Forex reserves decline, RBI to review economic situation
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🗞️ Indian Oil Corporation probes allegation of US firm bribing its officers: Indian Oil Corporation (IOC) is investigating allegations that US firm Albemarle Corporation bribed its officials between 2009 and 2011 to secure catalyst supply contracts. Albemarle reportedly paid $1.14 million in commissions and earned $11.14 million in profits.
🗞️ FPIs pull out equities worth Rs 976 cr this week amid rising dollar, bond yields: After two weeks of buying, FPIs turned net sellers in Indian equities this week, with a net withdrawal of Rs 976 crore amid a strengthening US dollar and steady rise in US 10-year bond yields, impacting investor sentiment.
Expert Opinion: "Nervousness continued to grip investors, and stocks across the board went into a tailspin as the dollar's continued strength against the rupee has been prompting foreign investors to flee local equities and take shelter in safe-haven dollar assets," pointed Prashant Tapse, senior vice president of research at Mehta Equities
🗞️ Accel nears close of new India fund at $650 million: Accel India has secured $650 million for its eighth fund, while its global growth fund has raised $1.35 billion. A portion of this will be invested in pre-IPO rounds of Indian startups, bringing Accel's total India commitments to nearly $3 billion. This move comes as several Accel-backed companies, including Bluestone, are preparing for IPOs.
🗞️ RBI board reviews global, domestic economic situation: The Reserve Bank of India's central board, led by new Governor Sanjay Malhotra, convened to assess the global and domestic economic landscape. The board acknowledged Shaktikanta Das's contributions during his six-year tenure as governor. Discussions encompassed economic outlooks and the progress of banking in India.
🗞️ India's foreign exchange reserves decline by $1.9 bn: The reserves stood at $655 billion in the week ended December 6, having declined by $3.2 billion during that week.