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Delegates walk past the logos of the BRICS summit during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa on August 23, 2023. WHY DOES LULA WANT A BRICS CURRENCY? A BRICS currency "increases our payment options and reduces our vulnerabilities," he told the summit's opening plenary session. In July, India's foreign minister said, "there is no idea of a BRICS currency". WHAT ARE THE CHALLENGES OF SETTING UP A BRICS CURRENCY?

Persons: GIANLUIGI, Luiz Inacio Lula da Silva, LULA, doesn't, Vladimir Putin, Xi Jinping, Lesetja Kganyago, you've, Kganyago, Herbert Poenisch, Putin, Rachel Savage, Ethan Wang, Marcela Ayres, Gabriel Stargardter, Naomi Rovnick, Libby George, Marc Jones, John Stonestreet Organizations: REUTERS Acquire, Rights, Mercosur, South, Zhejiang University, Federal Reserve, FX, International Monetary Fund, Bank of International, Thomson Locations: Sandton, Johannesburg, South Africa, Rights JOHANNESBURG, Brazil, Russia, India, China, Russian, videolink, African, Ukraine, Beijing, Brasilia, Rio de Janeiro, London

☆ India is a rising force in Southeast Asia as region seeks to counter China's dominance
▼ + stars: | 2023-08-14 | by ( Sumathi Bala | ) www.cnbc.com time to read: +8 min

(Photo credit RAVEENDRAN/AFP via Getty Images) Raveendran | Afp | Getty ImagesIndia is taking major strides to expand its influence in Southeast Asia, a move that will allow countries to counter China's dominance in the region. "India certainly is becoming more ambitious in Southeast Asia. "This is particularly salient to the maritime sphere, namely the South China Sea, where overlapping sovereignty disputes threaten regional stability and openness," he added. "It continues to maintain a very independent streak in its foreign policy, which suits a large number of Southeast Asian countries." While China remained the most influential and strategic power in Southeast Asia, its standing has diminished, the Southeast Asia survey from February showed.

Persons: Pant, Subrahmanyam Jaishankar, Narendra Modi's, Satoru Nagao, Nagao, Derek Grossman, Modi, Xi Jinping, Ted Aljibe, Enrique Manalo, Rand's Grossman, Joanne Lin, Lin, ISEAS's Lin Organizations: Indian, Getty, Afp, Observer Research Foundation, CNBC, Southeast, Hudson Institute, Vietnam Air Force, Rand Corporation, TED ALJIBE, Initiative, ASEAN Studies, Yusof Ishak Institute, Observers, Pant Observer Research, China -, Wilson Center, ASEAN Wonk, U.S, ASEAN Studies Centre, Yusof, Ukraine, U.S ., New Delhi's Observer Research Foundation Locations: New Delhi, AFP, Southeast Asia, India, China, Beijing, Vietnam, Tokyo, China —, Manila, Philippine, Delhi, The Hague, Philippines, Malaysia, Brunei, ISEAS, Singapore, Asia, Europe, China - U.S, U.S, New

☆ Brazil now main holdout against BRICS expansion, sources say
▼ + stars: | 2023-08-02 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +5 min

An attendant is stands next to South African, Indian, Russian, Brazilian and Chinese flags during a plenary session of BRICS Summit, in Xiamen, China September 4, 2017. "An expansion could transform the bloc into something else," said a Brazilian official, who asked not to be named. Russia said expansion would be high on the agenda of the upcoming BRICS summit. A government official told Reuters: "India has reservations about the expansion ... South Africa, the first beneficiary of a BRICS expansion in 2010, now supports inclusion of new members, though South African President Cyril Ramaphosa has said the expansion formula requires "closer scrutiny and understanding."

Persons: Tyrone Siu, Vladimir Putin, Dmitry Peskov, Cyril Ramaphosa, Oliver Stuenkel, Stuenkel, Lisandra, Laurie Chen, Krishn Kaushik, Carien du Plessis, Tim Cocks, Wendel Roelf, Anthony Boadle, Brad Haynes, David Gregorio Our Organizations: BRICS, REUTERS, Tyrone, Reuters, Brazilian, Diplomats, Getulio Vargas Foundation, Thomson Locations: Xiamen, China, Tyrone Siu BRASILIA, Brazil, Russia, India, South Africa, United States, Ukraine, Brasilia, Algeria, Cape Town, Johannesburg, Beijing, BRICS, Africa, São Paulo, Indonesia, Iran, Venezuela, Saudi Arabia, New Delhi

☆ India forex reserves top $600 billion, rise to near 15-month high
▼ + stars: | 2023-07-21 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

They rose by $12.74 billion from the week earlier - the biggest gain in four months - having risen by a total of $3.08 billion in the prior two weeks. "A major portion of the week-on-week jump in forex reserves is driven by revaluation gains due to dollar weakness and reduction in U.S. Treasury yields," said Gaura Sen Gupta, India economist at IDFC FIRST Bank. The current level of forex reserves, along with the RBI's forward foreign exchange book of $19.3 billion, is enough to cover over 11 months of imports, Reuters' calculations showed. In the week for which the forex reserves data pertains, the rupee had logged its best week in four. Foreign Exchange Reserves (in million U.S. dollars)Source text: (https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx)Reporting by Siddhi Nayak; Editing by Sohini Goswami and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Gaura Sen Gupta, Sen Gupta, Siddhi Nayak, Sohini Goswami, Nivedita Organizations: Treasury, IDFC FIRST Bank, Reuters, Reserve Bank of India's, National Securities Depository Limited, Foreign Exchange, Siddhi, Thomson Locations: MUMBAI, U.S, India

JOHANNESBURG, July 20 (Reuters) - A BRICS currency will not be on the agenda of the bloc's summit in South Africa next month, but Brazil, Russia, India, China and South Africa will continue to switch away from the U.S. dollar, South Africa's senior BRICS diplomat said on Thursday. "There's never been talk of a BRICS currency, it's not on the agenda," Anil Sooklal, South Africa's Ambassador at Large: Asia and BRICS, told a media briefing. "What we have said and we continue to deepen is trading in local currencies and settlement in local currencies." This has pushed countries to find alternatives to the dollar, especially among non-U.S. allies. "BRICS started a process that has been expedited as a result of the conflict, as a result of unilateral sanctions," Sooklal said.

Persons: There's, it's, Anil Sooklal, Luiz Inacio Lula da Silva, Sergei Lavrov, BRICS, Sooklal, Rachel Savage, Carien du Plessis, Tim Cocks, Angus MacSwan Organizations: U.S ., South, Thomson Locations: JOHANNESBURG, South Africa, Brazil, Russia, India, China, South, Asia, Russian, Ukraine, U.S

☆ Hague court rejects India's objections over water treaty arbitration
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +3 min

AMSTERDAM/NEW DELHI, July 6 (Reuters) - The Permanent Court of Arbitration (PCA) in the Hague rejected on Thursday India's objections to a Pakistan-initiated procedure over water use in the Indus River basin, reopening a procedure that had been blocked for many years. India called the arbitration proceeding illegal as a neutral expert was also looking at the issue and the World Bank-brokered treaty prohibits parallel proceedings. India has boycotted The Hague court proceedings and questioned the competence of the court. A spokesperson for India's foreign ministry, Arindam Bagchi, said India's "consistent and principled position has been that the constitution of this so-called court of arbitration is in contravention of the clear letter and spirit of the Indus Water Treaty". Pakistan's Foreign Office said that it remained fully committed to the implementation of the Indus Water Treaty and its settlement mechanism, which it termed a "foundational agreement" between the two countries.

Persons: Hague, Arindam Bagchi, Bagchi, Mumtaz Zahra Baloch, Krishn Kaushik, Gibran Peshimam, Richard Chang, Kim Coghill Organizations: AMSTERDAM, World Bank, Ratle Hydro, GV De, Thomson Locations: DELHI, Pakistan, India, Hague, Pakistan's, Amsterdam, New Delhi, Karachi

A source previously told Reuters that Musk would brief Modi on plans to set up a manufacturing base in India. "He (Modi) really cares about India because he's pushing us to make significant investments in India, which is something we intend to do," Musk told ANI. Executives of Tesla visited India and held talks with Indian bureaucrats and ministers last month on establishing a manufacturing base for cars and batteries in India. U.S. companies need to reduce reliance on China as a manufacturing base in the face of tensions between Washington and Beijing. If we don't obey local government laws, we will get shut down...," Musk told reporters on Tuesday.

Persons: Elon Musk, Narendra Modi, Modi, Musk, Tesla, Jack Dorsey, Hyunjoo Jin, Shivangi Acharya, Aftab Ahmed, Aditya Kalra, Aditi Shah, Tanvi Mehta, Conor Humphries, Angus MacSwan, Mark Heinrich, Cynthia Osterman, Kim Coghill Organizations: Reuters, Tesla, Twitter, Thomson Locations: United States, India, U.S, China, Washington, Beijing

NEW DELHI, June 20 (Reuters) - Indian Prime Minister Narendra Modi left for the U.S. on Tuesday on a state visit that has been projected as a milestone in ties between the two countries that would deepen and diversify their partnership. Modi has been to the U.S. five times since becoming prime minister in 2014 but the June 21-24 trip will be his first with the full diplomatic status of an official state visit. Washington sees India as a vital partner in its efforts to push back against China's expanding influence worldwide. Modi's visit comes amid differences in the positions of Washington and New Delhi over Russia's invasion of Ukraine. The world has full confidence that India’s top-most priority is peace," he said in the interview published on Tuesday.

Persons: Narendra Modi, Modi, Joe Biden's, Elon Musk, Tesla, Vinay Kwatra, Twitter's, Jack Dorsey, Lavanya Ahire, YP Rajesh, Raju Gopalakrishnan Organizations: Indian, U.S, Reuters, Twitter, Wall Street, Wall Street Journal, Security Council, YP, Thomson Locations: DELHI, U.S, Washington and New Delhi, India, Washington, United States, New Delhi, Ukraine, Moscow, United Nations, BENGALURU

WASHINGTON, June 16 (Reuters) - U.S. rights groups plan protests next week against Indian Prime Minister Narendra Modi's state visit to Washington over what they call India's deteriorating human rights record, even though experts do not expect Washington to be publicly critical of New Delhi. Washington hopes for closer ties with the world's largest democracy, which it sees as a counterweight to China, but rights advocates worry that geopolitics will overshadow human rights issues. The United States has said its human rights concerns related to India include the Indian government's targeting of religious minorities, dissidents and journalists. In a letter to Biden, Human Rights Watch's Asia Division director Elaine Pearson urged the White House to raise concerns, both publicly and privately, about human rights in India during Modi's visit. Advocacy groups have also raised concerns over alleged human rights abuses under Modi's Hindu nationalist Bharatiya Janata Party (BJP).

Persons: Narendra Modi's, Modi, Joe Biden, Washington, Howdy Modi, Donald Trump, Biden, Elaine Pearson, Donald Camp, Camp, George W, Bush, Antony Blinken, Michael Kugelman, Kanishka Singh, Simon Lewis, Shilpa Jamkhandikar, Don Durfee, Heather Timmons, Alistair Bell Organizations: Indian, Indian American Muslim Council, Veterans, Bethesda African Cemetery Coalition, House, United, Hindu, Amnesty, Human Rights Watch, Asia, Reuters, Biden, State Department, Strategic, International Studies, U.S . State Department, World Press, 161st, Bharatiya Janata Party, BJP, South Asia Institute, Wilson, Thomson Locations: Washington, New Delhi, Peace, China, United States, India, New York, Texas, Gujarat, U.S, Karnataka

India's foreign ministry is consulting with departments on their appetite for fertiliser and gas from Cairo as part payment for the credit line, an Indian official said. India, the world's second-largest wheat producer, banned wheat exports in May 2022 to help control rising domestic prices, rescinding a plan to export 3 million tons of wheat to Egypt in the year 2022/23. The other sources from India and Egypt did not wish to be identified as they are not authorised to speak to the press. India's external affairs ministry, finance ministry, trade minister, and Egypt's foreign ministry and trade ministry did not immediately respond to requests for comment. India exported $4.11 billion of goods to Egypt in the last fiscal year, while importing $1.95 billion.

Persons: Narendra Modi's, Ali Moselhy, Moselhy, Rajendra Jadhav, Conor Humphries Organizations: Reuters, Indian, Thomson Locations: CAIRO, DELHI, India, Egypt, Delhi, Cairo, New Delhi, Russia

☆ China hopes India can meet it halfway in media row
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

"In recent years, Chinese journalists in India have been accorded unfair and discriminatory arrangements," Chinese foreign ministry spokesperson Wang Wenbin told a Monday briefing. "We hope that India will continue to issue visas for Chinese journalists and remove the unreasonable restrictions and create favourable conditions for media exchanges." China has declined to renew the visas of the last two Indian journalists based there, citing India taking similar action this month against the two remaining Chinese state media journalists in India. "China is ready to act on the principles of mutual respect, equality and mutual benefit to keep in communications with the Indian side, and we hope that India will meet China halfway." India's foreign ministry said this month it hoped China would allow Indian journalists to work in China, adding that India allowed all foreign journalists to operate there.

Persons: Wang Wenbin, Wang, Andrew Hayley, Laurie Chen, Bernard Orr, Philippa Fletcher, Robert Birsel Organizations: Hindustan Times, Press Trust of India, China, Thomson Locations: BEIJING, China, India, Indian

An appellate authority at the Enforcement Directorate (ED) issued the so-called show cause notices under India's foreign exchange laws for alleged illegal remittances of 55.51 billion rupees ($673.2 million). India alleges Xiaomi's local unit made illegal remittances to foreign entities by passing them off as royalty payments. The notices were issued to Xiaomi and officials including the chief financial officer of its India unit, the ED said in a statement. The banks received notices because they allegedly allowed foreign remittances described as royalty payments without conducting due diligence and obtaining necessary documentation, the agency added. Court documents show Xiaomi's frozen assets are spread across accounts at various banks including Deutsche, Citi and HSBC.

Persons: Xiaomi, Aditya Kalra, Shubhendu Deshmukh, Shounak Dasgupta, Jamie Freed Organizations: HK, Deutsche Bank, HSBC, Citigroup, Reuters, Deutsche, Citi, Samsung Electronics, Thomson Locations: DELHI, India

☆ India rebukes Canada over parade float showing assassination of Indira Gandhi
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, June 8 (Reuters) - India's foreign minister on Thursday hit out at Canada for allowing a float in a parade depicting the 1984 assassination of Indian Prime Minister Indira Gandhi by her bodyguards, perceived to be glorification of violence by Sikh separatists. "I think it is not good for relationships, not good for Canada," he said. Canada's High Commissioner for India also condemned the incident at a parade by Sikh activists in the Canadian city of Brampton. "I am appalled by reports of an event in Canada that celebrated the assassination of late Indian Prime Minister Indira Gandhi," Cameron MacKay said on Twitter. Indira Gandhi was assassinated in 1984 by two Sikh bodyguards after she allowed the storming of the holiest Sikh temple, aimed at flushing out Sikh separatists who demanded an independent homeland to be known as Khalistan.

Persons: Indira Gandhi, Jaishankar, Gandhi, Cameron MacKay, Canada's, Rupam, Peter Graff Organizations: Indian, Sikh, Canada, Canada's, Twitter, Reuters, Thomson Locations: DELHI, Canada, New Delhi, India, Canadian, Brampton, Punjab

☆ BRICS meet with 'friends' seeking closer ties amid push to expand bloc
▼ + stars: | 2023-06-02 | by ( Wendell Roelf | ) www.reuters.com time to read: +3 min

[1/2] Foreign ministers of BRICS nations pose for a family photo with representatives from Africa and the global South during a summit in Cape Town, South Africa, June 2, 2023. BRICS, which now consists of Brazil, Russia, India, China and South Africa, is considering expanding its membership, and a growing number of countries, mostly from the global South, have expressed interest in joining. Developed countries have never met their commitments to the developing world and are trying to shift all responsibility to the global South," Pandor said. Indian Foreign Minister Subrahmanyam Jaishankar said Thursday's talks had included deliberations on the guiding principles, standards, criteria and procedures of what an expanded BRICS bloc would look like. As an ICC member, South Africa would face pressure to arrest Putin were he to travel to the summit.

Persons: Naledi Pandor, Pandor, Mauro Vieira, Subrahmanyam Jaishankar, Thursday's, Africa's Pandor, Vladimir Putin, Putin, Carien du, Krishn Kaushik, Joe Bavier, Mark Heinrich Our Organizations: Russian Foreign Ministry, REUTERS, South Africa's, United Arab, Democratic, Cape Town, International Criminal Court, ICC, Thomson Locations: Africa, Cape Town , South Africa, REUTERS CAPE, Saudi Arabia, Iran, Brazil, Russia, India, China, South Africa, Ukraine, United Arab Emirates, Cuba, Democratic Republic of Congo, Comoros, Gabon, Kazakhstan, Egypt, Argentina, Bangladesh, Guinea, Bissau, Indonesia, Johannesburg, Pretoria, Carien du Plessis

☆ India's forex reserves fall for second straight week
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, June 2 (Reuters) - India's foreign exchange reserves (INFXR=ECI) fell for a second consecutive week and stood at a one-month low of $589.14 billion as of May 26, the Reserve Bank of India's (RBI) data showed on Friday. Reserves had fallen by $6.05 billion in the week ended May 19, the biggest fall in more than three months. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. The rupee rose 0.1% in the week ended May 26, having traded in a range of 82.5575 to 82.8500. The rupee ended at 82.3050 on Friday to record its best week in five.

Persons: Siddhi Nayak, Savio D'Souza Organizations: Reserve Bank of India's, International Monetary Fund, Siddhi, Thomson Locations: MUMBAI

☆ White House says G7 aims to 'de-risk' dealings with China
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: +4 min

DEALING WITH CHINA* G7 members are prepared to build "constructive and stable relations" with China while acting in their national interests, according to a draft version of their communique seen by Reuters on Friday. * White House national security adviser Jake Sullivan said G7 members were looking to "de-risk, not decouple" from China. * Biden and Japanese Prime Minister Fumio Kishida have discussed ways to strengthen defence cooperation and counter coercive behaviour by China, the White House said in a statement. * G7 leaders said they had ensured that Ukraine had the budget support it needs for this year and early 2024. CLIMATE/ENERGY/NUCLEAR PROLIFERATION* U.S. President Joe Biden has reassured G7 leaders that he believes negotiators will arrive at a good outcome in debt ceiling talks, his national security adviser, Jake Sullivan, said.

☆ India's forex reserves edge towards $600 billion, hit near 1-year high
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

Changes in forex reserves also stem from valuation gains or losses. For the week to which the forex reserves data pertains, the rupee fell by 0.4%, dragged down by a broader strength in the dollar index. The local unit had traded in a range of 81.6900 to 82.2250. The rupee fell further by 0.6% this week, its worst fall in two months. The local unit ended at 82.66 against the dollar on Friday.

☆ Borrell urges EU to crack down on imports of Indian fuels made with Russian oil -FT
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

India has emerged in the past year as a top buyer of Russian oil following Moscow's invasion of Ukraine on Feb. 24, 2022. Russia's largest oil producer Rosneft (ROSN.MM) and top Indian refiner Indian Oil Corp (IOC.NS) have also signed a term deal to substantially increase and diversify oil grades delivered to India. According to ship-tracking data from Kpler, Reliance Industries (RELI.NS) and Nayara Energy were the key exporters of refined fuels and buyers of Russian oil. However, that has increased to 200,000 bpd after the EU banned Russian oil products imports from Feb. 5 this year, data from Kpler shows. Any mechanism to stem the flow of Russian oil would need to be implemented by the national authorities, Borrell told the FT, suggesting that the EU could target buyers of Indian refined fuels which it believes are derived from Russian crude.

☆ India's forex reserves at comfortable level due to RBI, dollar - economists
▼ + stars: | 2023-05-09 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, May 9 (Reuters) - India's foreign exchange reserves are at a comfortable level currently, benefiting from the Reserve Bank of India's persistent intervention and the likelihood of less volatile revaluation changes, economists said. Reuters GraphicsSince October 2022, the RBI has been rebuilding the reserves, taking advantage of the rupee's recovery. Reuters GraphicsSince October, "comfort on the level of reserves has improved significantly," said Gaura Sen Gupta, economist at IDFC First Bank. "Reserves (both spot and forwards) are now equivalent to 10.4 months of import cover, compared with about 8.9% in Oct 2022." And provides an added layer of comfort as far as the adequacy of forex reserves is concerned.

☆ China assures Russia, India of deepening 'cooperation'
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +3 min

[1/3] India's Foreign Minister Subrahmanyam Jaishankar and his Chinese counterpart Qin Gang pose for a photograph during the SCO Council of Foreign Ministers' meeting in Goa, India, May 4, 2023. Currently the bloc includes Russia, India, China, Pakistan and four Central Asian countries - Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Iran and Belarus are expected to be inducted into the SCO at a summit in New Delhi in July, an Indian foreign ministry official said. In a separate meeting with Indian Foreign Minister Subrahmanyam Jaishankar, Qin said China is willing to deepen "coordination and cooperation" on international and regional issues with India and bring ties back to a "healthy" track of development. China's ties with India have deteriorated since 2020, when their troops clashed on a disputed Himalayan border and 24 people were killed.

☆ India's ties with Russia remain steady. But Moscow's tighter embrace of China makes it wary
▼ + stars: | 2023-05-03 | by ( Sumathi Bala | ) www.cnbc.com time to read: +7 min

(PRAKASH SINGH/AFP via Getty Images) Prakash Singh | Afp | Getty ImagesIndia's relationship with Russia remains steadfast as both sides seek to deepen their economic ties. Russia also wants to "intensify" free trade discussions with India, Deputy Prime Minister Denis Manturov said during a visit to Delhi. watch nowIt's becoming "more difficult with every passing day because of the closeness that we are witnessing between Beijing and Moscow," Pant noted. This defense cooperation is vital given India's tensions along the Himalayan border with an increasingly assertive China, said ORF's Pant. Now, the country cannot expect Russia to play "the same strategic role for India as it used to prior to the Ukraine war.

HOUSTON/NEW DELHI, April 21 (Reuters) - South America's fastest growing oil producer has turned down the Indian government's request for discounted crude oil purchases during trade discussions, Guyana Vice President Bharrat Jagdeo said on Thursday. Guyana's oil production in total has tripled from a year ago to about 380,000 barrels of oil per day. "Any sale of our crude will have to be on commercial terms, not a discounted terms," Jagdeo said at a briefing. Indian buyers have sought a discount to compensate for high freight costs to send its oil to the Asian country, Jagdeo said. "Guyana crude is costly for us because of high freight.

☆ India, Russia in talks on free trade deal
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] Indian Foreign Minister Subrahmanyam Jaishankar attends a news conference following talks with his Russian counterpart Sergei Lavrov in Moscow, Russia, November 8, 2022. Maxim Shipenkov/Pool via REUTERSNEW DELHI, April 17 (Reuters) - India and Russia are discussing a free trade agreement, ministers said on Monday, a move that would further deepen bilateral commercial ties that have flourished since war broke out in Ukraine. Russia, a traditional defence equipment supplier, also displaced Iraq last month to become India's top supplier of crude oil. Moscow was looking to increase machinery imports from India to improve the trade balance, Manturov said. India too aims to narrow its growing trade deficit with Russia, which has been India's largest supplier of military equipment for decades and is the fourth-biggest market for Indian pharmaceuticals.

☆ India's forex reserves jump to 9-month high
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: 1 min

MUMBAI, April 14 (Reuters) - India's foreign exchange reserves (INFXR=ECI) jumped to $584.76 billion for the week ended April 7, the highest in nine months, the Reserve Bank of India's (RBI) statistical supplement showed on Friday. The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee . Changes in forex reserves also stem from valuation gains or losses. For the reported week, the rupee ended 0.3% higher against the U.S. dollar. The rupee closed at 81.85 on Thursday and clocked its fourth consecutive weekly rise for the holiday-shortened week ending April 14.

☆ India opens new investigation into BBC in widening crackdown
▼ + stars: | 2023-04-13 | by ( Aftab Ahmed | ) www.reuters.com time to read: +2 min

NEW DELHI, April 13 (Reuters) - India's financial crime-fighting agency has opened an investigation into alleged violations of foreign exchange rules by the BBC, a source told Reuters on Thursday, months after tax officials searched the broadcaster's Mumbai and Delhi offices. The latest investigation is being conducted by the Enforcement Directorate (ED) under India's Foreign Exchange Management Act. British Foreign Minister James Cleverly, during a visit to New Delhi in March, raised the BBC tax searches with his Indian counterpart. The British government said this week they were working to "review security and make changes to ensure the safety of its staff". Reporting by Aftab Ahmed, writing by Sakshi Dayal Editing by Krishna N. DasOur Standards: The Thomson Reuters Trust Principles.

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