Today's news

The rupee rose 7 paise to 93.70 against the US dollar in early trade, BusinessLine and New Indian Express both reported. BusinessLine said foreign investors are gradually finding their way back into the domestic market after months of cautious participation and substantial outflows. New Indian Express linked the move to foreign fund inflows and softer crude oil prices. The rupee is quoted against the dollar, so a higher number means the rupee buys less of the dollar; a rise of 7 paise means it strengthened slightly from the previous level. Foreign fund inflows are money that overseas investors put into Indian shares and bonds, while softer crude means oil prices eased, which matters because India imports much of its oil. Neither outlet gave the previous day's closing level or a date beyond early trade.

AI summary of what BusinessLine and New Indian Express reported. AI can make mistakes. Read the full story on BusinessLine

Reuters reported that relief on oil prices could revive a rally in the rupee, while surging US government bond yields could act as a brake on it. The report gives no figures, dates or named officials, and does not say how much oil prices or yields have moved. The rupee is India's currency, and a rally means it strengthens against other currencies, mainly the US dollar. Oil matters because India imports most of the crude it uses, so a lower oil price reduces the dollars Indian buyers need. US bond yields are the returns on US government debt; when they rise, money often moves towards dollar assets. The report does not say what will happen next.

AI summary of what Reuters reported. AI can make mistakes. Read the full story on Reuters

Business Standard reported that the Centre has banned the export of specified battery waste and scrap, including lithium-ion black mass, with immediate effect. The Directorate General of Foreign Trade (DGFT) changed the export policy for goods under ITC (HS) code 85491400 from 'Free' to 'Prohibited'. Under 'Free', shipments needed no special permission; under 'Prohibited', they are not allowed. The DGFT is the government body that sets India's import and export rules, and ITC (HS) codes are the numbers used to classify goods in trade. Black mass is the leftover material from shredded batteries, which can contain lithium and other metals. The report did not give a reason for the change or say how much such waste India exports.

AI summary of what Business Standard reported. AI can make mistakes. Read the full story on Business Standard

Livemint reported that Eternal shares hit a record ₹372 on Wednesday before closing 1% lower at ₹361. Investors who bought in its IPO at ₹76 are sitting on gains of about 375%, the outlet said. The stock has risen 30% so far this year and is up 71% from its March low, which Livemint linked to improving profitability and growth at Blinkit. An IPO is a company's first sale of shares to the public, and the issue price is what buyers paid then. A record high means the highest price the stock has traded at since listing. A 375% gain means the share is worth about 4.75 times the IPO price. The 1% fall is the change on the day, not over the year. Blinkit is Eternal's quick-commerce business.

AI summary of what Livemint reported. AI can make mistakes. Read the full story on Livemint

Learn: What is an IPO, and why GMP is unofficial