look news india
Mumbai: A rise in the prices of rupee is being seen in the country and world markets. The new rupee trend in India has started from October and the subsequent months have seen a recent rise in prices. In the world market, there were signs that cotton prices on the Intercontinental Exchange in New York reached their highest level in a year and a half.
There the price per liter reached 107 cents, if we consider the price of sugar per liter (356 kg) in Indian Rupees then the price is around Rs 70200. In view of the possibility of increase in foreign demand of Indian rupee this year due to the rise in the global market, according to market experts, the cash stock of rupee at the end of the current season of the rupee will be 2023-24. This year it is expected to be much less in the country.
A rise in prices has been seen in the world market for the last two weeks. Even at the domestic level, due to increase in the value of rupee, farmers are bringing less goods to sell in the market in the hope that the price will increase further, as a result, there are signs of decline in the rupee. Income of new rupees in the markets of various producers of rupees.
The average daily income has reduced from 1.25 lakh bales to about 80 thousand bales. In the rupee futures market, May delivery prices recently witnessed a rise from Rs 64,900 to Rs 65,000. Spot prices in Saurashtra reached Rs 61 thousand. Cotton prices were recorded at Rs 7750 per quintal. Whereas the support price has become Rs 6620. Cotton futures prices for April delivery were quoted near Rs 1650 per 20 kg maund.
CCI prices ranged from Rs 62300 to Rs 63000. Whereas multinational trading companies were showing prices ranging from Rs 64 to 65 thousand. There are indications of increasing speculative buying in the rupee futures market in the global market.
Demand from China and Turkey has been seen in the US rupee market. The government estimate of runa crop in the country is 323 lakh bales and the commercial estimate is 294 lakh bales. CCI is estimated to have around 32 lakh bales. Out of which 1.5 lakh bales have been sold. The mills were purchasing goods from CCI. With the rise in rupee the price of cotton thread has also increased.