In spite of the spectre of a US Federal interest rate hike adding weight to the US dollar against global currencies, the Rupee made gains thanks to an inflow of foreign investments. As pressure on the local currency went down, the Reserve Bank of India was also able to shore up its foreign reserves, since it didn't need to sell foreign currency to strike a balance. As a result India's foreign exchange reserves have gone up for the first time after a month, in the week that ended on March 3, 2023.

The Forex  reserves reached USD 562.40 billion, as they gained USD 1.46 billion to bounce back from a loss of $15.8 billion in the previous four weeks. Without having to sell foreign assets to break the Rupee's fall, the RBI added $1.18 billion to its foreign currency pile, while gold was also shining brighter by $282 million. The RBI has also cracked its whip against high charges for forex transactions at banks and by authorised dealers. The regulator slammed the institutions for lack of transparency, while the RBI has been trying to promote Rupee as an international currency.

Benchmark stock indices Sensex and Nifty tanked more than 1 per cent on Friday due to heavy selling in IT, financial and oil stocks in line with a weak trend in the global markets. The broader Nifty plunged 176.70 points or 1 per cent to close at 17,412.90, with 35 of its stocks ending in the red. Investors became poorer by Rs 1.36 lakh crore on Friday as the markets witnessed a sell-off. The sharp decline in equities eroded Rs 1,36,037.96 crore from the market capitalisation of BSE-listed firms and that now stands at Rs 2,62,94,723.65 crore. "Fall in the select US banks added to the overall Global uncertainty regarding the quantum of the next Fed rate hike. 

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