Currency values are largely determined in the global foreign exchange (forex) market, where banks, financial institutions, exporters and importers trade currencies. The value of a currency depends on supply and demand, and the US dollar continues to dominate global trade and financial transactions.

Economists point out that the dollar remains the world’s preferred reserve currency, accounting for the majority of global foreign exchange reserves and international trade settlements. As a result, any increase in global demand for dollars tends to put pressure on emerging-market currencies, including the rupee.

One of the major reasons behind the rupee’s weakness has been the sharp rise in crude oil prices. India imports more than 85 per cent of its oil requirements, and these purchases are largely settled in US dollars. Higher crude prices increase the country’s import bill and create additional demand for dollars in the domestic market.

Analysts estimate that every significant increase in crude oil prices adds billions of dollars to India’s import expenditure, intensifying pressure on the local currency.

Another key factor has been sustained foreign capital outflows. Foreign portfolio investors have withdrawn large sums from Indian equity markets over the past year, converting their investments into dollars before moving funds elsewhere. This process increases demand for the US currency and contributes to the rupee’s decline.

Market experts also note that some global investors have shifted capital to other markets after booking profits in Indian equities. Concerns over relatively high valuations in segments of the Indian stock market have also influenced investment decisions.

Despite the recent depreciation, economists believe the rupee’s future trajectory will depend on crude oil prices, global interest rate trends, foreign investment flows and the Reserve Bank of India’s interventions in the currency market.

Financial markets will continue to closely monitor these factors as policymakers seek to balance currency stability with broader economic growth objectives.

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The event has brought together CEOs and representatives of leading companies from India and abroad. Various companies showcased their products and technologies, including electric tractors and defence equipment, highlighting potential opportunities for industrial growth in Punjab.

The summit was inaugurated on March 13 by chief minister Bhagwant Mann and Arvind Kejriwal. During the opening session, Mann said the state government aims to transform Punjab into an industrial hub, citing improved connectivity, skilled manpower and business-friendly policies. He also assured that no new taxes would be imposed on industries.

Kejriwal promised full government support to investors and emphasised strengthening the “Make in India” initiative while competing with global manufacturing markets. He claimed that Punjab has attracted investments worth ₹1.5 lakh crore over the past four years.

Several major industrial groups, including Tata Steel, JSW Group, Hero MotoCorp, ArcelorMittal and Trident Group, announced expansion plans and new projects during the summit.

On March 14, the focus shifted to sector-specific opportunities, including aerospace and defence manufacturing. UK-based firm 3 Associates announced plans to invest ₹1,407 crore in Punjab.

Officials said the summit has received investment proposals worth up to ₹1.25 lakh crore, which could potentially generate large-scale employment. However, chief minister Mann said the final investment figures will become clear after the conclusion of the summit on Sunday.

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In separate filings to stock exchanges, Bank of Baroda and Canara Bank said they had received strike notices from major unions such as All India Bank Employees’ Association (AIBEA), All India Bank Officers’ Association (AIBOA) and Bank Employees Federation of India (BEFI).

The banks said efforts are being made to ensure normal functioning, but branch and office operations may be affected depending on the extent of employee participation. IDBI Bank has also received a formal strike notice, raising the possibility of disruption in its services as well.

Customers may face inconvenience in completing routine banking work if staff turnout is impacted.

Why are bank employees on strike?

One of the key demands of bank unions is the implementation of a five-day work week in banks, with all Saturdays declared holidays. At present, banks remain closed only on the second and fourth Saturdays of each month. Union leaders claim that an understanding on the five-day work week had been reached earlier, but it is yet to receive formal approval from the government.

Employees are also opposing the four new labour codes introduced by the Centre, arguing that the proposed changes are not in the interest of workers and could weaken job security and labour protections.

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In a statement, the department said the proposed Income Tax Rules, 2026 have been uploaded on the official website for public consultation before they are finalised. The move is aimed at ensuring wider participation and transparency in the rule-making process.

The Central Board of Direct Taxes (CBDT) has specifically sought feedback in four key areas — simplification of language, reduction in litigation, easing the compliance burden, and removal of redundant provisions.

To facilitate submissions, a dedicated link has been activated on the income tax e-filing portal from February 4, 2026. Stakeholders can share their views by entering their name and mobile number, followed by verification through a one-time password (OTP).

Officials said the feedback received will be examined before the draft rules are notified, with the objective of making the new tax framework simpler, more efficient and taxpayer-friendly.

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In the futures market, silver prices on the Multi Commodity Exchange (MCX) fell by nearly ₹24,000, or about 9%, bringing the price of one kilogram of silver down to around ₹2.44 lakh. Gold prices on MCX also slipped by nearly ₹2,000, or 1.4%, with 10 grams of gold trading at about ₹1.51 lakh.

Market data shows that between January 29 and February 2, silver prices had surged sharply before correcting by nearly ₹1.60 lakh, while gold prices had fallen by around ₹26,000 during the same period.

In the physical bullion market, prices also registered a decline. According to the India Bullion and Jewellers Association (IBJA), silver prices dropped by ₹28,123 to ₹2,54,339 per kilogram. Meanwhile, the price of 10 grams of 24-carat gold fell by ₹4,123 to ₹1,52,502.

Market experts said the fall in prices was largely driven by profit booking after the recent sharp gains in both precious metals.

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The government has also increased the investment limits for the micro, small and medium enterprises (MSME) sector. This is likely to benefit industrial hubs such as Ludhiana, Jalandhar and Amritsar, enabling industries to access higher credit and enhanced government support.

To strengthen exports, the budget proposes focused assistance for Punjab’s key products, including Ludhiana’s hosiery goods and Jalandhar’s sports equipment. A dedicated ‘export desk’ will be created on the government’s CHAMPIONS portal to help traders and manufacturers sell their products more easily on global e-commerce platforms.

The budget also announced the development of seven new high-speed rail corridors to improve rail connectivity. Along with logistics reforms in north India, this is expected to help Punjab’s goods reach ports faster and at lower cost.

CHAMPIONS 2.0 expansion

The government said the CHAMPIONS portal will be upgraded with artificial intelligence and machine learning under ‘CHAMPIONS 2.0’. The enhanced platform will enable faster resolution of MSME grievances and automatically identify regions facing shortages of raw materials.

Push to develop export hubs

The finance minister said the upgraded portal will directly link small industries with international markets. A special export desk will facilitate the onboarding of Punjab’s products—such as hosiery and sports goods—onto global digital marketplaces.

Easier credit for MSMEs

The CHAMPIONS portal will also be more closely integrated with banks. Based on the performance of registered enterprises, MSMEs will be offered pre-approved credit without additional paperwork, improving access to timely loans.

Data dashboard for MSME clusters

The portal will function as a data dashboard for state-specific industrial clusters, including Punjab’s steel and bicycle industries. This will help the government assess sector-specific needs for subsidies, raw materials or new machinery and frame targeted support policies.

Overall, the budget’s announcements are expected to provide momentum to Punjab’s agriculture, manufacturing and export-oriented sectors.

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In the physical bullion market, silver became cheaper by about ₹40,000 per kg. According to the India Bullion and Jewellers Association (IBJA), silver is now priced at ₹3.39 lakh per kg.

Gold prices also saw a significant fall. In the bullion market, 24-carat gold was quoted at ₹1,65,795 per 10 grams. On the MCX, gold dropped by around ₹20,000 per 10 grams to ₹1.49 lakh, marking a decline of nearly 12% in a single session. On January 29, gold was trading at ₹1.69 lakh per 10 grams.

Gold and silver prices had recently touched record highs, prompting large-scale bookings by investors. Alongside institutional buying, retail demand for silver also rose sharply, with buyers purchasing according to their capacity. In several places, silver shortages were reported, further fuelling buying interest and pushing prices to peak levels. However, this sharp rally has now been followed by a sudden and heavy correction.

Market participants attribute the steep fall largely to a recent increase in margin money requirements. In the commodity market, traders do not need to pay the full value of a contract and can book metals by depositing a smaller amount known as margin money. Recently, margins on gold were raised from 6% to 8%, while margins on silver were increased from 11% to 15%.

The higher margin requirements increased pressure on the market. Many investors who had already taken positions were asked by exchanges to deposit additional funds. Those unable to do so were forced to sell their holdings. As a large number of investors sold gold and silver simultaneously, prices fell sharply in a short span of time.

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The Canadian currency has also gained against the US dollar, rising to slightly above 74 US cents. Around three months ago, it was trading close to the 68 US cents level.

Economic experts attribute the strengthening of the Canadian dollar to the financial expertise and policy direction of Prime Minister Mark Carney. Analysts say that instead of yielding to tariff pressures from the United States, the Canadian government has focused on reducing external dependence and exploring new markets for domestic industries. This shift, they believe, has helped improve investor confidence and strengthened the overall economic outlook.

Looking at past trends, the Canadian dollar was trading slightly above the US dollar during 2013–14. However, in the final years of former prime minister Stephen Harper’s tenure, certain policy decisions led to a gradual decline in the currency’s value. The downward trend continued during the tenure of former prime minister Justin Trudeau, with the Canadian dollar eventually slipping to lows near 68 US cents.

Experts also point to Mark Carney’s background as former governor of the Bank of Canada and later the Bank of England, saying his experience in handling global financial challenges has played a key role in stabilising the economy and boosting the Canadian dollar.

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He further said that Mahindra & Mahindra Ltd. has acquired a 58.96% stake in SML Isuzu Ltd. for approximately ₹555 crore through the purchase of shares from Japan-based Sumitomo Corporation and Isuzu Motors. Following completion of the transaction in August 2025, the company’s Board was reconstituted, and the firm is being renamed SML Mahindra Limited.

He highlighted that SML Mahindra Limited is a leading manufacturer of light and medium commercial vehicles (LCVs/MCVs) in India, with a strong presence in trucks, buses, and special-purpose vehicles catering to logistics, passenger transport, and institutional mobility segments.

The company has already made a substantial investment of approximately ₹500 crore in its manufacturing facility located at Shaheed Bhagat Singh Nagar (Nawanshahr), Punjab. The unit is a fully integrated automobile manufacturing complex comprising vehicle assembly lines, body shop, paint shop, press and machine shop, FRP shop, and a dedicated bus body plant,he added.

Expansion Plans in Punjab, During discussions with Mr. Vinod Sahay, Executive Chairman, SML Mahindra Limited, it was informed that the company has outlined a significant expansion roadmap for Punjab. This includes: An investment of ₹100 crore for modernization and upgradation of the existing manufacturing facility; and
A proposed ₹400 crore investment through the relocation of a manufacturing facility from another State to Punjab.

Punjab Emerging as India’s Best Investment Destination, Expressing confidence in Punjab’s growth trajectory, Cabinet Minister for Industries & Commerce, Sanjeev Arora, stated that under the dynamic leadership of the National Convener, Shri Arvind Kejriwal, and the Chief Minister of Punjab, S. Bhagwant Singh Mann, the State is rapidly emerging as the best destination for investment in the country.

He highlighted that Punjab’s investor-friendly governance, transparent policies, time-bound approvals, robust industrial infrastructure, and skilled workforce are driving renewed confidence among leading industrial houses.

The Minister also noted with pride that Shri Anand Mahindra, Chairman of the Mahindra Group, traces his roots to Ludhiana, Punjab, reflecting the State’s deep historical and entrepreneurial connection with one of India’s most respected industrial families. He said this legacy connection further strengthens Punjab’s association with innovation, enterprise, and industrial excellence.

Cabinet Minister Sanjeev Arora added that the expanding footprint of SML–Mahindra in Punjab is a strong endorsement of the State’s pro-industry ecosystem and reaffirmed the Government of Punjab’s commitment to facilitating all future expansions through proactive support and single-window facilitation.

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The video, which surfaced during the birthday celebrations of Vijay Mallya a few days ago, showed Modi jokingly referring to himself and Mallya as “India’s two biggest fugitives”, drawing sharp criticism for mocking Indian law.

After the video went viral and faced widespread backlash, Lalit Modi took to social media platform X and said that his intention was not to hurt anyone’s sentiments or disrespect the Government of India, for which he said he has great respect.

He said his remarks were misunderstood and taken out of context. However, the apology has failed to calm social media users, many of whom reacted strongly to his post.

Several users said that if Modi truly respects the law, he should return to India and say the same thing before a court. Others mocked the apology, suggesting it may have come out of fear of possible deportation.

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