IBTimes

Indian benchmark indices opened higher on Monday, supported by gains in IT stocks, with Infosys and HCL Technologies among the top performers. The Sensex rose 0.27% while the Nifty gained 0.18%. However, elevated crude oil prices, West Asia tensions and volatility concerns limited the market's early gains

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Gold prices staged a sharp recovery in India on Friday, while silver also surged as investors moved towards precious metals amid a weaker US dollar. According to the Bullions website, gold was priced at Rs 1,59,870 per 10 grams and silver at Rs 2,44,410 per kg.

India's forex reserves rose $9.9 billion to $716.9 billion for the week ended August 14, boosted by higher foreign currency assets and gold reserves.

The move makes rupee-denominated export receipts eligible for Foreign Trade Policy benefits and export obligation fulfilment. The policy is also aimed at reducing currency conversion costs and exchange-rate risks while promoting wider international use of the rupee.