Rupee closes below 73

The rupee on Wednesday reverted to its old ways of sagging against dollar as rising crude prices pushed the currency below 73 mark for the first time.

The pressure on currency cannot be solely attributed to oil-the US Federal Reserve has raised its rates that has led to a dollar rally and outflows from emerging markets including India.

Foreign portfolio investors have already pulled out ,$9 billion from the equity and bond markets. Experts have forecast the country's CAD- difference between foreign exchange earned and spent - which hit 2.4 percent of GDP during the first quarter of this year is set to rise further because of crude.

IOC to speed up Paradip refinery launch

Indian Oil Corporation on the first day of 2015 said it would begin the process of commissioning its long delayed project of Rs 34,500-crore Paradip refinery in Odisha from the first quarter.
The refinery is configured to process the toughest, heaviest and dirtiest crude such as Maya of Mexico, which are cheaper than the cleaner and more easily processed varieties from West Asia.
The refinery will have a Nelson complexity index of 13, highest in the world.

MCX- world's no.3 commodity futures exchange

MCX-SX (multi commodity exchange-stock exchange)
with its 40-stock index SX-40, it is third full fledged bourse after BSE and NSE.
Globally MCX is no.1 in Silver and Gold ; No.2 in Natural gas, No.3 in Crude Oil.
The index allows fast entry for better free float and hedge against commodity price volatility.

It will begin trading in equities and equity derivatives from Monday.

Oil prices goes higher

Oil prices were higher on Monday, lifted by rising global equities and positive data that suggested the worst may be over for the crisis-hit US housing market, analysts said.

New York's main futures contract, light sweet crude for delivery in August, gained 32 cents to 63.88 dollars a barrel.

Brent North Sea crude for September delivery climbed 50 cents to 65.88 dollars.

US stocks opened higher Monday, building on last week's powerful rally on reports that huge business lender CIT Group had found private financing to avert bankruptcy. European shares rallied Monday after gains in Asia.

US media reported Monday that business lending giant CIT Group, which provides capital for small- and mid-sized businesses, has negotiated an agreement worth 3.0 billion dollars with its bondholders to avoid bankruptcy.

Oil soared last week as traders welcomed encouraging US data and earnings reports that could boost the recession-mired American economy -- which is the world's top energy consumer.