BUSINESS
Forex reserves fall to 2-year low of $524 billion
This is the lowest level at which foreign exchange reserves have fallen since July 2020. The slide has occurred mainly due to a fall in RBI's foreign currency assets, which fell to $465.08 billion in the week ended October 21. Foreign exchange reserves have fell by more than $100 billion since Russia invaded Ukraine in February this year.
Consumer complaints need to be resolved quickly, says RBI Governor
Adressing the Annual Conference of RBI Ombudsmen in Jodhpur, he said that the RBI ombudsmen and regulated entities (REs) must identify the root causes of persisting customer complaints and take necessary systemic measures to correct them. The central bank governor said he was concerned about rising customer grievances, despite the RBI's efforts to resolve them.
Flipkart losses widens to Rs 4,362 cr in FY22, up 51%
The e-commerce platform reported Rs 10,659 crore as revenues in FY22, an increase of 31 per cent (-on-year), according to data accessed by business intelligence platform Tofler. The company's total expenses for FY22 were Rs 15,020 crore. Flipkart recently achieved more than 1 billion customer visits on its platform during the The Big Billion Days (TBBD) festive sales.
Kanpur-born CEO to invest $100 bn, create 50,000 jobs in New York
"I was humbled to meet with President Biden, introduce him to some of the Micron team, and showcase Micron's plans for our future megafab in Clay, New York. This $100 billion investment over the next two decades will create the largest semiconductor fabrication facility in the history of the US," the Kanpur-born CEO said in the post shared on Friday.
Maruti Suzuki's small car sales to go down, to launch CNG models and SUVs
He also said the small car segment which was at about 70 per cent for the company will go down to about 65 per cent which is also a substantial size. Speaking to reporters, he noted that there has been a degrowth in the small car hatchback segment while SUV segment logged major growth.
Xiaomi shuts Mi Financial Services in India to focus on core biz services
The company launched Mi Pay in the country in 2019 which garnered more than 20 million users in the country. The company also launched Mi Credit later. In a statement to IANS, Xiaomi India said the move is "to enhance focus on our core business services".
Maruti Suzuki Q2 net at Rs 2,061 crore
In a regulatory filing on Friday, the company said it earned total operational revenue of Rs 29,930.8 crore and a net profit of Rs 2,061.5 crore for the quarter ended on September 30. For the previous year's corresponding period, Maruti Suzuki's total operational revenue stood at Rs 20,538.9 crore and a net profit of Rs 475.3 crore.
AWS logs $20.5 bn in net sales in Q3, now at record $82 bn ARR
With the ongoing macroeconomic uncertainties, the company saw an uptick in (Amazon Web Services) customers focused on controlling costs. "We're proactively working to help customers cost optimise, just as we've done throughout AWS' history, especially in periods of economic uncertainty
Rupee touches 82.72 against dollar before closing at 82.63
The Indian currency gave up its early gains due to higher dollar demand. Earlier this month, rupee had touched a record high of 83.18 against the dollar. The investors' dim outlook on China and also on the overall global economy has impacted the rupee. Rupee's fate will also depend on the crucial Federal Reserve meeting on November 2, market watchers said.
What Causes Indian Rupee Value Fluctuations?
The exchange rate of currencies is constantly fluctuating because most countries have flexible exchange systems where the exchange rate is determined by different factors. A question that most people have in their minds is why the value of the Indian rupee or any other currency fluctuates?
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