'Elevated crude prices and unchanged domestic fuel prices would put pressure on the profitability and cash flows of OMCs.'
India's foreign exchange reserves decreased by USD 10.288 billion to USD 688.058 billion during the week ending March 27, according to the Reserve Bank of India (RBI). This decline follows a previous decrease and comes after the reserves reached an all-time high in February.
India has voiced deep concern over a drone attack targeting the Barakah nuclear facility in the United Arab Emirates (UAE), calling it a dangerous escalation in the West Asia conflict.
India's foreign exchange reserves increased by USD 964 million to USD 675.157 billion in the week ending July 10, according to the Reserve Bank of India.
An Indian crew member was killed and six other Indian nationals were among eight injured when Iranian cruise missiles struck two UAE tankers, Mombasa and Al Bahiyah, in the Strait of Hormuz, escalating regional tensions and drawing strong condemnation from the UAE.
An India-flagged vessel carrying 15,400 tonnes of liquefied petroleum gas (LPG) successfully crossed the Strait of Hormuz and arrived at Jawaharlal Nehru Port Authority (JNPA), demonstrating the resilience of maritime operations amid geopolitical tensions in West Asia.
US Secretary of State Marco Rubio says relations between India and the US have not lost momentum and are set to strengthen, with hopes for a trade deal soon.
Prime Minister Narendra Modi, addressing the BRICS summit, called for a fundamental shift in global governance, advocating for the replacement of the current 'pyramid of privilege' with a 'platform of partnership' where the Global South becomes a 'rule shaper' rather than a 'rule follower'.
The Indian rupee is highly vulnerable among Asian currencies, with Barclays and MUFG warning of a potential depreciation towards 100/$ if the West Asia conflict persists, driven by widening current account deficits and elevated crude oil prices.
India has condemned an attack on a Panama-flagged oil tanker off the coast of Oman, which resulted in one Indian seafarer going missing and 13 others being rescued. The Ministry of External Affairs is closely monitoring the situation and coordinating with Omani authorities for search and rescue operations, while also reiterating calls for de-escalation and safe navigation in the region.
The BSE Sensex and the Nifty 50 declined around 4.5 per cent each since the start of the West Asia conflict.
Prime Minister Modi has urged citizens to adopt measures like judicious fuel use, postponing gold purchases, and deferring foreign travel to strengthen India's economy in the face of the West Asia conflict's adverse impact.
The Reserve Bank of India (RBI) has increased its GDP growth forecast for the current fiscal year (FY27) by 40 basis points to 7.1 per cent, acknowledging the resilience of domestic economic activity despite global headwinds and geopolitical tensions.
The Federation of Indian Export Organisations (FIEO) has appealed to the Reserve Bank of India (RBI) for liquidity support to Indian exporters, citing a significant increase in freight costs and extended payment cycles due to the ongoing West Asia conflict.
'Rather than deploying all their money at once, investors should invest gradually.' 'A staggered approach is the better strategy because volatility is likely to persist.'
Indian benchmark equity indices, Sensex and Nifty, opened higher, tracking positive global trends and easing crude oil prices, fueled by hopes of a swift resolution to the West Asia conflict. Track Nifty 50 and BSE Sensex performance and key global triggers.
The highlight of the successful BRICS Summit was its ability to deliver a joint statement that all members, including Iran and the United Arab Emirates, embroiled in the war in West Asia, signed.
US Vice President JD Vance has postponed his visit to Switzerland for technical talks with Iranian negotiators, citing logistical issues. These negotiations are crucial for finalising the details of a recently signed peace deal between the US and Iran, which aims to end the conflict in West Asia and includes a 60-day period for technical discussions.
Despite international crude oil prices falling to a four-month low, retail petrol and diesel prices in India are unlikely to be cut immediately because state-run refiners are still processing costlier crude purchased during the peak of the West Asia crisis, Oil Minister Hardeep Singh Puri said.
Prime Minister Narendra Modi will chair a meeting with senior ministers to assess the petroleum, power, and fertiliser sectors in light of the ongoing situation in West Asia, focusing on ensuring uninterrupted supply and stable logistics.
'We may be able to wind back some of the schedule reductions we'd taken in recent months.'
The Road Transport Ministry has updated the Central Motor Vehicles Rules 1989 to allow flex-fuel vehicles capable of running on up to E100 (nearly pure ethanol). These amendments include E100 alongside E85 for emission certification and raise the vehicle weight limit for light petrol and diesel vehicles. This move supports India's strategy to reduce crude oil import dependence, with major automakers already developing flex-fuel models for the Indian market.
Indian benchmark indices Sensex and Nifty experienced a significant decline in early trade, with the Sensex falling over 500 points and the Nifty over 150 points, as Brent crude oil prices surged past USD 100 per barrel due to escalating geopolitical tensions in the West Asia. track sensex, Nifty on July 24.
Amidst the escalating conflict in West Asia, India is actively engaged in diplomatic efforts to protect its energy security interests and ensure the safety of its diaspora in the region.
Prime Minister Narendra Modi will chair a meeting with senior ministers to review the petroleum, power, and fertiliser sectors in light of the evolving situation in West Asia, focusing on ensuring uninterrupted supply and stable logistics.
Engagement with neighbours has gathered pace, particularly as the conflict in West Asia has exposed their vulnerability to energy supply disruptions.
Analysts are revising down India Inc's financial year 2026-27 (FY27) earnings growth forecasts, citing persistently high crude oil prices above $100 a barrel due to the West Asia conflict, which is expected to dent corporate financial performance in the coming quarters.
India's foreign exchange reserves saw a significant drop of USD 5.654 billion, settling at USD 666.933 billion for the week ending June 26, following interventions by the RBI and public appeals by Prime Minister Narendra Modi to conserve forex.
India's state-run oil marketing companies (OMCs) are projected to incur under-recoveries of approximately Rs 80,000 crore on liquefied petroleum gas (LPG) sales in FY27 if current loss levels persist, according to rating agency Icra.
Former US National Security Adviser John Bolton has stated that China is not prepared to back India's bid for a permanent seat on the UN Security Council. He highlighted that any expansion of permanent membership would require a UN Charter amendment, which China could veto. Bolton also discussed the broader institutional challenges facing the UN and suggested that regime change in Iran is crucial for long-term stability in West Asia, linking Houthi attacks to Iran's "ring of fire" strategy.
Iranian Foreign Minister Abbas Araghchi has urged Pakistan to use its diplomatic influence to help de-escalate the current regional situation and support efforts to maintain the ceasefire.
The government maintained a strong pace of capital expenditure, which jumped nearly 24 per cent to Rs 3.40 trillion in April-June.
Axios has reported that a new US intelligence report has found that Iran has "substantially increased" its efforts to target American diplomats and officials in the Middle East. The intel memo which Axios cited also said that plots against American diplomats were reaching "advanced stages."
'India was the emirate's largest international source market by hotel guest volume.'
India's foreign exchange reserves surged by USD 11.475 billion to a new record high of USD 740.803 billion for the week ended August 28, driven by the RBI's concessional forex swap initiatives.
India's foreign exchange reserves have surged by a record USD 44.903 billion to a new lifetime high of USD 785.706 billion for the week ended September 4, driven by the Reserve Bank of India's concessional forex swap initiatives.
The Ministry of External Affairs has confirmed that nearly 880 Indian nationals, including students, have been evacuated from Iran via Armenia and Azerbaijan due to the ongoing conflict in West Asia.
Prime Minister Narendra Modi will review the impact of the West Asia conflict on India's food, energy, and fuel security with senior cabinet ministers. The meeting follows previous discussions and concerns raised about global energy crises and supply chain disruptions.
India's toll collection growth is projected to moderate to 5-7 per cent year-on-year in FY27, a 150-200 basis points reduction, primarily due to the economic impact of the West Asia conflict and a slowdown in commercial traffic, according to Crisil Ratings.
Akasa Air, despite facing headwinds from the West Asia conflict and rising aviation turbine fuel prices, expects to maintain a 30-40 per cent growth trajectory over the next five years and aims for an initial public offering (IPO) within two to four years, according to CFO Ankur Goel.
