8:10 PM
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India's foreign exchange reserves have seen a significant decline of USD 8.714 billion, dropping to USD 625.871 billion for the week ended January 10. The reduction is attributed to revaluation and the Reserve Bank of India's efforts to stabilize rupee fluctuations, with foreign currency assets reducing by USD 9.469 billion.
6:10 AM
Blogger
The Reserve Bank of India has implemented new rules to facilitate the use of the rupee in international trade and investment. These regulations allow overseas branches of authorised banks to open rupee accounts for non-residents, simplifying cross-border transactions. This initiative aims to mitigate exchange rate risks, ease foreign exchange pressure, and enhance India's current account balance.
11:10 PM
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The US Federal Reserve could cut rates three or four times this year if inflation data cooperates, with a first cut possible before July, a senior bank official said Thursday. Asked about the timing of cuts, Waller said if the data came in as he expected, it was "reasonable" to think rate cuts could come in the first half of the year.
9:10 PM
Blogger
Amazon agrees to acquire Bengaluru-based digital lending startup Axio, formerly known as Capital Float, for an estimated enterprise value of $150-160 million. Axio, which provides pay-later and credit offers, is awaiting Reserve Bank of India approval. Amazon aims to expand its financial services in India through this acquisition.
6:10 PM
Blogger
JPMorgan's net income rose 50% to over $14 billion in Q4, with EPS at $4.81, surpassing Wall Street's forecasts. Revenue increased to $43.7 billion. Wells Fargo also reported strong earnings, with net income nearly doubling to $5.1 billion. Both banks exceeded profit expectations despite challenges.
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