The Reserve Bank of India’s foreign exchange reserves decreased by $3.5 billion to $684.8 billion in the week ended September 25, primarily due to the central bank’s dollar sales to prevent rupee depreciation. Foreign currency assets fell significantly while gold reserves saw a rise. Outflows from Indian stocks and bonds added pressure on the rupee.
Jefferies views IndiGo as unique and strong franchise, raises target price to Rs 5,260
The IndiGo stock has underperformed following a significant miss in the company’s 2Q results, driven by higher costs impacting profitability. However, Jefferies expects cost normalization