India’s foreign exchange reserves increased by $6.29 billion to $696.99 billion during the week ended May 8, driven by a rise in gold reserves, latest data from the Reserve Bank of India showed. Gold reserves increased by $5.64 billion during the reported week.

Gold prices increased by 2.11 per cent to $4,715/oz during the reported week.

Air India's transformation is going to be a "long game, and there is no shortcut", its co-owner, Singapore Airlines' CEO Goh Choon Phong, said on Friday as he mentioned that the Indian carrier is facing various challenges, including Pakistan airspace closure and rupee depreciation.

At a briefing to discuss Singapore Airlines (SIA) Group's financial results for the 2025-26 financial year, he also said that Air India has "largely external challenges".

The hike in petrol and diesel prices by ₹3 per litre for both fuels could be the first of a few more rounds of hikes by the oil marketing companies (OMCs), suggest analysts, who expect the markets to remain range-bound in the next few weeks in this backdrop.

The upward revision in prices for both fuels, said Jyotivardhan Jaipuria, founder and managing director at Valentis Advisors, was already expected though the quantum of ₹3 per litre seems too less.

The West Bengal government has suspended three Indian Police Service (IPS) officers over serious administrative lapses, negligence in registering an FIR and investigating the RG Kar rape and murder incident.Chief Minister Suvendu Adhikari on Friday made several significant announcements regarding the law-and-order situation in the state, illegal activities inside correctional homes, and the investigation into the RG Kar incident. Chief Minister Adhikari announced strict action against three IPS officers over serious administrative lapses, negligence in FIR registration and investigation, and allegations of offering bribes to the victim's family.

United Spirits Ltd., the Indian subsidiary of global liquor major Diageo, has revised the composition of the investor consortium involved in acquiring a stake in the company that owns the Royal Challengers Bengaluru (RCB) franchise in IPL. Importantly, while the structure of the buying group has changed, the financial terms and overall economics of the high-value transaction remain unchanged.

India is ready to extend all possible support to bring peace in West Asia, Prime Minister Narendra Modi said on Friday during his talks with UAE President Sheikh Mohammed bin Zayed Al Nahyan.

The Modi-Al Nahyan meeting took place shortly after the prime minister landed in the Gulf nation in the first leg of his five-nation tour that also includes four European countries.

Defence Minister Rajnath Singh and Andhra Pradesh Chief Minister N Chandrababu Naidu on Friday laid the foundation for nearly ₹16,000 crore AMCA infrastructure here in Sri Sathya Sai district.

The Advanced Medium Combat Aircraft (AMCA) project is expected to generate 7,500 jobs, an official release said.

India's decision to raise petrol and diesel prices by ₹3/litre may only be the beginning, with the current hike widely seen as insufficient to fully offset mounting under-recoveries faced by oil marketing companies (OMCs). While the move offers partial relief to state-run fuel retailers, it also raises fresh concerns around inflation, monetary policy, and foreign investor sentiment at a delicate stage for the Indian economy.

Oil marketing companies raised petrol and diesel prices across the four metro cities on Friday. The prices were raised by around ₹3 per litre for both fuels, in line with the recent increase in global energy prices amid the ongoing West Asia war, which has caused a supply crunch.

Petrol in the national capital will now cost ₹97.77 per litre, up from ₹94.77, while diesel will be priced at ₹90.67 per litre, compared with ₹87.67 earlier.

US President Donald Trump said Iran is "finished" and must either negotiate a deal to end the ongoing conflict or face destruction.

"Deal or annihilation for Iran," Trump stated during an interview with Fox News on the final day of his three-day trip to China. He emphasised that the US cannot "let Iran have a nuclear weapon."

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