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Friday,30-July-2021

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India’s forex reserves rise by over $3 bn

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India’s foreign exchange reserves rose by $3.074 billion during the week ended June 11.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $608.081 billion from $605.008 billion reported for the week ended June 4.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $2.567 billion to $563.457 billion.

Similarly, the value of the country’s gold reserves rose by $496 million to $38.101 billion.

However, the SDR value slipped by $1 million at $1.512 billion.

But, the country’s reserve position with the IMF inched higher by $11 million to $5.011 billion.

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To clear debts, Axis Bank manager loots ICICI branch, kills officer

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In a shocking incident, an Axis Bank Branch Manager allegedly committed an unsuccessful heist on the ICICI Bank and stabbed a deputy branch head there to death, police said here on Friday.

The incident happened late on Thursday around 8.00 p.m., after the close of banking hours at the ICICI Bank’s Virar East Branch.

According to Virar Police Station Senior Police Inspector Suresh Warade, the accused Anil Dubey — the Naigaon Axis Bank Branch Manager, who was a former longtime employee of ICICI Bank, has been arrested.

In the scuffle that ensued between Dubey and the ICICI Bank Deputy Manager Yogita Nishant Choudhary, and her cashier colleague Shraddha Devrukhkar, he allegedly stabbed them both before attempting to flee with the bag full of the looted booty, but was caught outside by the locals.

While Vartak, 36, succumbed to her injuries later, Devrukhkar, 32, is undergoing treatment at a local hospital and further probe is on in the sensational case, said Warade.

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Business

Toyota to raise price of Innova Crysta

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Automobile major Toyota Kirloskar Motor will raise the price of its flagship model, Innova Crysta.

Accordingly, the price will be raised by up to 2 per cent, effective August 1, 2021. The company cited rising input costs as the key factor behind the price hike.

“This increase is necessitated to partially offset the substantial increase in input costs,” the company said in a statement.

“The price increase has been tapered down considering the impact on our valued customers,” it added.

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US economy grows at annualized 6.5% in Q2

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The US economy grew at a lower-than-anticipated annual rate of 6.5 per cent in the second quarter, marking the return to an above pre-pandemic level of overall economic activity, the Commerce Department reported.

However, the 6.5 per cent gain was considerably less than the 8.4 per cent Dow Jones estimate, Xinhua news agency reported.

In the first quarter, real GDP increased by 6.3 per cent, 0.1 percentage point less than previously reported, according to the latest data issued by the Department on Thursday.

The increase in real GDP in the second quarter reflected increases in personal consumption expenditures (PCE), non-residential fixed investment, exports, and state and local government spending that were partly offset by decreases in private inventory investment, residential fixed investment, and federal government spending, the Commerce Department report showed.

Imports, which are a subtraction in the calculation of GDP, increased.

The GDP data was released a day after the Federal Reserve signaled that it was inching closer to tapering its asset purchases amid concerns over surging inflation and the rapid spread of the Covid-19 Delta variant.

In the latest update to its World Economic Outlook, the International Monetary Fund (IMF) on Tuesday projected the US economy would grow by 7.0 per cent this year, up 0.6 percentage point from its April projection.

The upward revision reflects the anticipated legislation of additional fiscal support in the second half of 2021 and improved health metrics.

In 2022, the US economy is expected to grow by 4.9 per cent, according to the IMF.

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