Business

The BSE Sensex remained in a consolidation phase for the third consecutive session on Wednesday.

This comes after the Air India management assured that it would consider reinstating the 100 sacked pilots.

The rupee rose to its strongest level in more than a month on Tuesday on the back of dollar inflows into domestic equities.

The rupee appreciated by 65 paise to 54.78 against the US dollar on hopes of some policy changes from the new Finance Minister (cum PM) Manmohan Singh.

This comes after a meeting of the representatives of pilots, cabin crew, engineers and ground handling staff.

Exports from April to May were at $50.14 billion.

The central bank also said the country faces the risk of lower growth in 2012-13 if the monsoon is below average.

The Reserve Bank on Friday had directed state-owned oil firms to buy half of their dollar requirement for oil imports from a single public sector bank.

Rupee has hit an all-time low of Rs 57.37 for a dollar on sustained demand for the greenbacks from oil importers amid a sharp fall in crude oil prices.

IKEA's plans could give a boost to the embattled government, which was forced in December to backtrack on FDI.

The rupee breaches 57-mark as banks and importers increase their demand for dollar.

Although demand for gold is seasonally low in India, a price correction could spur purchases ahead of the next festive season.

In Mumbai, jet fuel will cost Rs 63,178 per kl from Saturday as against Rs 66,587.90 a kl now.

Goldman Sachs said a sluggish domestic and global growth outlook would have a bearing on the Indian equities.

Aggarwal assured that once the FDI policy is revised; the airline will be able to get needed equity investment.

The big issues in India are the high cost of jet fuel and airport charges, which are the highest in the world.