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The Indian rupee is currently Asia’s worst-performing currency of 2025. It is also on track for its largest annual decline since 2022 — the year Russia’s invasion of Ukraine sent oil prices soaring past $100 per barrel, dealing a major blow to India, which imports about 90% of its crude. This year’s weakness, however, has been driven by higher US tariffs on Indian exports and an exodus of foreign investors from the local stock market. In a bid to stabilise the rupee, the Reserve Bank of India has sold more than $30bn of foreign-currency assets since the end of July, according to Bloomberg Economics estimates, and in doing so managed to avert a new low in mid-October. But on November 21, the rupee slumped to 89.4812 against the US dollar, which suggests the central bank stopped defending the currency. Analysts suspect the RBI wants to conserve its reserves in the event of delayed trade talks with the US. The currency is now at a crucial juncture. Possible improvements in US-India trade ties and a lower tariff rate could ease pressure on the currency. But if that doesn’t eventuate, the RBI may be forced to support the rupee further. What caused such a weak rupee this year? The rupee first dipped in January before it eked out slight gains against the dollar in March and April. At its strongest, in early May, the currency traded at 83.7538 per dollar. This was around the same time investors were betting India would be among the first to clinch a trade deal with the US. Expectations of lower tariffs on Indian exports fuelled optimism that foreign capital would flow into the country as companies sought manufacturing hubs outside of China. The tide turned in July, when President Donald Trump announced plans to impose higher-than-anticipated tariffs and threatened to penalise India for purchasing Russian energy and weapons. The levies dashed New Delhi’s hopes of preferential treatment over its Asian peers and the rupee suffered its worst monthly loss since 2022. In August, the US set tariffs on most Indian exports at 50% — the highest across Asia — which included a “secondary” 25% penalty tariff for India’s trade with Russia. The rupee fell to a series of record lows, breaching 88 per dollar. In September, the currency weakened further after reports that President Trump had urged European nations to impose similar Russia-related penalty tariffs on Indian imports, and that the US planned to raise the fee for its high-skilled H-1B visa — the vast majority of which go to Indian-born workers — from a few hundred dollars to $100,000. A frantic foreign exodus from Indian equities — driven by US tariffs, high stock valuations and concerns about economic growth and tepid corporate earnings — has piled additional pressure on the rupee. As of November 25, foreign investors had pulled out nearly $16.3bn from Indian shares this year, closing in on a record outflow set in 2022. Traders have speculated that the RBI has been intervening on and off this year to stabilise the currency, most notably in February and again in October. But on November 21, the rupee abruptly fell to an all-time low, suggesting that on that occasion the central bank chose not to step in. What is the central bank’s intervention strategy? The RBI intervenes only when it needs to contain excessive volatility, rather than targeting any specific value relative to the dollar, the central bank’s governor has said repeatedly. It typically does so by selling US dollars from its foreign-exchange reserves — which helps curb the dollar’s rise and supports the rupee — or through offshore derivatives contracts in which it commits to sell dollars at a predetermined price at a future date. Those reserves now stand at about $693bn — among the largest in the world and enough to cover about 11 months of imports. While the RBI has stepped in strongly many times over the years, it is now said to be taking a more hands-off approach under its new chief, who was appointed in December 2024. On November 26, the International Monetary Fund offered some insight into India’s intervention strategy when it classified India’s exchange-rate regime as a “crawl-like arrangement,” which indicates the central bank makes small, gradual adjustments to its currency to reflect inflation gaps with the US or other trading partners. That marks a change from its previous classification, which indicated strong levels of intervention by the central bank. Despite its new hands-off approach, when the rupee approached 89 to the dollar in mid-October the RBI grew alarmed and vowed to intervene until the currency firmed. That helped the rupee to stabilise until it fell in the last week of October, pointing to sustained pressure on the currency. Some analysts have suggested that the RBI’s defence of the rupee around 88.8 per US dollar is unsustainable amid wider trade deficits, weak portfolio inflows and a drawdown in foreign-exchange reserves. According to Bloomberg Economics, the move was likely a tactical one — intended to preserve firepower for what could be a long and volatile stretch while the US and India negotiate a trade deal. The RBI is estimated to have already spent about $32.8bn of foreign currency since the end of July. Why has the rupee been faring worse than other currencies? The rupee’s overall depreciation this year hasn’t come as a huge surprise; the currency has lost value every year since 2018. In fact, the RBI Governor Sanjay Malhotra downplayed the rupee’s weakness in an interview on November 24, saying it was to be expected given the inflation gap between India and advanced economies. What has made its weakness stand out is that the US dollar itself has been slipping, while many emerging-market currencies — such as the Taiwan dollar, Malaysian ringgit, and Thai baht — have strengthened. One reason is that those countries face far less US tariffs on their exports. India’s economy — though largely driven by its domestic market — has been hit particularly hard because the US is its largest export market. Another drag on the rupee has been India’s persistent current account deficit, which means it imports more than it exports. India must buy foreign currency — normally US dollars — to pay for those imports, which weakens demand for the rupee. By contrast, Taiwan, Malaysia, Thailand and South Korea are all running current account surpluses, which means they export more than they import, earning foreign currency from their sales abroad. Fears that the US dollar will continue to fall amid trade frictions, policy uncertainties and potential Federal Reserve rate cuts have also prompted exporters elsewhere in Asia to sell more of their dollar holdings than usual and convert the proceeds back into their local currencies, further amplifying their value. What are the pros and cons of a weak rupee? A weaker rupee makes Indian goods and services cheaper abroad, boosting export competitiveness. This helps to offset the tariff pressures facing exporters, as India seeks to expand its markets by signing trade deals with countries such as the UK. It’s also a boon for families of Indian workers abroad who send money home. India is the world’s largest recipient of remittances, with a record $137bn flowing into the country in 2024, according to the World Bank. A softer currency means every dollar remitted buys more rupees, lifting household incomes and consumption. On the flip side, a weaker rupee makes imports more expensive, pushing up the cost of essential items such as oil, fertilisers and electronics, most of which India buys from overseas. 

Market EyeWeak global oil prices had its reflection on the Qatar Stock Exchange, which Thursday saw its key index settle 45 points lower and capitalisation melt about QR3bn as about 56% of the traded constituents ended in the red. The local retail investors were seen net sellers as the 20-stock Qatar Index shed 0.42% to 10,644.73 points, although it touched an intraday high of 10,722 points. The foreign institutions turned net profit takers in the main market, whose year-to-date gains truncated to 0.7%. The banks and real estate sectors witnessed higher than average selling pressure in the main bourse, whose capitalisation melted QR2.66bn or 0.42% to QR636.73bn, mainly on small and microcap segments.The foreign individuals were seen net sellers, albeit at lower levels, in the main market, which saw as many as 140 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR807 trade across three deals. However, the domestic funds were seen net buyers in the main bourse, whose trade turnover and volumes were on the decline. The Islamic index was seen declining slower than the other indices of the main market, which saw no trading of treasury bills. The Arab individuals turned bullish in the main bourse, which saw no trading of sovereign bonds. The Total Return Index shed 0.42%, the All Share Index by 0.41% and the All Islamic Index by 0.28% in the main market. The banks and financial services sector index declined 0.78%, realty (0.62%), transport (0.32%), industrials (0.05%) and telecom (0.04%); while consumer goods and services gained 0.78% and insurance 0.71%. As many as 20 stocks gained, while 29 declined and three were unchanged. Major shakers in the main market included Qatar German Medical Devices, Mazaya Qatar, Salam International Investment, AlRayan Bank, Mekdam Holding, Qatar Islamic Bank, QNB, Meeza and Nakilat.In the junior bourse, Techno Q saw its shares depreciate in value. Nevertheless, Qatar General Insurance, Al Mahhar Holding, Widam Food, Qatar National Cement, Baladna, Woqod, Aamal Company, Estithmar Holding and Qamco were among the movers in the main market.The local retail investors turned net sellers to the tune of QR6.98mn compared with net buyers of QR9.04mn the previous day. The foreign funds were net sellers to the extent of QR6.16mn against net buyers of QR26.06bn on November 26. The foreign individuals turned net profit takers to the extent of QR0.06mn compared with net buyers of QR2.87mn a day ago. The Gulf institutions’ net buying weakened substantially to QR1.62mn against QR18.75mn on Wednesday. However, the domestic funds were net buyers to the tune of QR9.38mn compared with net sellers of QR54.78mn the previous day. The Arab individuals turned net buyers to the extent of QR2.12mn against net sellers of QR0.77mn on November 26. The Arab institutions’ net buying strengthened marginally to QR0.05mn against QR.02mn on Wednesday. The Gulf individuals were net buyers to the tune of QR0.04mn compared with net sellers of QR1.17mn the previous day. The main market saw a 13% contraction in trade volumes to 171.69mn shares, 15% in value to QR399.19mn and 21% in deals to 18,671. 

US retail sales increased less than expected in September, suggesting consumer fatigue amid higher prices, though the moderation was not enough to dampen economists' expectations for solid economic growth in the third quarter.The sales slowdown reported by the Commerce Department on Tuesday followed a long stretch of gains and marked a weak handoff to the fourth quarter. Economists said a sluggish labor market, characterised by an unemployment rate at a four-year high, was making consumers more selective about purchases."This data are mostly old news at this point, but a raft of high-frequency and survey indicators suggests that spending growth has slowed significantly in the fourth quarter so far," said Oliver Allen, senior economist at Pantheon Macroeconomics."The moribund labor market and ongoing drag on real incomes from tariff-induced price increases suggest that this slowdown is likely to be maintained."Retail sales rose 0.2% after an unrevised 0.6% gain in August, the Commerce Department's Census Bureau said. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, would rise 0.4%.Retail sales increased 4.3% on a year-over-year basis. The report, originally due in mid-October, was delayed by the 43-day shutdown of the U.S. government. Part of the increase in sales in September reflected higher prices, with receipts at service stations advancing 2.0%.Sales had accelerated in prior months, in part as consumers rushed to buy battery-powered electric motor vehicles before the expiration of EV tax credits at the end of September.Sales at auto dealerships fell 0.3% in September after rising 0.6% in August. Furniture store sales increased 0.6%, while receipts at building material and garden equipment retailers and suppliers gained 0.2%. But sales at clothing retailers fell 0.7% while those at electronics and appliance outlets decreased 0.5%. Online retail store sales dropped 0.7%. Consumers also cut back spending on hobbies and sporting goods.But they dined out and visited bars more. Sales at food services and drinking places, the only services component in the report, increased 0.7% after surging 1.0% in August. Economists view dining out as a key indicator of household finances.Retail sales excluding automobiles, gasoline, building materials and food services fell 0.1% in September after a downwardly revised 0.6% increase in August.These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. They were previously reported to have advanced 0.7% in August.The dip in core retail sales did not change economists' expectations that consumer spending picked up in the third quarter. Spending, however, is being driven by higher-income households, with many middle-income and lower-income consumers burdened by rising costs, some of them stemming from tariffs on imports, creating what economists have called a K-shaped economy. Though job growth rebounded in September, the labor market is weakening, with the unemployment rate rising to 4.4% in September.Following the recent selloff in the stock market, some economists worry that high-income households could start scaling back spending and hamper economic growth. Prior to the retail sales data, the Atlanta Federal Reserve estimated gross domestic product increased at a 4.2% annualized rate in the third quarter. The government will release its third-quarter GDP estimate on December 23. The economy grew at a 3.8% pace in the second quarter, with a smaller trade deficit accounting for the bulk of the increase.A separate report from the Labor Department's Bureau of Labor Statistics on Tuesday showed the Producer Price Index for final demand increased 0.3% in September amid a jump in the cost of energy goods. That reading followed an unrevised 0.1% drop in August. The rebound was in line with economists' expectations.In the 12 months through September, the PPI increased 2.7% after advancing by the same margin in August.Producer goods prices surged 0.9%, the largest gain since February 2024, after climbing 0.2% in August. Energy goods, which accelerated 3.5%, accounted for two-thirds of the increase in goods prices.Wholesale services prices were unchanged after falling 0.3% in August, when trade margins were compressed. The decline in trade margins had suggested that wholesalers were absorbing some of President Donald Trump's sweeping tariffs on imported goods.That move has largely resulted in moderate consumer prices, though the cost of some goods at the supermarket, including beef, coffee and bananas, has surged. Economists expect the pass-through from import duties will lift inflation in the months ahead. Several surveys, including the S&P Global PMIs, have shown US businesses continuing to pay higher prices for inputs as well as asking higher prices for their products in November. The government reported in October that the Consumer Price Index rose 0.3% in September after climbing 0.4% in August.Airline fares soared 4.0% in September while prices for hotel and motel rooms fell 0.4%. They were partially offset by a 1.2% decrease in portfolio management fees. These components go into the calculation of the Personal Consumption Expenditures Price Indexes, the measures tracked by the Federal Reserve for its 2% inflation target.Economists estimated that the PCE price index, excluding food and energy, increased 0.2% in September after rising by the same margin in August. That would keep the annual increase in core PCE inflation at 2.9%. The odds of another interest rate cut from the US central bank in December have risen, despite concerns among some Fed officials about inflation.

OilOil prices eased about 1% on Friday to settle at one-month low as the US pushed for a Russia-Ukraine peace deal that could boost global oil supplies, while uncertainty over US interest rates curbed investors' risk appetite.Brent crude futures settled at $62.56, while US West Texas Intermediate (WTI) crude finished at $58.06. For the week, Brent fell by 2.8% and WTI fell by 3.4%. Market sentiment turned bearish as Washington pushed for the Ukraine-Russia peace plan, even as sanctions on Russian oil producers Rosneft and Lukoil were set to take effect on Friday.Russia was the second-biggest producer of oil in the world after the US in 2024. Meanwhile, a stronger US dollar also weighed on oil prices. The greenback hit a six-month high versus a basket of other currencies, making dollar-priced oil more expensive for many global buyers.GasAsian spot liquefied natural gas (LNG) prices rose slightly this week but remained around the $11 area on well-stocked inventories and weak demand. The average LNG price for December delivery into northeast Asia held at $11.66 per million British thermal units (mmBtu), industry sources estimated.Asian spot gas prices built up their premium to European gas prices for near months at the TTF hub, mainly to account for an increase in spot charter rates that meant drawing cargoes over longer distances to Asia rather than Europe would cost more. In Europe, Dutch and British gas prices edged lower on Friday as expectations of stronger wind power output and warmer temperatures curbed gas demand.Prices rose earlier last week as a cold spell drove heating demand higher. The Dutch TTF price settled at $10.20 per mmBtu, recording a weekly loss of 3.4%.

OilOil prices settled more than 2% higher on Friday as Russia's port of Novorossiisk halted oil exports following a Ukrainian drone attack that hit an oil depot in the Russian energy hub, stoking supply concerns.Brent crude futures settled at $64.39, while US West Texas Intermediate (WTI) crude finished at $60.09. For the week, Brent rose by 1.2% and WTI rose by 0.6%.**media[381904]**The Russian port of Novorossiisk paused oil exports, equivalent to 2.2mn barrels per day, or 2% of global supply, and oil pipeline monopoly Transneft suspended crude supplies to the outlet.Ukraine on Friday said it separately struck an oil refinery in Russia's Saratov region and a fuel storage facility in nearby Engels overnight.Investors are assessing how recent attacks impact long-term Russian supply while watching how Western sanctions affect the country’s oil output and trade flows.GasAsian spot LNG prices were flat for a second consecutive week, as steady supplies of contracted cargoes and overall weak demand across the region outweighed modest spot market interest.The average LNG price for December delivery into northeast Asia held at $11.10 per million British thermal units (mmBtu), industry sources estimated.Current price levels are still too expensive for most price sensitive buyers, but minor supportive news came from Indonesia and Egypt that signalled higher domestic demand, adding a bit of tightness to the current circumstances.**media[381905]**In Europe, the Dutch TTF price settled at $10.56 per mmBtu, recording a weekly loss of 0.1%. Gas prices were under bearish pressure as oversupply, weak Asian demand, high freight rates, and strong US liquefaction kept cargoes in the Atlantic basin.This article was supplied by the Abdullah bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development.

OilCrude prices recovered from a midday dip on Friday on hopes Hungary can use Russian crude oil as US President Donald Trump met Hungary's Prime Minister Viktor Orban at the White House.Brent crude futures settled at $63.63 while US West Texas Intermediate (WTI) crude finished at $59.75. For the week, both benchmarks fell by around 2%.Hungary has maintained its reliance on Russian energy since the start of the 2022 conflict in Ukraine, prompting criticism from several European Union and Nato allies.Private reports also pointed to a weakening US labour market. US Labor Department employment reports are not being issued because of the government shutdown.Meanwhile, Opec+ decided on Sunday to increase output slightly in December. However, the group also paused further increases for the first quarter of next year, wary of a supply glut.GasAsian spot liquefied natural gas (LNG) prices were flat this week, as ample supplies and soft demand kept a lid on gains.The average LNG price for December delivery into northeast Asia held at $11.10 per million British thermal units (mmBtu), industry sources estimated.**media[378974]**Spot charter rates have continued to rise, which has been the primary driver behind a wider spread between Asian and European prices, with Asian prices having to hold a larger premium to continue attracting the same flows, analysts said.In Europe, the Dutch TTF price settled at $10.57 per mmBtu, recording a weekly gain of 1.0%. Gas inventories in Europe have remained around 83%, as gas demand is still weak due to weather conditions, but LNG imports have remained high.This article was supplied by the Abdullah bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development.

The price of gold in the Qatari market declined by 0.40 percent over the past week, reaching USD 3,986.49 per ounce, according to data released by Qatar National Bank (QNB).QNB data showed that the price of gold decreased from USD 4,002.78 recorded last Sunday.As for other precious metals, silver fell by 1.02 percent on a weekly basis to reach USD 48.20 per ounce, down from USD 48.70 at the start of the week. Platinum declined by 0.82 percent, reaching USD 1,563.02 per ounce, compared to USD 1,576.10 at the beginning of the week.

Gold prices rose on Wednesday, as bargain hunters stepped in after bullion dropped to a near one-week low in the previous session, while focus was also on the US private payroll data for cues on future interest rate cuts.Spot gold rose 0.8% to $3,961.85 per ounce. Bullion fell more than 1.5% on Tuesday, hitting its lowest since Oct. 30.US gold futures for December delivery rose 0.2% to $3,970.10 per ounce.Bullion hit a record high of US$4,381.21 on Oct. 20, but has fallen close to 10 percent since then.Elsewhere, spot silver rose 1.2 percent to US$47.68 per ounce, platinum gained 0.1 percent to US$1,537.10, and palladium climbed 0.2 percent to US$1,394.75.

Oil prices rose in early Asian trading on Monday after OPEC+ announced a pause in output hikes during the first quarter of 2026, reflecting a cautious stance amid ongoing demand uncertainty. Brent Crude gained 0.47% to trade at $65.24 per barrel, after closing $0.07 higher on Friday. West Texas Intermediate (WTI) rose 0.45% to $61.43 per barrel. During an online meeting on Sunday, eight OPEC+ member states agreed to raise production by 137,000 barrels per day in December 2025, consistent with the increases implemented in October and November. The group subsequently announced a pause on further output hikes for January, February, and March 2026, citing "seasonality" and typically weaker demand during the first quarter. Both Brent and WTI fell by more than 2% in October, marking their third consecutive monthly decline and hitting their lowest levels in five months on October 20, amid concerns about oversupply and economic uncertainty linked to potential US tariff measures.

Gold prices declined on Monday, weighed down by a stronger US dollar as investors scaled back expectations for further Federal Reserve interest rate cuts following hawkish remarks by Chair Jerome Powell last week. Easing US-China trade tensions also pressured bullion.Spot gold fell 0.8% to $3,968.76 per ounce, while US gold futures for December delivery slipped 0.5% to $3,978.30 per ounce. The US dollar held firm near its three-month high reached last week, making the greenback-priced metal more expensive for holders of other currencies.The US Federal Reserve cut interest rates on Wednesday by 0.25 percentage point, marking its second rate cut this year, bringing the benchmark overnight rate to a target range of 3.75%-4.00%. Among other precious metals, spot silver dropped 0.5% to $48.41 per ounce, platinum eased 0.1% to $1,566.40, and palladium declined 0.6% to $1,424.88.

Oil prices declined on Tuesday, extending losses from the previous two sessions, due to OPEC's plans to increase output, which outweighed optimism about a potential trade deal between the United States and China.Brent Crude futures dropped by four cents to $65.58 a barrel, while US West Texas Intermediate (WTI) crude futures fell by nine cents to $61.22 a barrel.Russia's Lukoil, the country's second-largest oil producer, announced its plans to sell its international assets following US sanctions.The United States announced last week a round of sanctions on Russia related to the oil sector.US Treasury Secretary Scott Bessent said in a statement that sanctions were imposed on Russia's two largest oil companies, attributing the move to Moscow's refusal to end the war in Ukraine. He added that the sanctions on Rosneft and Lukoil were due to their financing of Russia's war machine.US President Donald Trump seeks to bring an end to the conflict that began when Moscow launched its military operation in Ukraine on Feb. 24, 2022.

The Ministry of Commerce and Industry (MoCI) has issued a circular compelling operators of commercial, industrial, and public establishments to record the prices of commodities and services on the ministry's website through online services.The move is part of MoCI’s efforts to promote the business environment and ensure transparent pricing in the domestic market.The circular aims to enable operators to easily record and update price data via the website, contributing to the development of an accurate and up-to-date nationwide database of commodity and service prices, the ministry highlighted in a statement Sunday.The statement further indicated that this procedure supports digital transformation efforts and enhances the mechanisms for monitoring prices in the domestic market, fostering transaction transparency while maintaining a balance between the interests of businesses and consumers.In addition, MoCI stressed the importance of accuracy in the data submitted during the registration process, in accordance with the provisions of Law No 12 of 1972 regarding compulsory pricing and profit margin regulations and their amendments, particularly Articles (1), (6), (9), and (10), which govern suppliers' obligations in alignment with the law and its executive regulations.The ministry further noted that it will continue to co-ordinate with operators of commercial activities to streamline the registration process and ensure enforcement of the relevant measures, in pursuit of stabilising the market and safeguarding consumers' rights.