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The Reserve Bank of India's foreign exchange reserves increased by $15 billion in the week ending March 7, reaching $653.9 billion. This is the largest single-week gain in over two years. The rise was due to the revaluation in the dollar index and foreign exchange swaps by the RBI. Foreign currency assets and gold reserves also saw increases.
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The euro gained on Friday after German parties agreed on a fiscal deal that boosts defence spending and infrastructure. The dollar weakened against the euro but strengthened against the Swiss franc and the yen. U.S. inflation expectations rose, hinting at the Federal Reserve's cautious approach to rate cuts. The pound weakened as the British economy contracted.
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Oil prices increased by 1% on Friday, remaining nearly unchanged for the week. Investors considered the unlikely swift end of the Ukraine war, which could result in more Russian energy supplies returning to Western markets. There were concerns about global oil supply and demand, along with geopolitical tensions, that could impact future prices.
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