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Russian Crude Oil: State refiners account for two-thirds of Russian imports. State refiners are taking Russian oil almost entirely from non-Russian entities to extract better discounts and avoid payment troubles, said the people.
Discounts on Russian oil imported by India have increased to $8-10 per barrel as state refiners put pressure on suppliers and reduced their intake from Russia. This has led to an increase in Russian oil's share in India's overall crude imports to 38% in September. State-run refiners have seen a surge in imports after a decline in August, with most purchases being made in the spot market. Despite buying at higher rates than the G7 price cap of $60 per barrel, Indian refiners can still afford to pay for Russian oil.
The offshore Chinese yuan dropped to 7.2140 to the dollar, headed for its fourth straight day of declines, on persistent pessimism regarding the Chinese economy
Over the last two weeks, the RBI has been regularly buying dollars via public sector banks, according to market participants
Asian shares and currencies rose, while the dollar index slipped below 100 to a fresh 15-month low as expectations of the Federal Reserve pausing interest rate hikes...