India, the fastest-growing major economy, is facing economic pressures due to rising energy prices from the Iran war, causing the rupee to hit an all-time low. Investors heavily sold Indian assets, and gold prices surged following an increase in import duties. Prime Minister Modi urged citizens to adopt measures to conserve foreign exchange, including limiting travel and working from home.
The Indian government has restricted silver imports in nearly all forms to curb the national import bill and defend the rupee against depreciation.
Read the full storyIndian state refiners raised retail fuel prices by over 3% to offset surging wholesale inflation and record-high reliance on Russian crude imports.
India's trade gap widened to $28.38 billion in April, exceeding analyst forecasts as soaring global energy prices offset a 13.8% year-on-year growth in total exports.
UK 30-year gilt yields surged to levels not seen since 1998 as political instability within the Labour Party triggers independent sterling weakness.
Indian state refiners raised retail gasoline and diesel prices by over 3% to offset losses from surging crude costs and pressured refining margins.
Indian authorities mandate prior authorization for bullion imports over 100kg and link future approvals to a 50% export performance requirement.
India's wholesale price index reached its highest level since October 2022, fueled by a 24.71% spike in fuel and power costs amid ongoing geopolitical tensions.