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Market move● Neutral for Indian equities
Iranian Rial Hits All-Time Low Against Dollar As Fresh US Sanctions Bite
The brief
- The Iranian rial hit an all-time low against the dollar
- Iran’s annual inflation was 61.4%; food prices rose 128.1% year on year
- India’s kharif crops output may be lower, crops in winter season also at risk in rainfed areas
- Food companies challenge FSSAI red warning labels in Supreme Court
- Import duty cut on sunflower oil has a significant Russian backdrop
- Triple shock rattles India’s FMCG basket as 68% of categories lose volume
- Macro headwinds, rising input costs impact FMCG volumes in June quarter: NIQ