US Treasury Secretary Scott Bessent indicated a potential pathway to remove tariffs imposed on India for purchasing Russian oil, citing a significant decrease in such purchases. He also criticized Europe's approach and accused India of profiting from discounted Russian oil.
India's banking system is grappling with a persistent liquidity surplus exceeding Rs 5 trillion, driven by significant government spending and bond redemptions, leading market participants to anticipate the Reserve Bank of India will step up Variable Rate Reserve Repo operations to manage the excess funds.
The United States has extended a waiver from sanctions to allow countries to buy petroleum products from Russia by a month, days after it ruled out renewal of the special measure.
Indian stock markets experienced a second consecutive day of losses, with the Sensex tumbling 852 points, as crude oil prices surpassed USD 100 per barrel due to stalled US-Iran negotiations and escalating geopolitical tensions in West Asia.
'It was diminishing even before Trump came to power.' 'The US was at the centre of the global economy. That position is going to become less and less important and less central.'
US President Donald Trump's signature will soon appear on US paper currency, coinciding with the 250th anniversary celebrations of American Independence.
The United States has announced it will not renew sanctions exemptions for the purchase of Russian and Iranian oil, ending a 30-day waiver that allowed some countries, including India, to continue importing Russian oil despite sanctions related to the Ukraine war.
The Iran war has brought notice to the countries that are heavily invested in US Treasury bonds. Iran considers them US allies.
After the United States and Iran agreed to a two-week ceasefire and expressed hope for lasting peace, Pakistan took much of the credit for playing mediator between the two countries. However, Jonathan Schanzer, Executive Director at the Foundation for Defence of Democracies and former US Treasury counterterrorism analyst, said Pakistan is deeply indebted to China.
US President Donald Trump has indefinitely extended the ceasefire with Iran at the request of Pakistan, aiming to allow Tehran's leadership time to form a unified proposal to end the seven-week war.
Foreign investors have withdrawn over Rs 88,000 crore from Indian equities this month, driven by geopolitical tensions, a weak rupee, and concerns about rising crude oil prices.
Iranian state media reports that Ayatollah Ali Khamenei's son, Mojtaba Ali Khamenei, has been appointed as Iran's new Supreme Leader by the Assembly of Experts, a move criticised by US President Donald Trump.
Foreign investors pulled out Rs 21,000 crore (around $2.3 billion) from Indian equities over the last four trading sessions amid deteriorating global risk sentiment triggered by the West Asia crisis.
The Trump administration has announced a temporary authorisation for countries to purchase Russian oil stranded at sea, aiming to stabilise global energy markets amid rising oil prices and tensions with Iran.
The Kremlin has announced it will not disclose data on crude oil exports to India, citing concerns about 'ill-wishers'. This decision follows reports of increased Russian oil supplies to India and China amid geopolitical tensions.
Amid rising tensions, Israel's Defence Minister has issued a stark warning that any leader succeeding Iran's Supreme Leader Ali Khamenei will be considered a target, as reports suggest his son Mojtaba may be next in line.
Admiral Alireza Tangsiri was accused of leading efforts to disrupt maritime trade, including actions affecting the Strait of Hormuz.
Trump administration will use "alternative legal authorities" to enforce tariffs on the countries, assuring that the tariff revenue will remain unchanged.
In a statement issued by Iran's consulate in Mumbai, it said, "At present, Iran essentially has no floating crude or surplus available for international markets. The US Treasury Secretary's remarks appear aimed at reassuring buyers and managing market sentiment."
The clock on the ceasefire is running out. But everyone's already whispering about round two, possibly as soon as this weekend.
Indian refiners have access to only limited Iranian volumes compared with Russian oil, and even the barrels on offer come with 'too many hassles'.
The contraction in total reserves was driven by a fall in gold reserves, which dropped $13.49 billion to $117.19 billion during the reported week.
The US has granted India permission to buy Russian oil already in transit to ease global supply pressures amidst the West Asia conflict. This decision comes after India agreed to halt sanctioned Russian oil purchases and substitute them with US oil.
The United States has temporarily lifted sanctions on the sale of Iranian oil already in transit to ease soaring global crude prices, making 140 million barrels available to the market.
When asked about Bessent's announcement allowing certain Russian oil sales to India and whether the US is considering any other moves, including tapping the Strategic Petroleum Reserve (SPR), Trump said, "If there were some, I would do it just to take a little of the pressure off."
The Congress has strongly criticised the US government's temporary waiver allowing India to purchase Russian oil, raising concerns about continued 'American blackmail' and its impact on India's energy policy.
Gold prices are expected to remain volatile next week as investors track geopolitical developments in the Middle East and key macroeconomic data releases that could shape the sentiment in the domestic market, analysts said.
US Treasury Secretary Scott Bessent's remarks come ahead of a high-level summit where India and the European Union are expected to formally announce the conclusion of negotiations on a comprehensive free trade agreement.
Alliances fight wars effectively only when they share an endgame. If Israel acted without US knowledge, then the military alliance is operating without real coordination at the level of strategic targeting. Neither picture is reassuring in a war that is no longer regional in its consequences. Prem Panicker continues his must read daily blog on the Gulf War.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
In the wake of the FTA between India and the European Union, the United States has described the Europeans as 'very disappointing', saying they were unwilling to join Washington, DC in putting tariffs on New Delhi for its purchases of Russian oil because of this trade deal.
Gold has emerged as the most stable asset during episodes of geopolitical stress, and crude oil has been more sensitive than others when it comes to regional conflicts and sanctions, according to a report in the Reserve Bank of India's (RBI's) monthly bulletin. Silver and the United States Treasury have showed moderate reactions.
Texas Governor Greg Abbott has directed state agencies and public universities to suspend new H-1B visa petitions through May 2027, a move likely to affect Indian professionals. The order comes amid ongoing debate over skilled immigration and potential impacts on academic research and innovation.
Gold and silver prices are poised to maintain their record-setting rally in the coming week as investors focus on global inflation data and key macroeconomic indicators that shape central bank policy paths, analysts said.
I am inclined to believe that the Venezuela adventure is not an indication of American strength, alas, but rather of American weakness, points out Rajeev Srinivasan.
China has made serious inroads into Latin America, which the US may now be hinting is simply not ok: Stay in your lane, Xi! In simple terms, China will no longer have access to Venezuelan oil, points out Rajeev Srinivasan.
'We expect modest returns in 2026 versus the steep gains seen over the past few years.'
Glimpses of US President Donald Trump's arrival in Tokyo, Japan, for the second stop on his Asia tour, October 27, 2025.
A combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.
Bajaj Finance, Bharat Electronics, Tata Steel, Tata Consultancy Services, NTPC, Trent, Asian Paints and Axis Bank were the major laggards among Sensex stocks. However, Tech Mahindra, ICICI Bank, Power Grid, Hindustan Unilever and Reliance Industries were among the gainers.
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