E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Smoking Meat Finds Natural Home In The Cloud

August 9, 2022

March session in Kashmir 2022 and Jammu and Kashmir schools? JKBOSE moots proposal – Details

August 9, 2022

Ethereum Merge Attracts Institutional Investors: Report

August 9, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Business»India’s record trade deficit in June adds pressure on currency
Business

India’s record trade deficit in June adds pressure on currency

Paul EasterBy Paul EasterJuly 5, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email


India`s June trade deficit widened to a record $25.63 billion, pushed by a rise in crude oil and coal imports, from $9.61 billion a year ago, adding to fears of further pressure on the rupee.

New Delhi is worried about rising imports after a surge in global crude and commodity prices following the Ukraine war, and rising demand for coal and other goods fuelled by the domestic economic recovery.

India`s rupee has plunged 6% against the dollar this year, weighed down by broad strength in the greenback and as investors retreated from domestic share markets.

June`s merchandise trade deficit was the highest ever, according to private economists.

In the first quarter of the current fiscal year ending June, the merchandise trade deficit more than doubled to $70.25 billion from $31.42 billion during a year ago period, preliminary trade data released by the Ministry of Commerce and Industry on Monday showed.

Aditi Nayar, chief economist at ICRA, the Indian arm of ratings agency Moody`s, said, after an uptick in the trade deficit, the current account deficit was likely to more than double to $30 billion during April-June quarter, from $13 billion in previous quarter.

“We expect merchandise trade deficit to remain in excess of $20 billion in the remainder of 2022,” she said.

However, a robust surplus in services trade and forex reserves of over $590 billion provide confidence to the government that it can manage external payments.

A senior government official on Monday told reporters that India was facing “headwinds on capital flows,” while the central bank was making all efforts to address currency volatility.

June`s merchandise imports rose 51.02% year-on-year to $63.58 billion, while exports rose 16.78% to $37.94 billion.

The slowdown in the world economy is dampening exports, said Mahesh Desai, chairman of the Engineering Exports Promotion Council, noting high commodity prices and rising logistics costs remained key concerns.

“Going forward, the intensity of any further impact would depend on how long the global uncertainties persist,” he said.





Source link

Paul Easter

Related Posts

March session in Kashmir 2022 and Jammu and Kashmir schools? JKBOSE moots proposal – Details

By Paul EasterAugust 9, 2022

Ashish Kacholia stock: This packaging company’s shares hit new lifetime high on Monday; brokerages recommend Buy – check price target

By Paul EasterAugust 9, 2022

Stock Markets: REVEALED! Why world economies fearing recession but India is emerging even stronger

By Paul EasterAugust 9, 2022

This American tech company joins ONDC in major boost to government’s effort to reshape e-commerce landscape

By Paul EasterAugust 9, 2022
Add A Comment

Comments are closed.

Our Picks

Smoking Meat Finds Natural Home In The Cloud

By Paul EasterAugust 9, 2022

March session in Kashmir 2022 and Jammu and Kashmir schools? JKBOSE moots proposal – Details

By Paul EasterAugust 9, 2022

Ethereum Merge Attracts Institutional Investors: Report

By Paul EasterAugust 9, 2022
Recent Posts
  • Smoking Meat Finds Natural Home In The Cloud August 9, 2022
  • March session in Kashmir 2022 and Jammu and Kashmir schools? JKBOSE moots proposal – Details August 9, 2022
  • Ethereum Merge Attracts Institutional Investors: Report August 9, 2022
  • Multas a los vendedores ambulantes aumentaron durante el primer año del DCWP August 9, 2022
  • Ashish Kacholia stock: This packaging company’s shares hit new lifetime high on Monday; brokerages recommend Buy – check price target August 9, 2022
  • Stock Markets: REVEALED! Why world economies fearing recession but India is emerging even stronger August 9, 2022
  • This American tech company joins ONDC in major boost to government’s effort to reshape e-commerce landscape August 9, 2022
Archives
  • August 2022
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.