economy

At the interbank foreign exchange market, the rupee opened at 94.69, then gained momentum and touched 94.53 in initial trade, registering a rise of 5 paise from its previous close.

Brent crude futures gained 26 cents, or 0.3 per cent, to hit $83.42 a barrel, while US West Texas Intermediate (WTI) rose by 46 cents, or 0.3 per cent, to reach $81.12 a barrel.

The launch comes amid strong growth in India's wind energy sector. India added a record 6.1 GW of new wind capacity in FY 2025-26, registering a 46 per cent year-on-year increase and marking the highest annual wind installation in the country's history.

"The government has approved Rs 37,500 crore so that coal gasification projects can be implemented quickly and incentives can be provided wherever required," he said.

Imports, too, grew 20.62 per cent to USD 73.41 billion in May, leaving a trade deficit of USD 28.21 billion.

Dalal Street's strong upward momentum was directly fuelled by an engineered peace breakthrough between the US and Iran, which triggered a corresponding slide in global crude oil prices.

The May WPI-based inflation is the highest in the current series with a base year of 2022-23.

The development comes as US President Donald Trump announced the finalisation of peace deal between the US and Iran.

While stock markets across Asia soared, the United States' Dow Jones was also trading higher. However, oil prices fell by 4.5 per cent to $83.40 per barrel.

The rupee had come under immense pressure since February 28 when the US and Israel launched a joint military operation against Iran, triggering a full-scale war.

Experts expect investor sentiment to improve across asset classes, with India likely to see a recovery after recent underperformance.

The insurance giant currently holds nearly 60 per cent of the life insurance market and manages assets worth more than Rs 57 lakh crore. In addition, it owns real estate assets valued at approximately Rs 60,000 crore.