Category: Beyond

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Rupee gains 50 paise to 92.56 against US dollar

The Indian rupee strengthened by 50 paise to 92.56 against the US dollar in early trade on April 8, 2026, recovering from its previous close of 93.06. The sharp gain reflects improved global sentiment and easing pressure on the currency.

The rise follows a temporary two-week ceasefire between the United States and Iran, which has reduced concerns over geopolitical tensions in the Middle East. This has improved investor confidence and supported emerging market currencies, including the rupee.

A drop in crude oil prices also aided the recovery. Oil prices slipped below $100 per barrel, easing concerns over India’s import bill and inflation. As a major oil importer, India benefits from lower crude prices, which typically strengthens the rupee.

In early forex trade, the rupee opened at around 92.92 and extended gains to 92.56. Traders attributed the move to positive global cues and reduced volatility in financial markets.

Stronger equity markets further supported the currency. Gains in domestic and Asian stocks signalled improved risk appetite, attracting investor flows into emerging markets.

Market participants also noted that recent measures by the Reserve Bank of India have helped stabilise the rupee after it had weakened close to 95 per dollar in recent sessions.

Also Read: Gold steady at ₹1.54 lakh, Silver slumps ₹1,600

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Gold steady at ₹1.54 lakh, Silver slumps ₹1,600

Gold and silver prices showed mixed trends on wednesday as global uncertainty and volatile crude oil prices influenced investor sentiment. Gold prices remained largely steady near ₹1.54 lakh per 10 grams in futures trade, while silver prices declined by around ₹1,600 per kilogram in early sessions, highlighting uneven movement in the bullion market.

The primary driver behind this volatility is the ongoing geopolitical tension in the Middle East, particularly involving Iran. Rising crude oil prices have added to inflation concerns, prompting investors to remain cautious and limiting strong directional moves in precious metals.

During the day, however, market sentiment improved slightly following reports of a temporary ceasefire between the United States and Iran. This development led to a rebound in bullion prices in global and domestic markets. Gold saw mild gains, supported by its safe-haven appeal, while silver recovered sharply in later trade, reflecting its dual role as both a precious and industrial metal.

In the domestic physical market, gold prices continued to hover above ₹1.5 lakh per 10 grams for 24-carat purity across major cities, including Delhi, Mumbai, and Chennai. Silver prices also experienced sharp intraday fluctuations, mirroring global trends and heightened market uncertainty.

Globally, gold prices stayed firm near recent highs as investors balanced safe-haven demand with improving risk sentiment. Silver, on the other hand, remained more volatile, reacting strongly to both geopolitical cues and industrial demand expectations. Analysts note that movements in the US dollar, crude oil prices, and interest rate outlook continue to play a key role in shaping bullion trends.

Despite the fluctuations, experts advise investors to remain cautious. Markets are highly sensitive to geopolitical developments, and any escalation in tensions could push gold prices higher. Conversely, easing tensions may reduce demand for safe-haven assets and cap further upside.

Also Read: Sensex jumps 3,000 points, Nifty nears 24,000

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₹2.5 lakh crore credit scheme launched

The Central government is set to introduce a large credit guarantee scheme worth around ₹2–2.5 lakh crore to help businesses cope with the economic impact of the ongoing West Asia crisis. The initiative is aimed primarily at supporting micro, small and medium enterprises (MSMEs), which are more vulnerable to global disruptions such as rising costs and supply chain uncertainties.

Officials familiar with the development said the scheme will provide government-backed guarantees on loans extended by banks and financial institutions. By reducing the risk for lenders, the plan is expected to encourage banks to continue lending to businesses facing temporary financial stress.

Under the proposed framework, the government may guarantee a significant portion of the loan amount, possibly up to 75–90%. This means that if a borrower fails to repay, most of the losses would be covered by the government, making it safer for banks to extend credit. The scheme could also include limits on loan size and interest rates to ensure affordability for borrowers.

The programme is likely to be implemented through a government-backed agency that manages credit guarantees. The Centre may allocate a financial buffer to support the scheme, ensuring that lenders are protected against defaults.

The design of the new scheme is expected to follow the model of the Emergency Credit Line Guarantee Scheme (ECLGS), which was launched during the COVID-19 pandemic. That programme helped businesses access collateral-free loans and maintain operations during a period of severe economic disruption.

The latest move comes as global tensions in West Asia continue to create economic uncertainty. India is facing indirect effects such as fluctuating oil prices, increased transportation costs, and potential trade disruptions. While the domestic economy remains stable, policymakers are taking precautionary steps to prevent stress from spreading across sectors.

Also Read: Saudi Arabia sets $19.50 oil premium

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Saudi Arabia sets $19.50 oil premium

Saudi Arabia has raised its official selling price of crude oil for Asian buyers to a record premium of $19.50 per barrel, underscoring the growing impact of geopolitical tensions in the Middle East. The sharp increase comes as instability around the Strait of Hormuz fuels fears of supply disruptions in one of the world’s most vital oil transit routes.

The Strait of Hormuz is a crucial passage for global oil shipments, and any threat to its operations quickly affects energy markets. Ongoing tensions linked to Iran have heightened uncertainty over the safety of oil flows, prompting producers to add a significant risk premium to prices. As a result, crude markets have become highly volatile.

The increase in crude prices is expected to have wider economic consequences. Higher fuel costs typically lead to increased transportation and production expenses, which can drive up the prices of goods and services. This adds to inflationary pressures already affecting many economies.

Financial experts have warned about the broader risks. JPMorgan CEO Jamie Dimon noted that an extended conflict involving Iran could lead to sustained inflation and force central banks to keep interest rates higher for longer. This could slow economic growth and create further uncertainty in financial markets.

Also Read: Jamie Dimon flags Iran war risk to inflation

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Army receives kamikaze drones in urgent deal

The Indian Army has added a new set of kamikaze drones to its arsenal, boosting its ability to carry out precise strikes during operations. These drones were bought under an emergency procurement deal worth ₹10 crore and have been supplied by a Gujarat-based company.

Officials confirmed that hundreds of these drones have already been delivered. Known as kamikaze or loitering drones, they are designed to hover over a target area and strike by crashing into the target, exploding on impact. This makes them highly effective in hitting enemy positions with accuracy.

These drones are expected to play an important role in modern warfare, especially in sensitive and high-risk zones. They can be used for targeted attacks without putting soldiers directly in harm’s way, making operations safer and more efficient.

One of the key advantages of these drones is their ability to operate in extreme conditions. They can function in very low temperatures, even down to -35 degrees Celsius, and can also work in areas where GPS signals are weak or unavailable. This makes them particularly useful in difficult terrains such as high-altitude border regions.

The purchase was made through the emergency route, which allows the armed forces to quickly acquire critical equipment when needed. The fast delivery shows how urgently the Army wanted to strengthen its capabilities.

Another important highlight is that these drones are made in India. This supports the government’s push for self-reliance in defence production and encourages local innovation in advanced military technology.

Defence experts say that drones are becoming a key part of modern combat, as they offer precision, speed, and reduced risk to human life. The addition of these kamikaze drones is expected to give the Indian Army an edge in future operations.

Also Read: India delays refinery shutdowns to boost supply

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India delays refinery shutdowns to boost supply

Indian oil refiners have postponed scheduled maintenance shutdowns at several plants to ensure steady fuel supply, as demand remains high across the country. The decision is aimed at preventing any disruption in the availability of petrol, diesel and LPG.

State-run companies such as Indian Oil Corporation and Bharat Petroleum Corporation are among those that have delayed routine maintenance at some of their refineries. These shutdowns are usually planned in advance to maintain operational efficiency, but have now been deferred to keep production levels stable.

Officials said the move comes at a time when domestic fuel consumption is strong and global energy markets remain uncertain. Ongoing geopolitical tensions, particularly in West Asia, have raised concerns over possible disruptions in fuel supplies, increasing the need to prioritise local production.

However, not all refiners are postponing maintenance. Nayara Energy is expected to go ahead with a planned shutdown of its Vadinar refinery in April. This facility plays a key role in fuel production, and its temporary closure could have some impact, especially on LPG supply.

The government is closely monitoring the situation and is prepared to take additional steps if required, including increasing imports, to ensure that fuel supplies remain sufficient. Officials have also reassured that there is currently no shortage of petrol or diesel in the country.

India depends heavily on crude oil imports, making it sensitive to global supply disruptions. In such conditions, maintaining refinery output becomes critical to meeting domestic needs.

By delaying maintenance work, refiners are trying to avoid supply gaps and keep the market stable.

Also Read: Air India CEO Campbell Wilson steps down

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SC allows Adani’s Jaypee takeover to proceed

The Supreme Court has allowed the Adani Group’s takeover of Jaiprakash Associates Ltd (JAL) to move ahead, refusing to put the deal on hold while a legal challenge by Vedanta is still under review.

The top court declined to interfere with an order passed by the National Company Law Appellate Tribunal (NCLAT), which had cleared the way for Adani Enterprises’ resolution plan for the financially troubled company.

Vedanta had approached the Supreme Court seeking a stay on the process, arguing that its bid for Jaiprakash Associates was higher and offered better returns for lenders. The company also questioned the transparency and fairness of the bidding process.

However, the court said there was no reason to stop the deal at this stage. It noted that Vedanta’s appeal is already pending before the NCLAT and will be heard soon. The tribunal is expected to take up the matter in the coming days.

While refusing to pause the takeover, the Supreme Court asked the NCLAT to handle the case without delay. It also made it clear that any further steps in implementing the resolution plan should be subject to the tribunal’s approval.

Jaiprakash Associates is currently undergoing insolvency proceedings after defaulting on large debts. As part of the resolution process under the Insolvency and Bankruptcy Code, lenders had selected Adani’s bid over others, including Vedanta’s.

According to reports, lenders favoured Adani’s proposal due to factors such as quicker payments and more certainty in execution, even though Vedanta claimed to have made a higher offer.

The court’s decision is a positive development for the Adani Group, as it allows the acquisition process to continue without interruption. At the same time, Vedanta’s challenge remains active, and the final outcome will depend on the NCLAT’s ruling.

Also Read: Google Pixel 10a gets Japan-only blue edition

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Gold nears ₹1.50 lakh, Silver slides over ₹1,500

Gold and silver prices saw a mild decline on Tuesday, as global uncertainties and rising crude oil prices kept investors on edge. On the Multi Commodity Exchange (MCX), gold futures slipped to around ₹1,49,600 per 10 grams, while silver prices dropped more sharply, falling by over ₹1,500 to hover near ₹2.31 lakh per kilogram.

The dip in bullion prices comes at a time when geopolitical tensions in the Middle East are intensifying, particularly involving Iran. Concerns around potential disruptions in oil supply have pushed crude prices above $110 per barrel. This has raised fears of inflation, especially for countries like India that depend heavily on oil imports.

Even though gold is typically considered a safe-haven asset during uncertain times, its upward movement has been limited. One key reason is the current global interest rate environment. Higher interest rates tend to reduce the appeal of gold, as it does not offer any fixed returns compared to interest-bearing assets.

In the domestic market, gold prices remained close to the ₹1.50 lakh mark per 10 grams across major cities, while silver traded in a broad range near ₹2.31–₹2.34 lakh per kilogram. Prices showed slight variations depending on local demand and taxes.

In India, the Reserve Bank of India’s upcoming policy stance is expected to influence bullion demand and price direction.

Also Read: Sensex falls 700 points, Nifty slips below 22,800

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OPEC+ to raise May oil output despite supply risks

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, has decided to raise its oil production quotas for May by 206,000 barrels per day (bpd), continuing a cautious increase amid ongoing market uncertainty.

The announcement came after a virtual meeting of key members including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman. OPEC+ said the increase is aimed at supporting market stability as global oil markets face disruptions due to geopolitical tensions.

However, the cartel warned that actual output might not rise fully. Damage to energy infrastructure and the closure of the Strait of Hormuz, a vital oil shipping route, have limited the ability of some countries to export crude. Repairs to damaged facilities are expected to be expensive and take time, adding to supply risks.

The Strait of Hormuz, through which a significant portion of the world’s oil passes, has been affected by regional conflicts, reducing the practical supply even if quotas are raised.

Global oil prices have already been responding to these risks. Brent crude has been trading near $120 a barrel, pushed higher by fears of disrupted shipments and damaged infrastructure. Analysts warn that without improvements in supply flow, prices could remain elevated.

OPEC+ emphasized the importance of protecting shipping routes and energy infrastructure to keep oil flowing smoothly to international markets. While the quota increase signals readiness to produce more, the group said it will continue to monitor supply conditions and adjust output if needed.

The cartel’s monitoring committee will next meet in June, but OPEC+ remains prepared to convene sooner if market conditions change unexpectedly.

Also Read: OMCs cut payments to refiners amid price freeze

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Oil India increases Thar production by 70%

India is increasing its domestic oil production as global supply concerns grow, with a sharp rise in output from Rajasthan’s Thar Desert.

State-run Oil India Ltd has boosted crude production from its fields in the region, recording around 1,200 barrels per day. This is a significant jump of nearly 70% compared to last year, showing steady progress in tapping local oil reserves.

The move comes at a time when global oil markets are under pressure due to tensions in the Middle East. Disruptions around key shipping routes like the Strait of Hormuz have raised fears of supply shortages and higher prices. In response, India is looking to rely more on its own resources to meet energy needs.

The increase in production has been made possible by the use of better technology. Oil India is using advanced methods to extract heavy crude oil, which is usually harder to produce. These techniques have helped improve output from older and challenging fields in the desert region.

The oil extracted from the Thar Desert is transported to Gujarat, where it is processed at refineries. While the total production is still small compared to India’s overall oil demand, the increase is seen as an important step.

India depends heavily on imported crude oil, especially from the Middle East. Because of this, any global disruption can directly affect the country’s energy supply and costs. Boosting local production helps reduce some of this risk, even if only partially.

Experts say this effort is part of a larger plan to strengthen India’s energy security. By increasing domestic output, the country can better handle global uncertainties.

Even though the current production levels are not enough to replace imports, the growth shows that India is making progress in using its own resources more effectively.

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