The rupee appreciated by 28 paise to close at 92.90 against the US dollar on Monday, supported by the Reserve Bank’s measures aimed at curbing speculative activity and reducing volatility, PTI reported.Forex traders said that while the RBI’s actions are positive for the currency, continued foreign fund outflows, a firm dollar and elevated crude oil prices amid geopolitical tensions are exerting pressure on the rupee.The RBI has tightened rules to curb speculative positions and capped banks’ net open positions at $100 million.At the interbank foreign exchange market, the rupee opened at 93.13 and strengthened to an intraday high of 92.79 against the greenback before settling at 92.90, up 28 paise from the previous close.On Thursday, the domestic currency had posted one of its sharpest gains in years, rising 152 paise to close at 93.18 after the RBI introduced a series of measures to restrict banks from onshore forward markets.Equity and forex markets remained closed on Friday on account of Good Friday.Geopolitical tensions continue to weigh on the rupee, with US President Donald Trump escalating pressure on Iran and setting a deadline to reopen the Strait of Hormuz, failing which the US could target its power infrastructure.Meanwhile, the dollar index, which measures the greenback against a basket of six currencies, was down 0.15% at 99.87.Brent crude, the global oil benchmark, was trading 1.61% lower at $107.29 per barrel in futures trade, as investors tracked developments around the Strait of Hormuz.According to forex traders, the USD/INR pair may see short-term appreciation, though the broader trend will continue to be influenced by global dollar liquidity, crude oil movements and geopolitical developments.On the domestic equity front, the Sensex rose 787.30 points to close at 74,106.85, while the Nifty gained 255.15 points to end at 22,968.25.Foreign institutional investors sold equities worth Rs 8,167.17 crore on a net basis on Monday, as per exchange data.India’s forex reserves declined by $10.288 billion to $688.058 billion for the week ended March 27, the RBI said. In the previous week, reserves had dropped by $11.413 billion to $698.346 billion.On the macroeconomic front, India’s services sector growth eased to a 14-month low in March, reflecting slower new business inflows.The seasonally adjusted HSBC India Services PMI Business Activity Index fell to 57.5 in March from 58.1 in February, marking the weakest expansion in activity since January 2025.

Mumbai : Bank earnings in FY26 are set to shift from margin-led gains to volume-driven growth, even as funding pressures intensify with banks increasingly tapping costly wholesale sources to sustain credit expansion. According to data released by RBI, system-level advances grew 13.8% as of March 15, outpacing deposit growth of 10.8%, widening the gap between loans and liabilities. This divergence has intensified competition for funds, pushing banks to rely more on high-cost certificates of deposit, whose issuances have surged to record levels.A report by Systematix Research noted that the credit-deposit ratio has risen to around 83% in March from 81.7% in Dec 2025. This has forced banks to depend on wholesale funds. The report added that fresh certificate of deposit issuances jumped 46% year-on-year during the quarter, reflecting growing funding pressure.Banks’ business updates released over the weekend reinforce this trend, with most banks reporting faster credit growth than deposit accretion. The only exceptions were HDFC Bank and Yes Bank, where deposit growth exceeded loan expansion. Bank of India, Kotak Mahindra Bank and Yes Bank posted double-digit balance sheet growth in FY26, while IndusInd Bank reported contraction, highlighting divergent funding strategies and balance sheet adjustments across lenders.

The strong double-digit credit growth reflects continued economic momentum, with retail, agriculture and MSME segments driving loan demand. Bank of India reported global advances rising 15.7% year-on-year to Rs 7,70,566 crore, while deposits grew 13.6% to Rs 9,27,460 crore, pushing its credit-deposit ratio to 83.1% from about 81.6% a year earlier. Kotak Mahindra Bank saw net advances increase 16.2% to Rs 4,95,892 crore and deposits rise 14.7% to Rs 5,72,457 crore, with its credit-deposit ratio inching up to 86.6% from around 85.5%.Yes Bank stood out with stronger deposit mobilisation, as deposits grew 12.1% to Rs 3,18,970 crore, outpacing loan growth of 10.7% to Rs 2,72,454 crore.

Bengaluru: Amazon is preparing to scale down its 4-24 hour grocery delivery service, Amazon Fresh, in several major Indian cities as it sharpens focus on its quick commerce offering, AmazonNow, according to a UBS Global Research report.The transition is expected to play out across 10-15 large urban markets where AmazonNow is being expanded, effectively replacing Amazon Fresh in these locations, the report said.The move underscores Amazon’s shift towards faster fulfillment models, as competition intensifies in India’s quick commerce segment dominated by players such as Blinkit, Zepto and Swiggy Instamart.AmazonNow, currently live in six cities including Bengaluru, Mumbai and Delhi, is being positioned as the company’s primary vehicle for rapid delivery. UBS estimates the service could expand to 10 cities in the near term, covering a large share of quick commerce demand in the country.“We understand AmazonNow’s average order value (AOV) is Rs 260-300, while the mature stores (more than 6 months old) have a higher AOV of Rs 320-360, per our checks. The primary reason for low AOV vs Blinkit and Instamart is that AmazonNow is currently operating in FMCG and only recently adding other categories such as electronics, toys etc,” the research note said.The quick commerce push is being backed by a rapidly expanding dark store network. AmazonNow operates roughly 450 dark stores at present and is adding about two stores a day, with the network expected to scale up significantly over the next year, according to the report.Even as it pivots to faster deliveries in urban centres, Amazon continues to invest in its national logistics backbone. The company currently operates over 20 large warehouses for its broader ecommerce operations and is expected to increase this footprint further by mid-2026 to improve delivery timelines across India.Amazon Fresh, which remains operational in over 100 cities, will continue in markets where quick commerce is yet to be rolled out. However, in cities where AmazonNow is introduced, Fresh is likely to be phased down, reflecting a broader shift from scheduled grocery deliveries to instant fulfilment models.The report is based on channel checks and expert conversations and reflects third-party assessments of Amazon’s strategy rather than company-confirmed plans.

Naseem Shah (Image credit: X)

NEW DELHI:It appears that Pakistan’s star pacer Naseem Shah and trouble are going hand in hand. First, he was handed a hefty fine for his comments about a politician on social media – narrowly avoiding a ban – and now fresh concerns around his fitness that ruled him out of the Pakistan Super League (PSL).Beyond behavioural issues, his fitness worries have continued to mount, something that has not gone down well with the Pakistan Cricket Board.Naseem is likely to face action from the Pakistan Cricket Board over both his fitness concerns and his conduct. He will be required to undergo an extensive rehabilitation programme under the supervision of the medical panel.He was fined what is believed to be the largest penalty in Pakistan cricket history – PKR 20 million (approximately USD 72,000) – after criticising Punjab’s chief minister, Maryam Nawaz, in a tweet.“Naseem suffered a side strain during Rawalpindi’s match against Karachi Kings on Thursday and missed the team’s last match, which has raised serious questions over his fitness,” sources told www.telecomasia.net“Naseem’s rise has been stunted by off-field behaviour, his excessive attention to advertisements and podcasts, which has derailed his career. He also missed the 2023 ODI World Cup due to fitness issues, which are blots in his career,” Telecom Asia Sport said, quoting sources.“Naseem will appear before the medical panel under Dr Javed Mughal in the next couple of days, as the selection committee is also not happy with his frequent fitness issues,” sources added.Naseem had suffered an injury during Pakistan’s disappointing 2026 T20 World Cup campaign and was subsequently ruled out of the tour of Bangladesh.He was also demoted to the ‘C’ category in the central contracts list last year.

Pakistan has made arrangements to repay $4.8 billion in external obligations by June, including $3.5 billion payable to the United Arab Emirates through three different facilities, according to a local media report.The development comes after Islamabad decided to return $2 billion to Abu Dhabi by the end of the current month. The amount had been placed with the State Bank of Pakistan (SBP) as a deposit, on which the country has been paying around 6 per cent interest.