India central bank's net income surges in FY25 as FX gains rise
The Reserve Bank of India saw a gain of 1.11 trillion rupees from foreign exchange transactions during the year versus 836.16 billion rupees last year, showed the report, which was released on Thursday.
Interest income from foreign securities 970.07 billion rupees versus 653.28 billion rupees last year.
($1 = 85.6020 Indian rupees)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
12 minutes ago
- Reuters
Indian shares open higher as moderate US inflation spurs global rally
Aug 13 (Reuters) - Indian shares rose on Wednesday tracking Asian peers, after softer U.S. retail inflation boosted bets of a Federal Reserve rate cut in September, while easing domestic price pressures also supported sentiment. The Nifty 50 (.NSEI), opens new tab rose 0.31% to 24,563.25 points and the BSE Sensex (.BSESN), opens new tab gained 0.26% to 80,427.58, as of 9:21 a.m. IST. All 16 major sectors logged gains at the open. The broader small-caps (.NIFSMCP100), opens new tab and mid-caps (.NIFMDCP100), opens new tab gained about 0.5% each. Asian markets rose, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS), opens new tab gaining 0.9%. Wall Street closed higher after U.S. consumer prices increased marginally in July, up 0.2% month-on-month. The in-line print lifted September Fed rate cut odds to 94% from 86% a day earlier. Lower U.S. rates typically boost the appeal of emerging market equities, including India, as yields on U.S. Treasuries fall. India's retail inflation dropped to an eight-year low of 1.55% in July, slipping below the Reserve Bank of India's 2%-6% band, driven by falling food prices. Among individual stocks, Apollo Hospitals ( opens new tab climbed 5.4% after posting a rise in June quarter profit, aided by higher patient volume. Nykaa ( opens new tab jumped 3.7% after reporting a two-fold rise in quarterly profit on beauty products demand. ($1 = 87.5800 Indian rupees)
Reuters
42 minutes ago
- Reuters
Vietnam food association urges trade ministry to challenge Philippine rice import suspension
HANOI, Aug 13 (Reuters) - The Vietnam Food Association has asked the country's trade ministry to challenge a move by the Philippines to suspend rice imports for two months, two sources told Reuters, with traders saying it will harm local production. The Philippines, Vietnam's biggest rice buyer, said last week that it would suspend rice imports for 60 days starting from September 1 in an effort to protect local farmers impacted by falling prices during the harvest season. "The Philippines is Vietnam's largest rice export market and the suspension would have significant impacts on rice production in Vietnam," said one of the sources, a trader with knowledge of the matter. The association and the Ministry of Industry and Trade didn't immediately respond to Reuters' requests for comments. Vietnam exported 2.44 million metric tons of rice to the Philippines in the first seven months of this year, accounting for 44.3% of its total rice shipments over the period, according to official customs data. Last year, the Philippine market accounted for 46.7% of Vietnam's total rice exports, with shipments in September and October higher than monthly average. Vietnam early this year signed a memorandum of understanding on rice trade with the Philippines, where rice production is often prone to flooding and typhoon risks. "They are suspending rice imports this year to protect their farmers ahead of an expected bumper harvest," said a second trader based in Ho Chi Minh City. The Philippines' rice production in the second quarter grew 13.9% from a year earlier, a sharp acceleration from the 0.3% growth in the first quarter. Traders said the Philippines' move to suspend rice imports will put pressure on export prices of Vietnamese rice. Vietnam's 5% broken rice RI-VNBKN5-P1 was offered at $395 on Tuesday, down by nearly 30% from a year earlier, according to data from the association. "We fear that prices will fall further if there's the suspension," the second trader said.
Reuters
an hour ago
- Reuters
India PM Modi likely to meet Trump in US next month, newspaper reports
NEW DELHI, Aug 13 (Reuters) - Indian Prime Minister Narendra Modi is likely to meet President Donald Trump during a visit to the United States next month to attend the UN General Assembly meeting, the Indian Express newspaper reported on Wednesday, citing sources. Reuters could not immediately verify the information outside business hours. The General Assembly kicks off on Sept 9, but the annual meeting of heads of state and government will be held from Sept 23-29. Although the reason for the potential visit will be to attend the UN meeting in New York, a key objective will be to hold talks with Trump and iron out trade and tariff issues that have led to some souring of ties between the two countries, the newspaper reported. News of a possible Modi trip to the U.S. comes days after Trump announced an additional 25% tariff on Indian goods to penalise New Delhi for continuing to buy Russian oil. The penalty took the total levy on Indian goods exported to the U.S. to 50%, among the highest levied on any U.S. trading partner. Trade talks between New Delhi and Washington collapsed after five rounds of negotiations over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. On Tuesday, U.S. Treasury Secretary Scott Bessent said several large trade agreements were still waiting to be completed, including with Switzerland and India, but New Delhi had been "a bit recalcitrant" in talks with Washington. Bessent told Fox Business Network's "Kudlow" he hoped the Trump administration could wrap up its trade negotiations by the end of October. "That's aspirational, but I think we are in a good position," he said, adding " I think we can be, we will have agreed on substantial terms with all the substantial countries."
