The United States is ramping up sanctions against Russia to deprive Moscow's "war machine" of money and components needed to sustain its invasion of Ukraine, but curbing a main source of funding, Russian energy exports, will take time, U.S. Deputy Treasury Secretary Wally Adeyemo told Reuters.
The Reserve Bank of India has reluctantly started to prioritise controlling price pressures after raising their projections for inflation even as they lowered the growth outlook and kept interest rates on hold on Friday.
The country's forex reserves fell by $11.173 billion to $606.475 billion, dipping for the fourth straight week and it steepest weekly dip on record as the rupee came under pressure.
Russia could face its first sovereign external default in over a century after it made arrangements to make an international bond repayment in roubles earlier this week, even though the payment was due in U.S. dollars.
Global crude markets fell for the second straight week on supply boost after announcement of release of oil from strategic reserves even as the wild gyrations in the benchmark futures were the most since the middle of 2020.