1. BY JULY, THE RBI ANTICIPATES BANKS TO DISCONTINUE USING LIBOR ALTOGETHER
By July 1, financial institutions and banks must stop using the scandal-plagued London Interbank Offered Rate (LIBOR) and Mumbai Interbank Forward Outright Rate (MIFOR) and switch to an alternative reference rate, primarily the Secured Overnight Financing Rate (SOFR).
In the week ending May 5, 2023, India's foreign currency reserves rose by $7.196 billion, reaching an 11-month high of $595.976 billion. This comes after a prior increase of $4.532 billion the previous week.
2. INDIA'S FOREIGN EXCHANGE RESERVES INCREASE TO $595.9, AN 11-MONTH HIGH
According to the Ministry of Commerce & Industry's Department for Promotion of Industry and Internal Trade, wholesale price-based inflation decreased to -0.92% on an annual basis in April from 1.34% in March.
3. CONTINUED DECLINE IN WHOLESALE PRICE INDEX, APRIL DROP TO -0.92%