Business

Mumbai: India’s foreign exchange reserves surged by $8.66 billion in the week ending February 13, 2026, breaking previous records and marking a strong recovery after a $6.71 billion decline the prior week. The boost comes as India receives relief following the recent U.S. Supreme Court ruling on tariffs. Dual Boost from Gold and Forex Assets Gold Reserves: The Reserve Bank of India’s (RBI) gold reserves rose by $4.99 billion, taking the total value to $128.466 billion, with physical holdings now exceeding 880 tonnes—approximately 15% of India’s total forex reserves. The increase follows a week in which international gold prices saw notable gains. Foreign Currency Assets (FCA): RBI’s FCA holdings grew by $3.55 billion, bringing the total to $573.603 billion. FCA includes U.S. doll...

New Delhi: The U.S. Supreme Court has dealt a major legal blow to former President Donald Trump’s tariff policy, declaring it unlawful and raising significant questions about the future of U.S. trade strategy. Trump described the ruling as “insulting” and indicated that his administration is already working on a backup plan. Key Highlights of the Ruling The Supreme Court, in a 6-3 decision authored by Chief Justice John Roberts, ruled that the use of emergency powers under the International Emergency Economic Powers Act (IEEPA) of 1977 to impose broad tariffs is illegal. The verdict clarified that the President does not have unilateral authority to levy tariffs; such measures require explicit approval from Congress. The ruling has wide-reaching implications for global trade, i...

New Delhi: Gold prices witnessed a sharp rise on Friday, with the precious metal gaining ₹850 in the national capital’s Sarafa market. Gold closed at ₹1,59,500 per 10 grams, while silver remained unchanged at ₹2,64,000 per kilogram, maintaining its previous levels despite recent volatility. Domestic Market Movement According to market sources, 99.9% pure gold was priced at ₹1,58,650 per 10 grams (all-inclusive) on Thursday. On Friday, it jumped ₹850 to close at ₹1,59,500 per 10 grams. In contrast, silver remained steady at ₹2,64,000 per kilogram, showing no change. International Trends Global markets also saw an uptick in precious metals. Spot gold rose 0.62% to $5,027.13 per ounce, while silver gained 2.55% to trade at $80.50 per ounce. Kainaat Chenwala, Assistant Vice Pres...

New Delhi: The U.S. Supreme Court has delivered a major blow to former President Donald Trump’s tariff regime, declaring it illegal and sharply limiting presidential authority to impose unilateral trade tariffs. In a 6-3 ruling, the Court clarified that the International Emergency Economic Powers Act (IEEPA) of 1977 does not grant the President the power to levy tariffs. The law only allows regulation or restriction of certain international transactions during a national emergency. The verdict strikes at the heart of Trump’s aggressive trade strategy, which affected countries including India, China, Canada, Mexico, Brazil, and several others, subjecting them to high reciprocal tariffs. Why This Ruling is a Major Setback The Trump administration argued that IEEPA’s provisions allow...

New Delhi: India and the United States are deepening their economic and strategic relationship, reshaping key geopolitical dynamics. Following the announcement of a bilateral trade deal, India has joined the U.S.-led strategic alliance Pax Silica, signaling closer cooperation in critical minerals and supply chains. This growing India-U.S. partnership is likely to be viewed differently by Russia and China. Commerce and Industry Minister Piyush Goyal announced that an interim trade agreement between India and the U.S. is expected to be signed in March and implemented by April. Earlier this month, both countries released a framework for the first phase of the bilateral trade deal, and final negotiations will be held in Washington from February 23 for three days. The accelerated pace of ...

New Delhi: Gold and silver prices witnessed a moderate rise today. On the MCX, gold opened higher by around ₹500 per 10 grams, while silver jumped by over ₹1,000 per kilogram in early trading. Here’s a look at the latest rates and city-wise prices. MCX Price Trends Gold (2 April delivery): Closed at ₹1,55,761 per 10 grams in the previous session and opened today at ₹1,55,132. Early trades saw prices dip to ₹1,55,116 before rising to a high of ₹1,56,312. As of 10 AM, gold traded at ₹1,56,287, up ₹526 (0.34%). Silver (5 March delivery): Closed at ₹2,44,268 per kg yesterday and opened today at ₹2,42,439. It surged to ₹2,46,214 in early trades, and at 10:04 AM, it was trading at ₹2,45,300, up ₹1,032 (0.42%). International PricesAhead of key U.S. inflation data, the dollar strengt...

New Delhi: In a major relief for families struggling with paperwork and long processes after the loss of a loved one, Indian Overseas Bank (IOB) has launched an online portal to facilitate death claims. Under this initiative, claims up to ₹15 lakh can be settled within 15 days. Simplified Claim ProcessThe online portal allows family members or legal heirs to submit claims from anywhere, reducing the need to visit branches. According to the bank, this step aligns with RBI directives aimed at making claim procedures faster, easier, and transparent. For claims up to ₹15 lakh, there is no need for a third-party surety, and the bank guarantees settlement within 15 days of receiving all necessary documents. How to Submit DocumentsClaimants can visit digital.iob.bank.in/deathclaimonline ...

New Delhi: India is taking a major step toward self-reliance in battery manufacturing with the establishment of the country’s largest integrated lithium-ion battery gigafactory in Andhra Pradesh. The factory, set up by Waaree Energy Storage Solution (WESSPL)—a subsidiary of Waaree Energies—will manufacture lithium-ion cells, battery packs, and grid-scale Battery Energy Storage Systems (BESS). Location and CapacityThe gigafactory will be located in Rambilli, Anakapalli district, Andhra Pradesh. With a planned capacity of 16 GWh, it will produce battery cells, battery packs for electric vehicles, and BESS units capable of storing electricity and supplying it to the grid when renewable sources like solar or wind are unavailable. Investment and EmploymentThe project involves an investmen...

New Delhi: Nvidia, the world’s most valuable AI chipmaker, has advised that India must significantly increase its investment in AI and leverage it to make operations smarter if it wants to compete globally. Current AI Investment in India InsufficientCurrently, India invests around $1.2 billion in AI infrastructure—a figure Nvidia considers far below what is required. Speaking at the AI India Impact Summit, Nvidia’s Senior Vice President of Business, Shankar Trivedi, said that out of nearly 2,000 large multinational companies in India, about 1,800 have Global Capability Centers (GCCs) employing over 2 million people, which could rise to 3 million soon. Trivedi emphasized that each center should develop its own local AI “factory”, using AI to make data handling and operations more effi...

New Delhi: Gold and silver prices have seen significant declines in the first half of February, with gold falling nearly 16% and silver dropping 38%. However, the jewelry market has remained subdued, with major buying restricted primarily to households preparing for weddings. Price UpdateOn Wednesday, silver in Delhi’s jewelry market rose by ₹1,000, reaching ₹2.46 lakh per kilogram, while 99.9% purity gold became ₹300 cheaper, trading at ₹1,56,700 per 10 grams. These prices include all applicable taxes. Consumer BehaviorAccording to Senco Gold & Diamonds, store traffic has increased after the price drop, but customers are still cautious, avoiding bulk purchases. People are preferring lightweight jewelry for now. Suvankar Sen, MD of Senco, said that while value-based sales could s...