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.
Q3 woes: Cement companies may face earnings downgrades again
Cement producers expect net profit declines in the December quarter, leading to earnings downgrades. Despite a 7-8% increase in sales volumes, revenues will remain flat.
January 10, 2025