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21.11.25 - 13:30
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Forex watch: India′s reserves jump $5.54 bn; gold vaults total kitty to $692.57 bn (Times of India)
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India's foreign exchange reserves saw a significant jump of over five billion dollars. This surge, ending November 14, pushed total reserves to nearly 700 billion dollars. The Reserve Bank of India reported that increased gold valuations were the primary driver. Foreign currency assets also saw a modest rise. This marks a strong recovery after a decline in the previous week....
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12.11.25 - 21:03
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US Sanctions Push Indian Refiners Away From Russian Crude (ZeroHedge)
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US Sanctions Push Indian Refiners Away From Russian Crude
By Charles Kennedy of OilPrice.com
All but two Indian refiners have skipped placing orders for Russian crude for December after the U.S. sanctioned Russia's top oil producers, Rosneft and Lukoil, sources with knowledge of the purchases told Bloomberg on Tuesday.
India's refiners, which have come to rely on cheap Russian crude in the past three years, have withdrawn from the December purchasing window which typically closes by November 10.
Five large refiners, including state-owned Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), and Mangalore Refinery and Petrochemicals Limited (MRPL), and private firms Reliance Industries Ltd and HPCL-Mittal Energy Ltd, have not requested any Russian crude for December.
Combined, these five firms have imported two-thirds of all Russian crude oil into India year to date, according to Kpler data cited by Bloomberg.
Only India's biggest state-held...
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