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Importers' fear rises with plunge of rupee
MUMBAI: Indian rupee continued losing trend and it closed at 70.23 against the US dollar on Friday. Rupee on Thursday collapsed to a historic intra-day trading low of 70.40 before closing at fresh life-time low of 70.15 per dollar, down by 26 paise or 0.37 per cent over the previous close. Rupee’s plunge to a record low has worried a wide cross-section of India’s society: companies, importers, those going on vacation and
 
 
Turkish lira weakens on threat of more US sanctions
ISTANBUL: Turkey’s battered lira weakened more than 6 per cent against the dollar on Friday, after a US warning that Ankara should expect more economic sanctions unless it hands over detained American evangelical pastor Andrew Brunson. It has lost nearly 40 per cent of its value against the dollar this year, hit by both the diplomatic rift and investor alarm about President Tayyip Erdogan’s influence over monetary policy. Erdogan,
   
Bangladesh and Nepal ink pact for energy cooperation
KATHMANDU: Nepal and Bangladesh signed a memorandum of understanding to work together in the development of the energy sector for the first time. Nepali Minister for Energy, Water Resources and Irrigation Barsha Man Pun and Minister of State for Power, Energy and Mineral Resources of Bangladesh, Nasrul Hamid, signed the agreement. Bangladesh had been showing interest in joint investment in the energy sector in Nepal since
 
 
Sri Lanka to sign agreement with Alibaba’s travel unit
COLOMBO: The Sri Lanka Tourism Promotion Bureau (SLTPB) will ink an agreement with Alibaba’s travel arm Fliggy to bring 1,000 travellers weekly to the country in order to expand its growing tourism sector, Tourism Minister John Amaratunga said. Amaratunga said after obtaining the necessary approval, his ministry will sign a Memorandum of Understanding with Alibaba next week. Supreme Global Holdings Limited, the local company
   
‘India’s palm oil imports set to hit six-year low’
MUMBAI: India’s palm oil imports are likely to fall 15 per cent in 2017-18 from the year before to their lowest in six years, hit by a hike in import taxes, a weaker rupee and tighter credit for would-be buyers, a senior industry official told Reuters. Reduced purchases by the world’s top importer of the oil, where it is widely used to fry foods such as samosas or bhajis, could pile more pressure on benchmark international
 
 
Morocco needs more reforms before new currency liberalisation: Bankers
RABAT: Morocco has managed to keep its currency stable since introducing a more flexible foreign exchange system, but broader reforms are necessary to boost investment before taking the next step in liberalisation, bankers said. In January, the kingdom widened the band in which the dirham trades against hard currencies to 2.5 per cent either side of a reference price from the previous 0.3 per cent. It wanted to make its exports
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