Monday, September 14
Mumbai: India's equity indices eked out gains on Thursday, recouping losses of almost 1% earlier in the day, as optimism around a likely meeting between Donald Trump and Russian President Vladimir Putin offset worries about the US President's announcement of additional 25% tariffs on imports of domestic goods.The confirmation of the bilateral summit between the US and Russia stoked expectations that Putin might agree to Trump's demand for a ceasefire between Russia and Ukraine, embroiled in a three-year-long conflict. Traders covered a part of their bearish bets on hopes that the US-Russia talks will ease Trump's hardened tariff policy against India, which has been attributed to New Delhi's purchase of Russian oil.The NSE Nifty, which fell as much as 0.9% during the day, closed 0.1% or 21.
India's foreign exchange reserves registered a decrease of $9.32 billion, reaching a total of $688.87 billion for the week ending August 1, according to data published by the Reserve Bank of India (RBI) on Friday. In the preceding week, which ended on July 25, reserves had risen by $2.7 billion to stand at $698.19 billion.Foreign currency assets, constituting the largest segment of the reserves, dropped by $7.31 billion to $581.61 billion during the same period. These assets, when measured in US dollars, reflect the impact of movements in other major global currencies—such as the euro, pound sterling, and yen—held within the reserve portfolio.Gold holdings also fell, decreasing by $1.7 billion to $83.99 billion, as per the central bank's release.Moreover, Special Drawing Rights (SDRs)
