on the sidelines ahead of the US Federal Reserve and Bank of Japan's monetary policy decision this week. Forex traders said month-end dollar demand from Oil Marketing Companies (OMCs) and importers further pressurised the rupee. Mumbai, Jul 29 (PTI) The rupee declined to over four-month low level and closed 21 paise weaker at 86.91 against the US dollar on Tuesday, weighed down by a jump in the American currency index and a surge in crude oil prices. At the interbank foreign exchange, the domestic unit opened at 86.76 and touched an intra-day low of 86.92 against the greenback, surpassing the closing level of March 17 when the unit had ended at 86.81 versus dollar. At the end of Tuesday's trading session, the local unit settled at 86.91, down 21 paise over its previous closing price. On Monday, the rupee had settled at 86.70 against the dollar. 'The Indian rupee fell by nearly 20 paise on a jump in the US dollar index and a surge in crude oil prices. The US dollar rallied on optimism over the US-EU trade deal. However, a bounce back in the domestic equities after falling sharply over the past three sessions cushioned the downside,' said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan. Forex traders said investors traded cautiously awaiting the outcome of India-US trade talks ahead of the August 1 deadline. 'The lingering trade deal between India and the US may continue to weigh on the rupee. Rising crude oil prices and foreign outflows may also pressurise the rupee. FIIs have offloaded stocks worth nearly Rs 37,000 crore till date, the biggest selling since February 2025,' Choudhary added. If the discussions fail or get delayed, Indian exporters could face fresh pressure — adding to the rupee's challenges. However, if a deal is reached, it could offer a much-needed breather. Until then, the uncertainty is likely to keep market participants cautious. 'Month-end dollar demand from OMCs and importers may further pressurise the rupee,' Choudhary said, adding, 'investors may remain cautious ahead of the US Federal Reserve and Bank of Japan's monetary policy decision this week.' Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose marginally by 0.13 per cent to 98.75. Brent crude, the global oil benchmark, went up by 0.46 per cent to USD 70.36 per barrel in futures trade, as developing trade agreements eased tariff concerns and boosted future energy demands. In the domestic equity market, the 30-share BSE Sensex advanced 446.93 points, or 0.55 per cent, to close at 81,337.95, while the Nifty rose 140.20 points, or 0.57 per cent, to settle at 24,821.10. Foreign institutional investors (FIIs) offloaded equities worth Rs 4,636.60 crore on a net basis on Tuesday, according to exchange data. Dilip Parmar, Research Analyst, HDFC Securities, said the rupee's depreciation was primarily driven by sustained selling by foreign funds, coupled with a recovery in the US dollar and an increase in crude oil prices. 'Market participants are now closely monitoring the upcoming FOMC monetary policy meeting and the deadline for tariff negotiations, as these events are expected to provide further direction for the rupee. For the USD/INR pair, the immediate support level is seen at 86.30, while resistance is seen at 87.05,' Parmar said. PTI DRR HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
News18
a day ago
- Business
- News18
Rupee Hits Four-Month Low, Drops 21 Paise On Rising Dollar, Crude Prices
Last Updated: The rupee hit a four-month low, closing 21 paise weaker at 86.91 against the US dollar due to a stronger dollar index and rising crude oil prices. The rupee declined to over four-month low level and closed 21 paise weaker at 86.91 against the US dollar on Tuesday, weighed down by a jump in the American currency index and a surge in crude oil prices. Forex traders said month-end dollar demand from Oil Marketing Companies (OMCs) and importers further pressurised the rupee. Moreover, investors remained on the sidelines ahead of the US Federal Reserve and Bank of Japan's monetary policy decision this week. At the interbank foreign exchange, the domestic unit opened at 86.76 and touched an intra-day low of 86.92 against the greenback, surpassing the closing level of March 17 when the unit had ended at 86.81 versus dollar. At the end of Tuesday's trading session, the local unit settled at 86.91, down 21 paise over its previous closing price. On Monday, the rupee had settled at 86.70 against the dollar. 'The Indian rupee fell by nearly 20 paise on a jump in the US dollar index and a surge in crude oil prices. The US dollar rallied on optimism over the US-EU trade deal. However, a bounce back in the domestic equities after falling sharply over the past three sessions cushioned the downside," said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan. Forex traders said investors traded cautiously awaiting the outcome of India-US trade talks ahead of the August 1 deadline. 'The lingering trade deal between India and the US may continue to weigh on the rupee. Rising crude oil prices and foreign outflows may also pressurise the rupee. FIIs have offloaded stocks worth nearly Rs 37,000 crore till date, the biggest selling since February 2025," Choudhary added. If the discussions fail or get delayed, Indian exporters could face fresh pressure — adding to the rupee's challenges. However, if a deal is reached, it could offer a much-needed breather. Until then, the uncertainty is likely to keep market participants cautious. 'Month-end dollar demand from OMCs and importers may further pressurise the rupee," Choudhary said, adding, 'investors may remain cautious ahead of the US Federal Reserve and Bank of Japan's monetary policy decision this week." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose marginally by 0.13 per cent to 98.75. Brent crude, the global oil benchmark, went up by 0.46 per cent to USD 70.36 per barrel in futures trade, as developing trade agreements eased tariff concerns and boosted future energy demands. In the domestic equity market, the 30-share BSE Sensex advanced 446.93 points, or 0.55 per cent, to close at 81,337.95, while the Nifty rose 140.20 points, or 0.57 per cent, to settle at 24,821.10. Foreign institutional investors (FIIs) offloaded equities worth Rs 4,636.60 crore on a net basis on Tuesday, according to exchange data. Dilip Parmar, Research Analyst, HDFC Securities, said the rupee's depreciation was primarily driven by sustained selling by foreign funds, coupled with a recovery in the US dollar and an increase in crude oil prices. 'Market participants are now closely monitoring the upcoming FOMC monetary policy meeting and the deadline for tariff negotiations, as these events are expected to provide further direction for the rupee. For the USD/INR pair, the immediate support level is seen at 86.30, while resistance is seen at 87.05," Parmar said. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! view comments Location : New Delhi, India, India First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
2 days ago
- Business
- News18
Rupee hits over four-month low; ends 21 paise down at 86.91 against US dollar
Agency: Last Updated: July 29, 2025, 20:30 IST Representational image (Image: News18) Mumbai, Jul 29 (PTI) The rupee declined to over four-month low level and closed 21 paise weaker at 86.91 against the US dollar on Tuesday, weighed down by a jump in the American currency index and a surge in crude oil prices. Forex traders said month-end dollar demand from Oil Marketing Companies (OMCs) and importers further pressurised the rupee. Moreover, investors remained on the sidelines ahead of the US Federal Reserve and Bank of Japan's monetary policy decision this week. At the interbank foreign exchange, the domestic unit opened at 86.76 and touched an intra-day low of 86.92 against the greenback, surpassing the closing level of March 17 when the unit had ended at 86.81 versus dollar. At the end of Tuesday's trading session, the local unit settled at 86.91, down 21 paise over its previous closing price. On Monday, the rupee had settled at 86.70 against the dollar. 'The Indian rupee fell by nearly 20 paise on a jump in the US dollar index and a surge in crude oil prices. The US dollar rallied on optimism over the US-EU trade deal. However, a bounce back in the domestic equities after falling sharply over the past three sessions cushioned the downside," said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan. Forex traders said investors traded cautiously awaiting the outcome of India-US trade talks ahead of the August 1 deadline. 'The lingering trade deal between India and the US may continue to weigh on the rupee. Rising crude oil prices and foreign outflows may also pressurise the rupee. FIIs have offloaded stocks worth nearly Rs 37,000 crore till date, the biggest selling since February 2025," Choudhary added. If the discussions fail or get delayed, Indian exporters could face fresh pressure — adding to the rupee's challenges. However, if a deal is reached, it could offer a much-needed breather. Until then, the uncertainty is likely to keep market participants cautious. 'Month-end dollar demand from OMCs and importers may further pressurise the rupee," Choudhary said, adding, 'investors may remain cautious ahead of the US Federal Reserve and Bank of Japan's monetary policy decision this week." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose marginally by 0.13 per cent to 98.75. Brent crude, the global oil benchmark, went up by 0.46 per cent to USD 70.36 per barrel in futures trade, as developing trade agreements eased tariff concerns and boosted future energy demands. In the domestic equity market, the 30-share BSE Sensex advanced 446.93 points, or 0.55 per cent, to close at 81,337.95, while the Nifty rose 140.20 points, or 0.57 per cent, to settle at 24,821.10. Foreign institutional investors (FIIs) offloaded equities worth Rs 4,636.60 crore on a net basis on Tuesday, according to exchange data. Swipe Left For Next Video View all Dilip Parmar, Research Analyst, HDFC Securities, said the rupee's depreciation was primarily driven by sustained selling by foreign funds, coupled with a recovery in the US dollar and an increase in crude oil prices. 'Market participants are now closely monitoring the upcoming FOMC monetary policy meeting and the deadline for tariff negotiations, as these events are expected to provide further direction for the rupee. For the USD/INR pair, the immediate support level is seen at 86.30, while resistance is seen at 87.05," Parmar said. PTI DRR HVA (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments News agency-feeds Rupee hits over four-month low; ends 21 paise down at 86.91 against US dollar Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Read More
Economic Times
2 days ago
- Business
- Economic Times
BPCL, other OMC stocks in focus as Brent Crude surges past $70/barrel
Oil prices rallied on the back of upbeat geopolitical cues, driven by a fresh trade deal between the US and the EU, coupled with escalating tensions involving Russia. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Shares of oil marketing companies (OMCs) such as Indian Oil Corporation Bharat Petroleum , and Hindustan Petroleum are expected to be in focus on Tuesday after international crude oil prices rose over 2%, pushing Brent crude above the $70 per barrel rally in oil prices was triggered by positive developments on the geopolitical front, including a new trade agreement between the United States and the European Union, along with heightened tensions related to newly announced framework trade pact between the US and the EU includes a 15% U.S. import tariff on most EU goods. Additionally, former U.S. President Donald Trump indicated that the deal outlines $750 billion worth of EU purchases of U.S. energy over the coming years. The strategic energy commitment is seen as a key factor driving crude oil demand and supporting higher market sentiment was further lifted after Trump announced a shorter deadline for Russia to comply with U.S. demands, intensifying geopolitical risk in global energy prices have a direct impact on the share prices of OMCs. When crude oil prices rise, the cost of raw material for these companies increases, potentially squeezing their refining and marketing margins—especially if they are unable to fully pass on the higher costs to can hurt profitability, leading to a negative reaction in their share prices. Conversely, when crude prices fall, OMCs often benefit from lower input costs and improved margins, which can boost earnings and lead to a rise in their stock sudden spikes in oil prices can raise concerns over subsidy burdens or pricing controls, further weighing on investor sentiment.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
