Business News: RBI is going to launch the nation’s first digital rupee pilot project for the wholesale segment. The central bank said in the statement that they will soon launch the nation’s first digital rupee project for specific use cases. However, the first pilot in the digital rupee, wholesale segment shall commence on 1st November 2022.

The central bank further said that the first pilot digital rupee, the retail segment is planned for launch within a month in selected locations is closed user groups which comprising customers and merchants. However, the RBI has selected nine banks for participation in the digital rupee`s wholesale pilot project.

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Well, these are some of the biggest banks including State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC. The finance minister Nirmala Sitharaman announced in her budget speech on 1st February 2022 that RBI will be launching a Central Bank Digital Currency (CBDC) this fiscal. And CBDC is a digital form of currency notes that is issued by a central bank.

Additionally, Digital currency or rupee is an electronic form of money that can be used in all contactless transactions.

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Business News : The country has been seeing inflation during and after the covid-era and it’s been on a continuous track since then but as we crossed this recent festival of Dussehra, we got to see a little decline in the graph of oil prices, especially in cooking oils.

The price of edible oil touched the sky during and after covid era more than ever before in history, stating that sunflower oil was being sold at Rs. 180 Per litre which used to be sold at 120-130 per litre before covid, the mustard oil price was just 150-160 before covid and last month’s price was Rs. 240 Per litre, a huge surge I would say. 

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But thanks to less import duty now, the prices of these oils are going down now which was previously impacted by the Russia-Ukraine war. For example, now the price of sunflower oil has dropped from 180 to 155 Rs. Litre. 

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One can get palm oil for under Rs. 100 now though the price of certain oils remained steady with little modulation here and there, such as rice bran oil and groundnut oil have not come down much and being at a range of 165-175 Rs. Per litre. Not to mention that the variation also depends on the brand type, hopefully, this ongoing inflation reduces the ease of the life for the middle-class family.

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Business News Well, with the increasing number of electrical vehicles becoming mainstream, there are many career opportunities in this now. Now, there is a new opportunity for the students, who want to make their career in electrical vehicles, the SBTET means the State Board of Technical Education and Training has decided to introduce an elective course on Electric Vehicles. The State Board of Technical Education and Training has decided to introduce a subject on Electric Vehicles in all the polytechnic courses.

The SBTET now has entered into a Memorandum of Understanding with the Indo-German Vocational Education and Training which has shown their interest in designing the curriculum along with training the faculty members.

The subject of EVs will be introduced as an elective subject to the student course. Students pursuing the fifth semester across all polytechnic colleges in Telangana state will be eligible to take up the subject. It will have 3 credits for theory and 1.5 credits for practicals. Students will also be offered placement after completing the course.

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Business News: The Indian rupee decreased by 43 Paise to 79.60 against the US dollar in the opening trade as higher than expected U.S CPI print resulted in massive risk-off sentiments. At the interbank of the foreign exchange market, the rupee opened at 79.58 against the greenback and fell to 79.60, a decline of 43 Paise over its last close. The local unit also touched 79.54 against the US dollar.

Moreover, the rupee appreciated by 36 Paise to close at an over one-month high of 79.17 against the dollar. Meanwhile, the dollar index, the greenback’s strength against a basket of six currencies, fell from 0.03% to 109.77. The Global oil benchmark Brent crude futures fell by 0.10% to USD 92.91 per barrel. The U.S. August CPI came in a higher price than expected at 8.3% in a year and 0.6% in a month.

The higher-than-expected print has raised the more destructive monetary policy that binds the US Fed. Markets now expect the fund’s rate to be 4.25%, and also allocate a 20% chance of a 100 basis point hike next week, according to IFA Global Research Academy.

On the domestic equity market front, the 30-share BSE Sensex was trading on 559.31 points or 0.92% lower at 60,011.77, while the broader NSE Nifty was lower by 155.20 points or 0.86% to 17,914.85. The Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹1,956.98 crores.

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