The Reserve Bank of India (RBI) reported on Friday that India’s foreign exchange reserves fell by $6.78 billion to $675.65 billion for the week ending November 8. Following its peak of $704.89 billion at the end of September, the foreign exchange basket has declined for several weeks. Over the last six weeks, their total decline…
The rupee held below the $84 level on Friday, following a two-month low on Thursday, as the Reserve Bank of India (RBI) increased its intervention in the foreign exchange market to halt the depreciation. After closing nearly unchanged against the dollar on Thursday at 83.9750, the rupee fell to 83.9688 on Friday. Market players think…
The Reserve Bank of India’s “state of economy” report, which was released on Wednesday, projects that real GDP growth in India would likely reach 6% in FY25. The current estimate, which follows the upward revision of the projected growth rate for FY24 from 6.5% to 7%, is less than the 6.5% forecast in the Monetary…
The actual Gross Domestic Product (GDP) is expected to expand by 7% from 6.5% according to the Reserve Bank of India (RBI). In addition to announcing the bi-monthly monetary policy on Friday, RBI Governor Shaktikanta Das also forecast real GDP growth for the upcoming fiscal year 2024–2025. Real GDP growth is anticipated to be 7%…
India’s real GDP growth in the second quarter of FY24 may have exceeded the 6.5% growth rate the Reserve Bank of India (RBI) had predicted. The forecasts vary from 6.2% to as high as 6.9%, while the majority have updated their projections upward. Economists cite sequentially higher government consumption spending and relatively strong consumption demand…
The Reserve Bank of India reported on Friday that for the week ending on October 27, India’s foreign exchange reserves climbed by USD 2.579 billion to USD 586.111 billion. Overall reserves fell by USD 2.363 billion to USD 583.532 billion in the preceding reporting week. The nation’s foreign exchange reserves peaked in October 2021 at…
Based on robust internal fundamentals and low inflation forecasts, India’s major economy will continue to grow at the fastest rate in the world in the 2023–24 fiscal year, according to a report released by the finance ministry on Monday. The Monthly Economic Review’s September issue also noted that recent events in the Persian Gulf have…
For breaking several rules, the Reserve Bank fined ICICI Bank Rs.12.19 crore and Kotak Mahindra Bank Rs.3.95 crore on Tuesday. According to the central bank, during ICICI Bank’s mandatory inspections in 2020 and 2021, the lender approved or committed loans to businesses where two of its directors also served as directors. In addition, the bank…
On Friday, Indian shares fell for the second consecutive day as a result of persistent profit-taking and a general decrease after the Reserve Bank of India hinted that tighter monetary conditions would linger. The benchmark S&P BSE Sensex dropped 0.35% to 62,625.6 while the blue-chip Nifty 50 closed 0.38% lower at 18,563.40. The benchmarks maintained…
Lending margins, a crucial indicator of Indian banks’ profitability, are expected to rise as a result of the country’s plan to eliminate its highest-value currency note, which will increase bank deposits. According to a letter from Axis Mutual Fund, the Reserve Bank of India’s decision to discontinue the 2,000 rupees ($24) notes will increase bank…
