Rupee Trading Srong At 66.54 On Fresh Dollar Selling

Mumbai, April 7:  

The rupee was trading strong by 12 paise at 66.54 against the previous close of 66.66 on fresh selling of dollar by exporters.

Besides, the dollar’s weakness against some currencies overseas supported the rupee, dealers said.

However, fresh foreign fund outflows and a weak domestic equity market, restricted the rupee’s gain.

The rupee strengthened by 14 paise to 66.52 against the US dollar in early trade at the Interbank Foreign Exchange market today.

It hovered in a range of 66.60 and 66.41 before quoring at 66.54 at 3.05 pm local time.

The rupee had dropped 20 paise against the US dollar to end at 66.66 against the greenback yesterday on persistent dollar demand from banks and importers amid fresh foreign capital outflows.

Meanwhile, the benchmark BSE Sensex was trading lower by 185.16 points or 0.74 per cent at 24,715.47.

 

Source :.thehindubusinessline.com

Spices Exports Drop 6% In April-December; Up 8% In Value Terms

NEW DELHI: Country's spices exports fell by 6.26 per cent to 6,03,885 tonnes during April-December 2015-16 on sharp decline in shipments of spice seeds and cumin, the Spices Board said today.

However in value terms, the spices exports increased to Rs 11,453.99 crore in the first nine months of 2015-16 from Rs 10,580.53 crore in the year-ago period, as per the Board data.

"The value of exports has registered an increase of 8 per cent because Indian spices continue to be much sought after overseas. However, there has been a dip of 6 per cent in terms of volumes, primarily due to the decline in the export of spice seeds," Spices Board Chairman A Jayathilak said in a statement.

The country achieved 82 per cent of its full-year export target of Rs 14,014 crore, set for the first nine months of the fiscal year 2015-16, the Board added.

The export of cumin has reduced drastically to 67,300 tonnes during April-December compared with to 1,24,686 tonnes in the year-ago period due to low productivity because of unfavourable climatic conditions, he said.

The exports of cardamom (large), coriander and mint products have also declined both in volume and value terms as compared to last year, he added.

According to the Board, the export of cardamom (large) has come down to 340 tonnes till December of 2015-16 fiscal from 415 tonnes in the year-ago.

Similarly, the shipment of coriander has fallen to 29,600 tonnes from 33,233 tonnes, while that of ginger to 17,350 tonnes from 23,678 tonnes in the said period.

However, export of chilli increased to 2,53,000 tonnes as against 2,47,000 tonnes in the year-ago period.

Pepper shipments rose to 23,450 tonnes from 14,501 tonnes, turmeric exports increased to 68,500 tonnes from 64,786 tonnes and fenugreek shipments jumped to 24,000 tonnes from 16,128 tonnes in the said period.

In value terms, export of pepper -- known as the King of Spices -- rose by 83 per cent to Rs 1,438.16 crore in the first nine months of 2015-16 fiscal.

The export of value-added products like curry powder and spice oils and oleoresins also increased in volume and value during the period.

Source :economictimes.indiatimes.com

Exports Of Soybean Meal Declines 89% In Fy15

KOLKATA: India exported 70,822 tons of soybean meal in FY16, registering a decline of 89% over FY15, when soybean meal exports were 6,46,488 tons.

Exports of Soybean meal during March, 2016 was just 430 tons as compared to 46,670 tons in March, 2015, according to data released by Soybean Processors Association of India on Thursday.

The fall in exports is due to uncompetitive Indian soybean meal prices, owing to bumper soybean production in USA, Brazil and Argentina, enabling them to offer soybean meal at a much lower price than India.

During the first half of the current oil year - October 2015 to March 2016, total exports are 28,077 tons as against 5,49,627 tons last year, showing a decrease by 94.89%.

SOPA ha collected and compiled the data based on the information received from members, port authorities and other agencies. The data does not include exports to Pakistan, Nepal and Bangladesh by Rail or Road.

 

Source :economictimes.indiatimes.com

Bajaj Auto Expects To Export 10,000 Units Of Qute In Fy17

NEW DELHI: Bajaj AutoBSE -0.92 % today said it expects to export 10,000 units of its quadricycle Qute in the ongoing fiscal even as the mini four-wheeler awaits clearance for sale in India.

The company had introduced Qute in October and exported a total of 334 units to 19 markets including Turkey, Russia, Indonesia and Peru in 2015-16, Bajaj Auto President Business Development and Assurance S Ravikumar said in a statement.

"With a strong positive reception in all markets without exception, production at Waluj (plant) is being ramped up to export over 500 Qute in April 2016 alone. Currently total exports for FY17 are estimated at 10,000 units," he added.

Ravikumar said owing to its higher safety, lower emissions, and unparalleled fuel Qute is finding favor amongst two and three-wheeler consumers who cannot afford a car.

"Even as Qute goes from strength to strength in its global markets, Bajaj continues to await clearance for the sales of Qute in India," he said, adding the vehicle has also been accorded one star safety rating by Euro NCAP.

 

 

Source :economictimes.indiatimes.com

Focus Is On Sez Revival, Export Credit: Nirmala Sitharaman

NEW DELHI: Commerce and industry minister Nirmala Sitharaman has said the government is open to handhold export sectors desperately in need of help, especially the revival of special economic zones (SEZs) and making it easier for industry to do business in them.

At the first meeting of the reconstituted Board of Trade, the minister also stated the importance of the external affairs ministry in negotiating India's free-trade agreements.

The commerce department has also identified four measures to boost exports, which have declined for the past 15 months due to lacklustre global demand. These steps are according priority sector status for export credit, boosting shipments from micro, small and medium enterprises, promoting organic produce and removing hurdles faced by EXIM Bank and the Export Credit Guarantee Corporation.

"I agree there are sectors facing severe difficulty... We are open to handhold sectors desperately in need of help. We are putting SMEs on top of what we are doing," Sitharaman said after the meeting of the 70-member Board of Trade that was attended by ICICI Bank managing director Chanda Kochhar, Biocon MD Kiran Mazumdar-Shaw, Dr Reddy's Laboratories chairman Satish Reddy and TVS Motor Company chairman Venu Srinivasan.

The minister said the government will work on improving the potential of SEZs and make it easier to do business in these zones as they are sitting on huge land banks.

While pushing for export credit to qualify as priority sector lending, the minister said she would take up the matter with finance ministry. The department will discuss with the RBI and the finance ministry issues being faced by EXIM Bank and the Export Credit Guarantee Corporation regarding financial flexibility.

 

Source :economictimes.indiatimes.com