Foreign Exchange

After lifetime high, India’s forex reserves down to USD 375.27 million

New Delhi: India's foreign exchange reserves declined by USD 443.6 million to USD 375.27 billion in the week ended 12th May. A RBI press release has informed that foreign currency assets, a major part of the overall reserves dipped by USD 429.4 million to USD 351.10 billion. In the previous week, the reserves had touched a life-time high of USD 375.71 billion. 


Policy on allowing private players in defence sector finalised

New Delhi: Defence Acquisition Council has finalised broad contours of policy to engage Indian private sector in manufacture of high tech defence equipment in India. An official release said the Council under the chairmanship of Defence Minister ArunJaitley finalised the broad contours of the policy on Saturday. 
The policy is aimed at developing the defence industrial eco-system in the country through the involvement of both the major Indian corporates as well as the MSME sector.


New GST rates to not fan inflation, says rating agency ICRA


New Delhi: A day after the GST council decided on the rates, domestic rating agency, ICRA has said that the structure is unlikely to fan inflation. It said in a note, with the effective tax rate intended to be brought down on most items, as well as a large portion of the CPI basket being kept in the exempted category, there is likely to be a limited impact of GST on goods inflation.


Indian detained at Atlanta airport by US customs dies

An Indian man died last Tuesday after being detained in the US customs for entering the country illegally. He was hospitalised for shortness of breath. 
The US Immigration and Customs Enforcement, ICE, said in a statement that 58-year-old Atul Kumar Babubhai Patel arrived at the Atlanta airport on May 10 on a flight from Ecuador. 
It said, the US Customs and Border Protection subsequently denied him entry into the country as he did not possess the necessary immigration documents. 


Asian stocks fall over concern about US political developments

Key Asian stocks fell today amid concern about political developments in the US. Key Asian markets also lost ground.
So Japan's Nikkei 225 index slipped 1.3 per cent; Singapore's Straits Times index lost 0.1 per cent; South Korea's Kospi dropped 0.3 per cent, each; China's Shanghai Composite index declined 0.5 per cent; and Hong Kong's Hang Seng index shed 0.6 per cent.