
India's forex reserves dip by $3 bn to $696.67 bn for the week ending July 11
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
India's forex reserves dipped by $3.06 bn to $696.67 billion for the week ending July 11, data by the Reserve Bank of India showed on Friday.The country's foreign exchange reserves stood at $699.74 billion as of July 4, down by $3.04 billion from the previous week.For the week ending on July 11, foreign currency assets, a major component of the reserves, decreased $2.48 billion to $588.81 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.Gold reserves were down by $498 million to stand at $84.35 billion during the week, the RBI said. The special drawing rights (SDR) decreased $66 million to $18.8 billion, the central bank said.As per the data, India's reserve position with the IMF was also down $24 million at $4.71 billion in the reporting week.The forex reserves had touched an all-time high of $704.885 billion in end-September 2024.Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)

Business Standard
10 minutes ago
- Business Standard
Stocks to Watch today, July 25: Wipro, IEX, REC, Adani Enterprises, NTPC
Stocks to watch today, July 25: Benchmark equity indices are poised for a bearish start on the week's last trading session as uncertainty over the India-US trade deal continues to keep investor sentiment in 'wait and watch' mode, ahead of the August 1 tariff deadline. Meanwhile, earnings for the first quarter of the financial year 2025-2026 (Q1FY26) brought limited surprises for D-street. At 7:25 AM, GIFT Nifty futures were trading at 24,991 level, down by 95 points or 0.38 per cent, signalling a negative start. While the recent free trade agreement (FTA) between India and the UK might provide some optimism, investors will keep a watch on the latest updates on the India-US trade deal. In the Asia-Pacific region, markets started the trading session on a bearish note. The Hang Seng index was trading at 25,536.92, down by 130 points or 0.51 per cent. Japan's Nikkei was also down by 212 points or 0.51 per cent, trading at 41,615.92. South Korea's Kospi, on the other hand, was up by 0.29 per cent or 9 points, trading at 3,199.25. Global markets signalled mixed trends as the S&P 500 index concluded the trading session at 6,363.35, up by just 4 points or 0.07 per cent. However, the Dow Jones Industrial Average settled at 44,693.91, down by 316 points or 0.7 per cent. Tech-heavy index Nasdaq touched fresh record highs and concluded at 21,057.96, up 37 points or 0.18 per cent. Q1FY26 earnings today Bajaj Finserv, Cipla, Bank of Baroda, Shriram Finance, Schaeffler India, SBI Cards and Payment, Tata Chemicals, SAIL, Poonawalla Fincorp, ACME Solar Holdings are among the top companies set to announce their results for Q1FY26 today. Meanwhile, Reliance Infra, Sobha, Laurus Labs, Petronet LNG, Tamilnad Mercantile Bank, Sterlite Technologies and Orient Cement will also announce their earnings on Friday, July 25, 2025. Here is a list of stocks to watch today: REC: The Maharatna company's revenue from operations figure stood at ₹14,737.45 crore during the quarter ending June 30, 2025, marking a surge of 12.6 per cent from ₹13,078.66 crore recorded in the corresponding period of the previous fiscal year. Total expenses for the quarter under review stood at ₹9,157.57 crore, up from ₹8,743.22 crore reported in the first quarter of FY25. REC's consolidated net profit rose 29 per cent to ₹4,465.71 crore, from ₹3,460.19 crore recorded in Q1FY25. Adani Energy Solutions: The Adani group firm's total income for the first quarter of FY26 grew by 28 per cent to ₹7,026 crore, from ₹5,490 crore reported in the same period of last fiscal year. The company posted a consolidated profit after tax (PAT) of ₹539 crore in Q1 FY26, compared to a net loss of ₹1,191 crore in the corresponding quarter of the previous fiscal year. Meanwhile, Ebitda for the June quarter rose 3 per cent year-on-year (Y-o-Y) to ₹2,315 crore from ₹2,244 crore recorded in Q1 FY25. Indian Energy Exchange Ltd. (IEX): The exchange reported a 25 per cent rise in its net profit to ₹120.7 crore for the quarter ended June 30, 2025 from ₹96.4 crore reported in Q1FY25. Revenue from operations figure stood at ₹141.7 crore during the quarter under review, up 14.7 per cent from ₹123.5 crore reported in the corresponding quarter of the previous fiscal year. Ebitda was also up 16.1 per cent to ₹115.6 crore in Q1FY26. Aether Industries: The company's consolidated revenue from operations figure stood at ₹256.13 crore in Q1FY26, up by 42 per cent from ₹180 crore recorded in the same period of the last fiscal year. The company's profit advanced to ₹47 crore during the quarter ending June 30, 2025. from ₹29.9 crore recorded in Q1FY25. Its Ebitda for the quarter stood at ₹78.1 crore, up 94 per cent Y-o-Y. Bajaj Finance: The company reported a surge of 21.2 per cent in its revenue from operations figure to ₹19,523.88 crore in the first quarter of FY26, from ₹16,100.05 crore reported in the corresponding period of the fiscal year. Consolidated PAT advanced 21 per cent to ₹4,765.29 crore in Q1FY26 from ₹3,911.98 reported in the same period of FY25. Net interest income for the quarter also jumped 22 per cent in the quarter under review to ₹10,227 crore from ₹8,365 crore in Q1FY25. KFin Technologies: The company's profit for the quarter ending June 30, 2025, advanced 13.5 per cent, to ₹77.2 crore from ₹68 crore recorded in Q1FY25. Revenue from operations figure surged 15.3 per cent to ₹274 crore in Q1FY26 from ₹237.5 crore recorded in the same period of the previous fiscal year. The company's Ebitda margins for the quarter under review stood at 41.5 per cent. Wipro: The IT company informed the bourses in its latest exchange filing that it has signed a multi-year contract with Saudi Electric Company – National Grid SA. Under the deal, Wipro will set up smart meter data management (MDM) system to help modernise the client's meter data platform, improve operational efficiency, and manage risks better. National Thermal Power Corporation (NTPC): The company informed the bourses on June 24, 2025, that it has approved the fund raise of up to ₹18,000 crore via the issuance of non-convertible debentures (NCDs) or bonds on a private placement basis. The proposal was passed as a special resolution, as per the exchange filing. Sun Pharma: The company's subsidiaries, namely Sun Pharmaceutical Industries, Inc. (SPII) and Taro Pharmaceuticals USA, Inc. (Taro), have entered into a settlement agreement, under which they will make a combined payment of $200 million in the In re Generic Pharmaceuticals Pricing Antitrust Litigation. Adani Enterprises: The company informed the bourses that it has signed a share purchase agreement with MetTube on July 24, 2025. As part of the deal, Adani will divest 50 per cent stake in its wholly owned subsidiary, Kutch Copper Tubes Ltd (KCTL), to MetTube and will acquire a 50 per cent stake in MetTube's subsidiary, MetTube Copper India Pvt Ltd (MCIPL). Both entities will be jointly held by Adani and MetTube in a 50:50 partnership. Canara Bank: The bank's total income for the quarter ending June 30, 2025, stood at ₹41,441.51 crore, up from ₹36,965.75 crore recorded in the corresponding period of the last financial year. However, the lender's consolidated net profit took a hit and declined to ₹3,003.18 crore in Q1FY26, from ₹3,977.22 crore recorded in Q1FY25. On the asset quality front, Canara Bank's gross non-performing assets (NPA) stood at 2.69 per cent, down from 4.14 per cent. Similarly, net NPA declined to 0.63 per cent for the quarter under review, from 1.24 per cent in Q1FY25. Lloyds Engineering Works: The heavy equipment manufacturer informed the bourses in its latest exchange filing that it has entered into a strategic agreement with Fincantieri, an Italy-based shipbuilder. The collaboration is built on an existing agreement between the two companies for the joint design and production of advanced steering Gear Systems, fin stabilizer systems, azimuthal thrusters, and transversal tunnel thrusters, as per the exchange filing.


India Today
10 minutes ago
- India Today
Why Donald Trump doesn't want Google, Microsoft to hire Indians
US President Donald Trump has told major tech companies like Google, Microsoft and Apple to stop hiring foreign workers, including from India, and focus instead on creating jobs in the United at an AI Summit in Washington on Wednesday, Trump said American companies must now put national interest first, especially in the fast-growing field of artificial said that top US technology firms have made huge profits while setting up operations in countries like China and hiring large numbers of employees in argued that this has come at the cost of American workers. 'Many of our largest tech companies have reaped the blessings of American freedom while building their factories in China, hiring workers in India and stashing profits in Ireland,' Trump said during the event. 'Under President Trump, those days are over.'He said the mindset of these firms had become too global and called for a new 'spirit of patriotism and national loyalty' in Silicon Valley and across the American tech industry. 'We want you to put America first. That's all we ask,' he also used the event to announce three new executive orders aimed at boosting the US's AI industry. One of the orders lays out a national plan to fast-track AI development by easing regulations and encouraging companies to build data centres and other key infrastructure inside the US. The strategy is called 'Winning the Race' and is focused on helping the US lead in AI second order puts new rules on companies that receive federal funds to build AI tools. These companies must now ensure that the tools they develop are politically neutral. Trump said his administration would not support what he called 'woke' AI systems and blamed previous policies that focused on diversity and inclusion for slowing down progress in technology.'We are getting rid of woke,' he said. 'AI must be accurate and not influenced by ideology.' The new rules will also apply to government agencies that use AI tools, and these systems must not be biased or driven by political also questioned the use of the term 'artificial intelligence,' saying he prefers a term that better reflects its power. 'It's not artificial, it's genius,' he third executive order focuses on helping US-built AI products compete globally. It includes steps to support exports and ensure full development of AI technology within the Trump's comments have sparked concern among tech workers in countries like India, no official steps have been announced yet to limit hiring from abroad. However, industry watchers say such remarks from the President could affect the hiring plans of major tech firms, especially those that rely heavily on skilled engineers from India and Indian tech professionals, many of whom are employed in roles related to software development, data science, and AI in the US, Trump's message may create recent years, several US companies have increased their hiring in India to cut costs and tap into the country's large pool of skilled engineers. The latest statement from Trump could put pressure on firms to re-evaluate their hiring strategies, especially if new rules or limitations are the global race for AI dominance continues, the push for more national control and local jobs in the US could have effects on tech ecosystems in countries like India, which play a key role in supporting American firms through outsourcing, engineering services, and back-end operations.- Ends advertisement


NDTV
41 minutes ago
- NDTV
"Confident" Of India-US Trade Deal, Says Piyush Goyal Amid Tariff Deadline
Indian Commerce Minister Piyush Goyal said he was optimistic that his country could reach an agreement with the US ahead of an Aug. 1 deadline to avert threatened tariffs of 26%. "I'm always confident," Mr Goyal said in an interview Thursday with Bloomberg TV in London, when asked how he was feeling about the prospects for a pact. "I've had some wonderful engagement with my friend and colleague from the US," he said, calling US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer "very dear friends." Mr Goyal insisted there weren't any sticking points in the US-India relationship or in current trade talks, and clarified that immigration rules - including those around H-1B visas for skilled workers - had not come up in this year's talks. Still, the two countries have been locked in negotiations for an interim trade agreement for months already, having made a commitment to reach a bilateral deal by the fall of this year. Both sides have signaled an agreement is close. New Delhi has recently toughened its stance in negotiations, while President Donald Trump has threatened to hit countries like India and China with secondary sanctions for buying oil from Russia. Negotiators remain stuck on a few key issues, including US demands for greater access to India's agricultural and dairy sectors. India has been pushing for exemptions from Trump's sectoral tariffs, mainly for pharmaceuticals and automobile components. Mr Goyal was in the UK with Prime Minister Narendra Modi on Thursday to sign a free trade agreement with that country that eliminates tariffs on a range of products including cars and alcohol, a major milestone for the Asian nation. "We have very robust negotiations going on with several countries," including with the US, EU, New Zealand, Peru, and Chile, Mr Goyal said Thursday. India is one of the largest economies locked in negotiations ahead of a US-imposed Aug. 1 deadline, when Trump's latest threatened tariffs are set to take effect. This week, the White House has announced agreements with the Philippines and Japan, and more details on an agreement previously announced with Indonesia.