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Rupee Climbs 21 Paise To A Three Month High Of 69.64 Against The US Dollar

New Delhi: The rupee has climbed 21 paise to a three month high of 69.64 against the US dollar amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities. The rise in Rupee has been for the fourth straight day.

Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.

At the interbank forex market, the rupee opened higher at 69.68 and rose further to quote at 69.64, showing a rise of 21 paise over its previous close.

On Thursday the rupee had vaulted 77 paise to a three-month high of 69.85 per US dollar.

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Declining Petrol Prices Since October 18 Except For One Day Reach At Their Lowest Level Of 2018

New Delhi: According to the price notification of state-owned oil firms, Petrol price was cut by 22 paise per litre to its lowest level in 2018 while diesel rates were reduced by 23 paise to a nine-month low. Petrol price in Delhi was cut to Rs 69.04 per litre from Rs 69.26 while diesel rates came down to Rs 63.09 from Rs 63.32 a litre,

Petrol prices, which have been on a decline since October 18 except for one day, are at their lowest level of 2018. Diesel rates are at their lowest since March-end. In all, petrol price has fallen by Rs 13.79 per litre since October 18, more than negating all of the hike that was witnessed in the two-month period beginning mid-August.

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New Rules For Foreign E-commerce Platforms May Be Designed To Protect Indian Companies From Amazon And Walmart

New Delhi: India’s new rules for foreign e-commerce platforms may be designed to protect local companies from Amazon.com Inc. and Walmart Inc., but consumers are likely to suffer the collateral damage.

Online marketplaces must treat all vendors equally by providing the same terms, India’s trade ministry said Wednesday. In practice, this means barring e-commerce companies from forcing a seller to feature products exclusively on their platforms, and limiting ownership or control over the marketplace’s inventory. The government says the changes will promote fair trade and curb foreign companies’ influence in setting domestic prices.

This could mean that platforms offered by e-commerce giants such as Amazon and Walmart’s Flipkart may be prohibited from offering their own goods -- such as the Echo smart speaker -- at heavy discounts, while allowing rivals the opportunity to sell previously proprietary products.

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Debate About Past Growth Performance Overshadows Concerns About Present Growth Rates

New Delhi: This has been a year when debate about past growth performance overshadowed concerns about present growth rates in the Indian economy. In 2015, the Central Statistical Office (CSO) released a new gross domestic product (GDP) series with 2011-12 as the base year.

Because the CSO did not release a full back series and the old series figures were not available anymore, long-term growth comparisons became impossible. The CSO released a partial back series – it ends at 2004-05 – in November this year.

The new numbers were counter-intuitive. They disputed the widely held belief that the Indian economy experienced its best boom phase under the United Progressive Alliance (UPA) government before the 2008 global financial crisis killed the momentum. They also showed that India’s best economic run came under the present government. Compound annual growth rate (CAGR) of GDP at market prices (2011-12 series) was 7.3% between 2014-15 and 2017-18, higher than the 6.7% and 6.4% between 2004-05 and 2009-10 (UPA I) and between 2009-10 and 2013-14 (UPA II).

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Government Tightens Norms On E-Commerce Firms Like Flipkart And Amazon

New Delhi: The government has taken host of steps and barred them from selling products of the companies in which they have stake tightening norms for e-commerce firms like Flipkart and Amazon.

The commerce and industry ministry also prohibited e-commerce companies from entering into an agreement for exclusive sale of products.

“An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group companies, will not be permitted to sell its products on the platform run by such marketplace entity,” the ministry said.