India's foreign exchange reserves rise by $6.29 bn on higher gold reserves
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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.
Foreign currency assets also increased by $562 million during the same period.
The Special Drawing Rights were up by $85 million to $18.87 billion during the reported week. India’s reserve position with the International Monetary Fund also increased by $12 million to $4.87 billion.
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India is staring at an intense spell of heat over the coming week, with the India Meteorological Department (IMD) warning of severe heatwave conditions in parts of Rajasthan and Uttar Pradesh even as scattered thunderstorms and heavy rainfall continue across southern and northeastern states.
According to the IMD forecast, heatwave conditions are set to spread across large swathes of northwest, central and eastern India between May 16 and 21 as the mercury continues to rise over the coming days.
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Prime Minister Narendra Modi on Friday greeted the people of Sikkim on the occasion of Statehood Day and said the Centre would continue supporting the Himalayan state's growth and development trajectory.
In a post on X, the Prime Minister extended his wishes as Sikkim marked its 50th Statehood Day celebration this year.
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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".
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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.
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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.
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