India’s foreign exchange reserves fell by nearly $2 billion to an almost six-month low of $652.87 billion as of December 13, data from the Reserve Bank of India (RBI) showed on Friday.
The Indian rupee slipped to its all-time low on Friday before turning course to end modestly higher, aided by likely dollar inflows, although its losing steak persisted into a seventh straight week.
The Indian rupee dropped to a record low on Wednesday, weighed by persistent demand for US dollars from importers and speculators ahead of the Federal Reserve’s policy decision.
India is likely to produce a record amount of sugar in the next marketing year from October after millions of farmers expanded cane cultivation, encouraged by ample water supplies and declining prices of competing crops, farmers and industry officials told Reuters.
Even though the Indian economy slowed down to 5.4 percent in the second quarter, it will grow in the range of 6.5 to 7 percent this fiscal, voiced Chief Economic Advisor (CEA) Anantha Nageswaran on Thursday.
Rice inventories in India surged to a record high at the start of December, reaching more than five times the government’s target and potentially boosting overseas shipments from the world’s biggest exporter of the staple food.
India on Monday appointed finance ministry bureaucrat Sanjay Malhotra to helm the country’s central bank, a day before his predecessor’s term was due to end.
Indian police used tear gas and pepper spray on Friday to stop dozens of farmers who were trying to reach Delhi from the northern breadbasket state of Punjab to press a series of demands.
India’s central bank left interest rates unchanged Friday after judging inflation risks to outweighed concerns over a growth slowdown in the world’s fifth-largest economy.
The Indian rupee declined to a lifetime low on Tuesday, pressured by the US dollar’s rally against its major peers and on concerns over the Asian country’s slowing growth rate.
India’s economic growth slowed to 5.4 percent year-on-year in the September quarter, official data showed Friday, a significant decline from the 6.7 percent during the previous quarter.
India’s Adani Group conglomerate said Wednesday it had lost almost $55 billion in a stock market rout since US prosecutors last week accused its founder and other officials of fraud.
French oil major TotalEnergies halted on Monday investments into Adani Group, after the Indian ports-to-power conglomerate was engulfed in a crisis over an alleged multi-million-dollar bribery scheme.
India’s Tata Electronics has agreed to buy a majority stake in Taiwanese contract manufacturer Pegatron’s only iPhone plant in India, forming a new joint venture that strengthens Tata’s position as an Apple supplier, two sources told Reuters.
India’s foreign exchange reserves dropped for a sixth consecutive week to a near 3-month low of $675.65 billion as of Nov. 8, data from the Reserve Bank of India (RBI) showed on Friday.
India, the world’s biggest rice exporter, is likely to produce a record 119.93 million tonnes of the staple crop in 2024-25 “kharif” season on the back of a good monsoon, the country’s agriculture ministry said yesterday.
India has drawn up a roadmap for generating 4.5-6 crore jobs in the textile sector by 2030 to make its market size grow to $350 billion from around $165 billion at present, India’s Textiles Minister Giriraj Singh said.
India’s edible oil consumption is set to grow at a pace of 2 percent-3 percent as cooking oils remain affordable despite an import duty hike, a leading importer told Reuters on Wednesday.
