Indian refiners have sourced nearly six million barrels of crude oil from Nigeria’s SEEPCO, boosting energy security amid global uncertainty. The shipment highlights the importance of diversified supply sources in maintaining stable energy supplies.
The Reserve Bank of India (RBI) has left interest rates unchanged, despite raising its inflation forecast and lowering its growth outlook, as policymakers grapple with pressure on the rupee and heightened global uncertainty. The RBI has widened overseas investors’ access to government securities, eased investment restrictions for foreign portfolio investors (FPIs), and backed tax exemptions on sovereign bond investments.
The Indian stock market continues its downward trend due to ongoing global uncertainty and persistent foreign portfolio investor selling. Crude oil prices have surged, weighing heavily on investor sentiment, while the rupee showed signs of stabilisation.
