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New Delhi | Mumbai: The Reserve Bank of India (RBI) has announced that it will meet the entire daily dollar requirements of Indian Oil, Bharat Petroleum and Hindustan Petroleum from October 12, taking one of the foreign-exchange market's largest recurring sources of dollar demand off the market as it seeks to ease pressure on the rupee.The three state-run refiners and oil marketing companies (OMCs) could need roughly $200 million daily for crude and petroleum imports, according to estimates based on August trade data. However, actual amounts could vary based on their crude sourcing, payment currencies and settlement terms, particularly for Russian oil, payments for which are largely made in UAE dirhams or rupees.Under the special window, the RBI will sell dollars to the three companies through designated banks at prevailing market rates, allowing them to meet their foreign-currency requirements without having to compete for dollars in the spot market. In April, the central bank had...

After saying he deserved to be disciplined, Portugal's Cristiano Ronaldo got what he asked for Saturday when he provisionally was suspended by his national team.The Portuguese Football Federation opened disciplinary proceedings against the team captain after he walked out of camp during the just-completed international break following a miscommunication with head coach Jorge Jesus.In a letter that was revealed this week, Ronaldo said he was told by Jesus he would be used as a substitute in a Nations League match against Norway. Ronaldo warmed up along the sideline but did not see playing time.Before the following match against Denmark, the 41-year-old striker departed camp after notifying the federation he was leaving."Disciplinary proceedings have been initiated against Cristiano Ronaldo dos Santos Aveiro, following a decision by the Non-Professional Section on October 9, 2026," the Portuguese Football Federation said in a statement.Ronaldo already has returned to his cl...

New Delhi: Indian pharmaceutical industry's aversion to taking risks poses a major hurdle for innovation and that needs to change with the use of technology, according to Biocon chairperson Kiran Mazumdar-Shaw."In pharma and biopharma, the pipeline is the lifeline," Mazumdar-Shaw said at a meeting on quality management in New Delhi last week, stressing the need to replenish the drug development pipeline continuously.Drug discovery is fraught with risks, with only one or two out of 10 candidates advancing to the final stages and meeting commercial milestones.134860305Mazumdar-Shaw was part of a panel that included Sun Pharma executive chairman Dilip Shanghvi and Glenmark Pharma chairman Glenn Saldanha. The three industry leaders discussed the sector's future direction and India's shift from a long history of generic drugs towards innovative medicines.Indian Foundation of Quality Management, a consortium of companies, including Tata Sons, TVS Motors, Biocon, Sun Pha...

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