| | NOVEMBER 20238India's foreign exchange reserves climbed by $2.6 billion to $586.5 billion for the week ended October 27, according to a report released by the Reserve Bank of India (RBI) on November 3. Prior to this, foreign exchange reserves decreased by $2.36 billion for the week ending October 20, totaling $583.5 billion. Foreign currency assets (FCAs), as reported in the RBI's Weekly Statistical Supplement, rose by $2.3 billion to $517.5 billion.The effect of non-US currency appreciation or depreciation in foreign exchange reserves, such as the euro, pound, and yen, is included in the FCAs, which are expressed in dollars. SDRs decreased by $15 million to $17.91 billion, while gold reserves increased by $0.49 billion to $45.9 billion. The IMF now has $4.77 billion in reserves instead of $0.208 billion.It should be mentioned that in October 2021, the nation's foreign exchange reserves hit a record high of $645 billion. Since the central bank uses the reserves to protect the rupee from pressure, mostly from worldwide events, the reserves have been decreasing.Generally speaking, the RBI will occasionally step in and control liquidity by selling dollars, among other things, to stop the rupee from depreciating significantly. The Reserve Bank of India (RBI) keeps a careful eye on the foreign exchange markets and only steps in to keep things in order by limiting excessive market volatility and not worrying about any set target level or band. Tata Group's $125 million acquisition would eventually be used as a case study for Indian industrial policy. By buying its way into the iPhone manufacturing business, the conglomerate could achieve great success and teach other empires, such as the mining firm Vedanta Ltd., a lesson about the best way to expand their industrial base.Wistron Corp., a Taiwan-based manufacturer of cellphones, servers, and PCs, is gradually getting out of the business of putting together Apple Inc.'s flagship product. It paid Luxshare Precision Industry Co. 3.35 billion yuan ($457 million) two years ago for selling a Chinese iPhone manufacturing plant. It made the announcement on October 27 that Wistron InfoComm Manufacturing (India) Private Ltd., or WMMI, was being sold to Tata Electronics Private Ltd.This transaction was widely anticipated, as both parties had been in discussions for over a year. The WMMI segment experienced a post-tax loss despite growing revenue and operational profitability, according to Wistron's annual report. Tata should be able to get the company to break even in a few years despite the fact that the worldwide smartphone market is currently in decline. That's the simple part.Pegatron Corp. and Foxconn Technology Group, two Taiwanese companies that are growing in India, present a serious threat to Tata. Wistron found it difficult to gain traction in Apple's supply chain for a reason. Each of the two bigger competitors is more skilled in a wider range of manufacturing processes, such as the assembly of partially assembled electronics and the parts that go inside. INDIAN FOREIGN EXCHANGE RESERVES NOW VALUE TO $586 BILLIONTATA & VEDANTA TEAM UP FOR INDIA'S INDUSTRIAL POLICYIN FOCUSIN FOCUS
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