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Gold is seen as a hedge against inflation, but higher interest rates to rein in rising price pressures increase the opportunity cost of holding it. On Tuesday, gold was wedged between support from a weaker dollar and headwinds from higher yields.

"We are investing in multiple enhanced oil recovery (EOR) and improved oil recovery (IOR) projects," he said. "In the fiscal year ending March 31, we managed to arrest the decline in output after five years and from the current fiscal we will see production rising."

"The West is facing the brunt of inflation and the OPEC plus is saying we do not care about it, but the fact remains that this is happening because going forward there is an expectation of economic weakness as the rates have moved up from zero to five percent. So, things are not going to be as rosy as it seems right now."

The key rate of the State Bank of Pakistan (SBP) now stands at 21%, its highest level ever, with consumer price inflation at its highest level recorded to date. Investors polled by Reuters had mostly expected a rate hike of 200 basis points.

The Indian rupee weakened versus the US dollar as crude prices rose, following an unexpected output cut of 1.16 million barrels per day by the OPEC+ oil-producing group. The move could lead to oil price hikes of up to $10 per barrel, which could in turn drive global inflation higher. Analysts predict this could put pressure on the Indian currency. HDFC Bank economists expect the Indian rupee to trade between 82 and 82.60 per dollar ahead of the Reserve Bank of India (RBI) meeting, during which it is expected to raise rates by 25 basis points.

In March, REC had issued bonds maturing in more than five years and over 10 years at 7.77% and 7.69%, respectively. The 10-year plus bonds have a put option at the end of more than three years.

An update on El Niño conditions will be available soon, potentially affecting agricultural production and the economy. Unseasonal rain has impacted the rabi crop

Warren Buffett’s guru Benjamin Graham, best known for his book ‘The Intelligent Investor’, believed in focusing on the real-life performance of the companies he owned and the dividends received, rather than on chasing market sentiments.

The central bank has so far raised the repo rate six times by a total of 250 basis points. It all started with an off-cycle surprise increase in May 2022 to tame inflation

Narrowing current account deficit will help the Indian rupee appreciate against the US dollar to around 79 by the second half of the current fiscal year, according to Tanvee Gupta Jain, the chief India economist at UBS Securities. While expecting the rupee to be volatile in the short term, Jain sees the local unit gain towards 79 against the greenback by the end of FY24, thanks to a narrowing CAD and weaker dollar volatility index. The agency estimates crude prices to average $80/barrel in FY24, down from $95 a barrel in FY23.