The Consumer Price Index (CPI) inflation for October is recorded at 6.21 per cent on year-on-year basis. Corresponding inflation rates for rural and urban are 6.68 per cent and 5.62 per cent, respectively, Ministry of Statistics and Programme Implementation (MoSPI) said on Tuesday.
India’s inflationary pressures are back in the spotlight, as food prices surge amid unpredictable weather patterns and shifting global dynamics.
Speaking at a media event, the Governor assured that the RBI is prepared to act with strength and agility, likening the Indian economy to a tiger for its resilience amid fluctuating global conditions.
The total value of these banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, which means less than 2 per cent of them are still in circulation.
However, gold reserves, which form part of the foreign exchange kitty, increased by $1.08 billion to $68.53 billion during the week, according to the central bank.
India's foreign exchange (Forex) reserves stood above $700 billion for the second-consecutive week, data from the Reserve Bank of India (RBI) showed on Friday.
India’s forex reserves contracted by USD 3.7 billion to USD 701.18 billion as of October 4, data shared by the Reserve Bank of India said on Friday.
The change in the RBI's stance to "neutral" from "withdrawal of accommodation" has given a signal about the interest rates reversing downwards in the next few quarters, leading industry chambers and experts said on Wednesday.
Dhiraj Relli, MD and CEO, HDFC Securities said while they do not expect the RBI to start its rate cut cycle, the possibility of a change in stance to neutral is on the table.
Governor Shaktikanta Das said the move would prevent the wrong credits and fraud, in case of the payments made through RTGS and NEFT.
