forex

A 26-year-old alleged cybercriminal, Brajesh Singh, was arrested by CID in Uttar Pradesh for a Rs 8.52 crore forex trading fraud. He lured victims with promises of high profits, persuading them to invest in various bank accounts. The arrest followed a case registered by a defrauded victim on March 10.

Economists believe India’s foreign-exchange reserves are still sufficiently strong to shield the rupee from the oil price shock triggered by the Iran conflict, with the country’s reserve buffers remaining far healthier than the levels seen during the 2013 taper tantrum.

The erosion in reserves reflects not only intervention by policymakers to support domestic currencies, but also valuation losses in non-dollar assets, according to data compiled by Bloomberg.

India's foreign exchange reserves experienced a significant drop of $7.794 billion, reaching $690.693 billion in the week ending May 1. This decline, primarily driven by a fall in foreign currency assets and gold reserves, follows a previous decrease. The central bank's intervention in the forex market to support the rupee is a key factor behind this trend.

India’s gold imports hit a record $71.98 billion in 2025-26, rising over 24% from $58 billion a year earlier. This was largely due to skyrocketing global gold prices, which have bumped up the value of imported gold.

S&P Global has said that the country has adequate financial buffers to manage a wider current account deficit that could emerge because of rising crude oil prices. India’s current account deficit has narrowed over the past few years, although fluctuations in global crude prices now pose a risk to that improvement.

Commerce and Industry Minister Piyush Goyal urged Indian industry to embrace self-efficiency and productivity amidst global challenges. He emphasized reducing import dependence, leveraging free trade agreements, and moving from "assembled in India" to "designed, engineered, and manufactured in India" to strengthen the economy and achieve export targets.

PM Modi has called on citizens to adopt measures aimed at conserving foreign exchange, as the surge in oil prices triggered by the Iran conflict has intensified pressure on the rupee and strained India’s foreign exchange reserves.

The PM wants us to use public transport, shift to electric vehicles, work from home, take fewer vacations abroad, and reduce gold purchases. The reason isn't as sudden as you might think

Rupee hit a fresh record low of 96.07 against the US dollar on Friday, extending its losing streak over three straight sessions amid soaring crude oil prices and escalating tensions in West Asia. At the interbank foreign exchange market, the rupee opened at 95.86 against the US dollar and slipped further to 95.94, down 30 paise from its previous close.

State Bank of India saw a 5.8% profit jump to Rs 19,684 crore in Q4FY26, though margins tightened. Bank of Baroda achieved a record Rs 5,616 crore profit, while Bank of India's net profit climbed 18.7%. Despite credit growth, SBI's share dipped due to investor concerns about core income.

Cabinet also clears Rs 29,540 cr for infra, health, schemes