Global crude oil prices extended declines today amid hopes that the United States and Iran were nearing a peace deal. Brent crude was trading 3.3% down at 97 US dollars and 88 cents per barrel, while West Texas Intermediate crude was also trading 3.7% lower at 91 US dollars and 53 cents per barrel when reports last came in.  

The RBI has projected GDP growth at 6.9 percent for the current financial year, underlining confidence in the economy despite global uncertainties. Governor Malhotra highlighted that structural reforms and coordinated efforts by the government, RBI and other institutions continue to support growth while keeping inflationary pressures under control. On inflation, the central bank has estimated it at 4.6 percent for 2026-27, well within the target band of 2 to 6 per cent, reinforcing the outlook for stable prices.

Earlier in the day, the RBI’s Monetary Policy Committee unanimously decided to keep the benchmark repo rate unchanged at 5.25 per cent, adopting a cautious “wait-and-watch” approach. The decision comes amid heightened global uncertainty, particularly due to the recent West Asia tensions, which led to a spike in crude oil prices, weakening of the rupee and disruptions in global trade flows. Governor Malhotra said the central bank has factored in the recent ceasefire developments in its assessment. He noted that external shocks, including geopolitical tensions, continue to pose risks to inflation and growth, necessitating a calibrated policy approach.

On monetary transmission, the Governor said banks have passed on about 90 basis points reduction in lending rates against a cumulative 125 basis points cut in the repo rate. On the deposit side, transmission has exceeded 100 basis points, which he termed as satisfactory. Addressing concerns on currency market measures, Governor Malhotra clarified that steps taken by the RBI were aimed at curbing excessive volatility in the rupee and are not structural in nature. He reiterated the central bank’s commitment to further developing and deepening financial markets, adding that such temporary measures will not remain in place permanently. The RBI Governor emphasised that despite recent volatility in the forex market, India’s macroeconomic fundamentals remain strong, providing stability and supporting sustained economic growth in the coming period.

The Sensex rose 510 points to close at 74,617, while Nifty added 155 points to settle at 23,124. In the broader market on the National Stock Exchange, the Mid-cap 100 gained 0.2%, while the Small-cap 100 closed marginally lower.

The markets opened the day with a gap down of over 0.5% and traded in the negative zone during the first half. However, in the latter half, they staged a strong recovery and ended the session on a bullish note. The Sensex rebounded by over 1,300 points, while the Nifty recovered more than 400 points from their intraday lows.

In the forex market today, the rupee appreciated by eight paise to close at 92 rupees and 98 paise against the US dollar.

यह सुविधा डाक नेटवर्क के जरिए दी जाएगी, जिसमें यूनिवर्सल पोस्टल यूनियन (यूपीयू) के पोस्ट ट्रांसफर सिस्टम को भारत के यूनिफाइड पेमेंट्स इंटरफेस (यूपीआई) से जोड़ा जाएगा।

इस पहल से दोनों देशों के लोगों को सस्ता और आसान तरीके से पैसे भेजने और प्राप्त करने की सुविधा मिलेगी, जिससे वित्तीय कनेक्टिविटी भी मजबूत होगी। इस संबंध में भारत और भूटान ने डाक सहयोग के लिए एक समझौता (एमओयू) भी किया है, जो इंडिया पोस्ट और भूटान पोस्ट के बीच सहयोग का एक ढांचा तैयार करेगा।

इस समझौते के तहत डाक सेवाओं, तकनीकी विकास, लॉजिस्टिक्स कनेक्टिविटी, फिलेटली (डाक टिकट संग्रह), क्षमता निर्माण और ज्ञान के आदान-प्रदान जैसे क्षेत्रों में सहयोग बढ़ाया जाएगा।

दोनों देशों ने प्रशिक्षण और कौशल विकास पर भी जोर दिया है। इसके तहत भूटान के डाक अधिकारी भारत में प्रशिक्षण कार्यक्रमों में हिस्सा लेंगे, जिनमें रफी अहमद किदवई राष्ट्रीय डाक अकादमी और अन्य प्रशिक्षण केंद्र शामिल हैं।

इन कार्यक्रमों में संचालन, प्रबंधन और नई तकनीकों से जुड़ी जानकारी दी जाएगी ताकि डाक सेवाओं को और बेहतर बनाया जा सके।

इसके अलावा, भारत और भूटान ने तकनीकी क्षेत्र में सहयोग बढ़ाने पर भी सहमति जताई है। इसमें डिजिटल पोस्टल सिस्टम और डिजिटल एड्रेस कोड जैसी तकनीकों को साझा करना शामिल है, जिससे लॉजिस्टिक्स और सेवाओं को और बेहतर बनाया जा सके।

दोनों देशों ने सांस्कृतिक आदान-प्रदान और फिलेटिली के क्षेत्र में भी सहयोग जारी रखने पर सहमति जताई है। भूटान पोस्ट को भारत में आयोजित डाक टिकट प्रदर्शनी में भाग लेने के लिए आमंत्रित किया गया है।

भारत ने यह भी कहा है कि वह डाक नेटवर्क के जरिए वित्तीय सेवाओं को मजबूत करने और लोगों तक आसानी से बैंकिंग सुविधाएं पहुंचाने के अपने अनुभव को भूटान के साथ साझा करने के लिए तैयार है। (इनपुट-आईएएनएस)

As per the depositories’ data, foreign portfolio investors (FPIs), also pulled out 889 crore rupees from the Indian debt markets. This brings the net outflow from the Indian capital market to 60,269 crore rupees during the period under review.

The sell-off marks a sharp reversal after strong inflows in February, when FPIs had infused 22,615 crore rupees into the Indian equities, the highest monthly inflow in 17 months.

Before that, FPIs had been net sellers of shares for three consecutive months, withdrawing 35,962 crore rupees in January, 22,611 crore rupees in December, and 3,765 crore rupees in November last year.

Highlighting the proposed Union Budget 2026-27, the Government said that several measures have been taken by the government to further strengthen the services sector. These include tax holidays until 2047 for foreign companies providing cloud services using infrastructure located in India, along with reforms in the Safe Harbour regime for IT services and improvements in Advance Pricing Agreements to simplify tax compliance.

It said that the Software services remain the largest component of India’s services exports, contributing over 40 percent, while business and consulting services have emerged as major growth drivers. Expanding Global Capability Centres, growing artificial intelligence capabilities, and improved global market access through trade agreements are also expected to accelerate India’s services exports. The government aims to make India a global leader in services trade with a 10 percent global share by 2047, supporting growth, employment, and integration with the global economy.

He stressed that the tax system must remain transparent, unbiased, and taxpayer-friendly, while firmly addressing tax evasion. Mr Radhakrishnan said that IRS officers possess a specialised skill set that makes them an important force in India’s journey towards becoming Viksit Bharat by 2047.

On LPG, the Joint Secretary said this is a matter of concern but there is no dry out in any of the 25,000 distributors. She said 50 lakh cylinders are being delivered every day. Ms Sharma urged people to not believe in rumours and indulge in panic buying. She said action is being taken on black marketing and hoarding. She also said that domestic production of LPG has increased by 30 percent. Meanwhile, India has highlighted to Iran the importance of unhindered transit of energy and goods amid the current situation in West Asia.

External Affairs Ministry spokesperson Randhir Jaiswal said Prime Minister Narendra Modi spoke to Iranian President Dr. Masoud Pezeshkian on Thursday and stressed on New Delhi’s priority regarding the safety and well-being of Indian nationals in the region, including in Iran. Overall, port operations across India remain stable. A Standard Operating Procedure has been issued for all Major Ports and State Maritime Boards to proactively facilitate shipping lines and exporters through stakeholder coordination and time-bound grievance redressal.

Addressing the IVCA Conclave 2026 in Mumbai, Pandey said AIFs are increasingly playing a larger role in channelising finance to priority sectors such as renewables, storage, logistics and strategic manufacturing, especially amid global geopolitical uncertainties. Pandey further said that India currently has more than 1,700 registered AIFs, with investments of about 6.45 trillion rupees, reflecting a compound annual growth rate (CAGR) of nearly 30 per cent over the past five years.

The Ministry noted that a total sales of 1.58 MT have been achieved in February 2026. While the retail sales, stockyard sales and door deliveries also witnessed significant improvement during the period, underlining the company’s strong customer-centric approach.

In the forex market today, the rupee depreciated by 58 paise to close at a record low of 92 rupees and 33 paise against the US dollar. The dollar index, which indicates US dollar’s strength against a basket of six other leading currencies, was trading at 99.26 in intra-day trade.

Global crude oil prices surged to nearly 120 US dollar per barrel mark in early trade today, hitting levels not seen since 2022. The jump in prices was largely due to supply cuts by some major producers.

Fears of prolonged shipping disruptions also weighed heavily on the market sentiment. Brent Crude was trading 10.5 per cent higher at 102 US dollars and 45 cents per barrel and WTI Crude was trading nearly 11 per cent up at 100 US dollars and 77 cents per barrel, when reports last came in.

In a written reply in Lok Sabha today, Finance Minister Nirmala Sitharaman said that the medium-term impact of the global crude oil price rise on inflation depends on several factors, including exchange rate movements, global demand and supply situation, monetary policy transmission and the extent of the indirect pass-through.

She said that the price of both global crude oil and the Indian basket has been on a declining trajectory for the past one year, till the geopolitical clashes commenced in West Asia on the 28th of last month. Mentioning the Monetary Policy Report of the Reserve Bank of India (RBI), she said the report estimated that if crude oil prices are higher by 10 per cent than the baseline assumptions, and assuming full pass-through to domestic prices, inflation could turn out to be higher by 30 basis points.