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An Associated Chambers of Commerce of India survey found that Chinese Holi products such as gulal and pichkari were more "innovative" and were cheaper by up to 55%, due to which they were outselling the ones manufactured locally in states like Uttar Pradesh, Rajasthan, Madhya Pradesh and Gujarat.

The Reserve Bank of India likely sold dollars through state-owned banks in a bid to prevent sharper falls in the rupee after explosions at the Brussels airport hit global markets, three currency traders said. They said the intervention started when the rupee fell to around 66.83 per dollar.

Finance minister Arun Jaitley laid bare the priority of the government, saying agriculture will have to grow "fastest" for the country to get rid of poverty and push the overall GDP expansion. With two successive bad monsoons, Jaitley said a poor rainfall this year will put the "system to test".

The US dollar ended higher against the rupee at 66.71/72 per dollar but the pound sterling turned lower at Rs 95.28/30 per pound at the close of the Interbank Foreign Exchange market on Tuesday. Unit Interbank RBI reference US Dollar 66.71/72 Pound Sterling 95.28/30 Euro Rs 74.8987.

The benchmark Sensex on Tuesday closed in the positive territory for the third straight day, but the day's gain was limited to just 45 points after deadly terror attacks in Brussels sent markets globally into a tailspin. The closing was a fresh 11-week high of 25,330.

Edelweiss Asset Management (EAML) has announced that it has executed an agreement to acquire the onshore fund schemes managed by JP Morgan Asset Management India (JPMAM), including its India-based onshore mutual fund (MF) business and the international fund of funds for an undisclosed sum.

Import dependence has, however, risen since then to 78.5% in 2014-15 when India imported 189.4 million tonnes of crude oil for $112.7 billion

CAD, difference between inflow and outflow of foreign exchange, came in at 1.3% in 2014-15, 1.7% in 2013-14 and a record high of 4.8% of GDP in 2012-13

Moody's forecasts that G20 GDP would grow at 2.6% in 2016