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.

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.

IDFC FIRST Bank launched a Business Multiplier Credit Card for entrepreneurs, addressing the gap in credit access for startups. Issued against a fixed deposit, the secured card offers a lower interest rate, zero forex markup, and a 100% credit limit, simplifying financial management for small businesses.

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 Indian rupee hit a record low of 96.70 against the US dollar on Tuesday, extending its losing streak to eight sessions. Rising crude oil prices, foreign fund outflows, and a strong dollar due to global risk aversion are key factors. forex traders also cited supply-chain disruptions. The Reserve Bank of India's intervention and import restrictions might offer some support.

To increase resilience, massively scale up renewables, electrify transport, and make India attractive for world's best companies

The Indian rupee continued its decline against the US dollar, falling 18 paise to 96.38 amid rising crude oil prices and Middle East tensions. The currency has lost over 5% since late February, with concerns over geopolitical instability and foreign portfolio investor outflows pressuring its value.

With supply concerns mounting, crude oil prices have surged beyond the $100-per-barrel level, compared to nearly $70 before the conflict escalated. Brent crude, remaining above $111 per barrel, has triggered wider effects across fuel prices, currencies, trade activity, and financial markets.

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.