Connect with us
Wednesday,01-December-2021

Business

Rupee weakens further amid strong dollar, rising oil prices

Published

on

Indian-rupee

The Indian rupee continued to depreciate on Wednesday amid a strengthening dollar across currencies globally.

The rupee ended at 74.32 per dollar on Wednesday, weakening by 9 paise from its previous close.

Rahul Gupta, Head Of Research (Currency), Emkay Global Financial Services, said: “The rupee is on an edge, for which the greater sensitivity probably lies towards stronger US data and a stronger dollar.”

He noted that that the foreign exchange market is focusing on a “potentially hot” US labour report and the degree to which the new Covid variant reduces recovery expectations.

“So until the USD-INR spot trades above 73.75-73.80, it will remain afloat with immediate resistance around 74.50 and then to the 74.75 zone. The major supports lie around 73.75-73.50-73.45,” Gupta said.

Along with the strengthening dollar, persistent rise in crude oil prices has also impacted the Indian currency.

The August contract of Brent crude oil in the intercontinental exchange is currently at $75.19, higher by 0.58 per cent from its previous close.

Meanwhile, the Indian equity market ended on a subdued note after a positive start. The BSE Sensex closed at 52,482.71, lower by 66.95 points or 0.13 per cent from its previous close.

Business

Delhiites suffered due to Kejriwal’s delayed decision on petrol prices: Manoj Tiwari

Published

on

By

BJP MP Manoj Tiwari on Wednesday said had the Delhi government reduced VAT on fuel soon after the Centre’s decision to lower the prices of petrol and diesel, Delhiites’s hard-earned money would not have been wasted.

“Kejriwal looted the people of Delhi for 27 days! The late decision (on reducing VAT on petrol) has once again proved that he does not care about the people! Had the decision been taken 27 days ago, the people of Delhi would not have lost crores of rupees,” Tiwari said in a tweet in Hindi this afternoon.

Petrol prices in the national capital have fallen by Rs 8 per litre after the Delhi government cut down Value Added Tax (VAT) on the fuel to 19.40 per cent from earlier 30 per cent.

This decision was taken after the chief minister chaired a Cabinet meeting over the issue. Till now, the petrol is being sold at Rs 103.97 and new rates will come into effect from midnight.

Meanwhile, the diesel rate in Delhi stands at Rs 86.67. In Mumbai, which is having the highest fuel rates among metro cities, petrol is retailed at Rs 109.98 per litre while diesel is being sold at Rs 94.14 per litre.

On November 4, the Centre had reduced petrol and diesel rates by Rs 5 and Rs 10 per litre respectively. Post the move, the Opposition parties in Delhi have been urging the AAP-led state government to cut VAT on petrol by at least Rs 10 per litre.

Following the Central government’s announcement, as many as 25 states and Union Territories reduced Value Added Tax (VAT) on petrol and diesel to provide relief to consumers.

A majority of these states are either ruled by the Bharatiya Janata Party (BJP) or its allies.

Continue Reading

Business

Nov GST collection rises to over Rs 1.31 lakh Cr

Published

on

By

GST

 India’s GST collection rose on both sequential and year-on-year basis in November.

Accordingly, the gross GST collection rose to Rs 1,31,526 crore last month.

This was the second straight month when the gross GST collection crossed Rs 1.30 lakh crore.

Besides, the GST revenue for November 2021 was 25 per cent higher than the corresponding period of last year and 27 per cent over the like month of 2019-20.

As per the Ministry of Finance, out of the total gross collection, CGST’s share was Rs 23,978 crore, SGST was Rs 31,127 crore, IGST about Rs 66,815 crore and Cess was Rs 9,606 crore.

“The GST revenues for November 2021 have been the second highest ever since the introduction of GST, second only to that in April 2021, which related to year-end revenues and higher than last month’s collection, which also included the impact of returns required to be filed quarterly,” the ministry said.

“This is very much in line with the trend in economic recovery.”

Continue Reading

Business

Petrol prices cut by Rs 8/litre in Delhi

Published

on

By

Petrol-2

Petrol prices in national capital fell by Rs 8 per litre on Wednesday after the Delhi government cut down Value Added Tax (VAT) on the fuel to 19.40 per cent from earlier 30 per cent.

New rates will come into effect from midnight.

This decision came after Chief Minister Arvind Kejriwal chaired a Cabinet meeting this morning.

Currently, the petrol is being sold at Rs 103.97.

In early November, the Centre had reduced petrol and diesel rates by Rs 5 and Rs 10 per litre respectively. Post the move, the Opposition parties in Delhi have been urging the AAP-led state government to cut VAT on petrol by at least Rs 10 per litre.

In India, fuel prices differ from state to state depending on the local taxation (VAT) and freight charges. Besides, the central government charges an excise duty on auto fuels. After adding excise duty, dealer commission and VAT, the retail selling price of the petrol gets nearly doubled.

From June 2017 onwards, the petrol and diesel prices in India are being revised daily at 6 a.m. via the dynamic fuel price method. Earlier, this exercise used to take place every fortnight.

Continue Reading

Trending