What is the real meaning behind Pete Hegseth's tattoos?

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US Midterms 2026: Sugar Land, Plano, Irving: How Texas’s Indian-American belt could shape poll outcomes

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Saudi Arabia: Drone targeted oil facility near UAE border; violence continues in Yemen's Taiz

Cattle-feed bran in biscuits, detergent in milk: FSSAI acts against 3 companies

Feds obtain DNA evidence that could prove Ilhan Omar married her brother: Report

US midterms 2026: Trump's approval rating hits record low as Democrats gain ground

Khawaja Asif flags ‘bureaucratic exodus’ from Pak amid Munir’s growing clout, loss of faith in govt

The United States Senate has passed a bipartisan bill to boost chip output amid a global shortage. Legislation is aimed to help the US compete with China.

US Senate passes bill to boost chip output; Legislation aimed to help the US compete with China

On Wednesday, Tata Consultancy Services (TCS) announced a multi-year, multi-million dollar deal with Marks &amp; Spencer (M&amp;S), with which it has been working for over a decade, intending to transform the British retailer's human resource operations.&nbsp;

TCS expects the USD 1 billion retail sector business in the UK and Europe to outpace the company's overall revenue growth due to strong demand for IT services.

The company's business head of retail in Europe, Abhijit Niyogi, told PTI that the demand for IT services remains strong in Europe and the UK despite macro headwinds like inflation, rate tightening, and political turmoil in the UK along with the ongoing war between Russia and Ukraine.

Stating that the business headed by him has a topline contribution of over USD 1 billion a year, Niyogi said it has been clocking a revenue growth faster than the one reported by the company on an overall basis for the last two-three quarters.

Around 10-15 % of the company's total contract value (TCV) comes from the business. Currently, it is chasing mid to large-size deals with a revenue possibility of around USD 300 million, as demand from retailers continues in the market.

Niyogi also added that he didn't expect any slowdown, specifically at the back of a solid Q1. He said that the conversion ratio is also quite good, and the demand is at an all-time high.

In the first quarter of the current fiscal year, TCS reported a 10.2 % revenue growth to USD 6.7 billion. The retail sector led the way with over 25 % revenue growth on a constant-currency basis. He said the retailers want their software vendors to be partners in good times and testing times and added that clients are not so sceptical because of the macros.

The profit margins are generally broader in growth and transformation deals like the one signed with M&amp;S because clients want to invest in futuristic services relevant to their customers and the brand's importance.

About 70 % of the work on the M&amp;S deal will be offshored to India. At the same time, the rest, 30 %, will take place locally in the US, Niyogi said, adding that the existing staff with the domain expertise to understand regulatory processes governing the retail sector in the UK will be deployed on this project.

While TCS has worked on HR solutions in the past, the work for M&amp;S, which has over 80,000 employees, is new because it is being carried out on the Oracle supply chain management platform.

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On Wednesday, Tata Consultancy Services (TCS) announced a multi-year, multi-million dollar deal with Marks & Spencer (M&S), with which it has been working for over a decade, intending to transform the British retailer's human resource operations.

On Wednesday, Tata Consultancy Services (TCS) announced a multi-year, multi-million dollar deal with Marks & Spencer (M&S), with which it has been working for over a decade, intending to transform the British retailer's human resource operations. TCS expects the USD 1 billion retail sector business in the UK and Europe to outpace the company's overall revenue growth due to strong demand for IT services. The company's business head of retail in Europe, Abhijit Niyogi, told PTI that the demand for IT services remains strong in Europe and the UK despite macro headwinds like inflation, rate tightening, and political turmoil in the UK along with the ongoing war between Russia and Ukraine. Stating that the business headed by him has a topline contribution of over USD 1 billion a year, Niyogi said it has been clocking a revenue growth faster than the one reported by the company on an overall basis for the last two-three quarters. Around 10-15 % of the company's total contract value (TCV) comes from the business. Currently, it is chasing mid to large-size deals with a revenue possibility of around USD 300 million, as demand from retailers continues in the market. Niyogi also added that he didn't expect any slowdown, specifically at the back of a solid Q1. He said that the conversion ratio is also quite good, and the demand is at an all-time high. In the first quarter of the current fiscal year, TCS reported a 10.2 % revenue growth to USD 6.7 billion. The retail sector led the way with over 25 % revenue growth on a constant-currency basis. He said the retailers want their software vendors to be partners in good times and testing times and added that clients are not so sceptical because of the macros. The profit margins are generally broader in growth and transformation deals like the one signed with M&S because clients want to invest in futuristic services relevant to their customers and the brand's importance. About 70 % of the work on the M&S deal will be offshored to India. At the same time, the rest, 30 %, will take place locally in the US, Niyogi said, adding that the existing staff with the domain expertise to understand regulatory processes governing the retail sector in the UK will be deployed on this project. While TCS has worked on HR solutions in the past, the work for M&S, which has over 80,000 employees, is new because it is being carried out on the Oracle supply chain management platform. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

TCS signs deal with Marks & Spencer to transform latter's HR operations

The International Monetary Fund (IMF) has said that the world economy is "teetering" on the edge of a global recession. The remarks come as the world’s three largest economies —the United States, China and Europe— are witnessing a slowdown and spiralling inflation.

In an update of the World Economic Outlook, the IMF. said that economic prospects had darkened significantly in recent months as a result of the war in Ukraine, inflation and a resurgent pandemic.

The agency warned that if these threats continue to intensify, the global economy could face one of its weakest years since 1970s, when a period of intense stagflation gripped the globe.

“The world may soon be teetering on the edge of a global recession, only two years after the last one,” Pierre-Olivier Gourinchas, the I.M.F.’s chief economist,&nbsp;wrote in a blog post.

&nbsp;Put simply, the outlook for the global economy is “increasingly gloomy,” he said.

The Washington-based institution said that problems in China, EU and the US had triggered fall of global output in the second quarter of this year— the first contraction since the start of the Covid pandemic.

“Higher than expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions. China’s slowdown has been worse than anticipated amid COVID-19 outbreaks and lockdowns, and there have been further negative spillovers from the war in Ukraine,” he said.

By the fourth quarter of 2022, the IMF said that was forecasting global inflation of 8.3 per cent, up from its April estimate of 6.9 per cent.

The World Bank, too, had made a similar prediction in June for the global economy, saying that the Ukraine war and the COVID-19 pandemic have continued to hinder global economic growth.

Also read |&nbsp;<a href="https://www.wionews.com/world/sp-predicts-one-third-decline-in-chinas-real-estate-sales-as-situation-worsens-501041" hreflang="en">S&amp;P&nbsp;predicts&nbsp;one-third decline in China's real estate sales as situation worsens</a>

"Things have gotten, unfortunately, much worse than what we expected," World Bank Prospects Group Director Ayhan Kose&nbsp;said in June.

"We were expecting a slowdown. That slowdown is much more pronounced now. Growth is going to go down to 2.9 per cent, at the global level. Last year it was 5.7 per cent."

Also read |&nbsp;<a href="https://www.wionews.com/technology/microsofts-earnings-suffer-as-computer-sales-decline-500998" hreflang="en">Microsoft’s earnings suffer as computer sales decline</a>

The IMF said that the recession in Russia this year was still significant and that its economic output could deteriorate further next year as the impact of the sanctions are intensified.

(With inputs from agencies)

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The International Monetary Fund (IMF) has said that the world economy is "teetering" on the edge of a global recession. The remarks come as the world’s three largest economies —the United States, China and Europe— are witnessing a slowdown and spiralling inflation.

The International Monetary Fund (IMF) has said that the world economy is "teetering" on the edge of a global recession. The remarks come as the world’s three largest economies —the United States, China and Europe— are witnessing a slowdown and spiralling inflation. In an update of the World Economic Outlook, the IMF. said that economic prospects had darkened significantly in recent months as a result of the war in Ukraine, inflation and a resurgent pandemic. The agency warned that if these threats continue to intensify, the global economy could face one of its weakest years since 1970s, when a period of intense stagflation gripped the globe. “The world may soon be teetering on the edge of a global recession, only two years after the last one,” Pierre-Olivier Gourinchas, the I.M.F.’s chief economist, wrote in a blog post. Put simply, the outlook for the global economy is “increasingly gloomy,” he said. The Washington-based institution said that problems in China, EU and the US had triggered fall of global output in the second quarter of this year— the first contraction since the start of the Covid pandemic. “Higher than expected inflation, especially in the United States and major European economies, is triggering a tightening of global financial conditions. China’s slowdown has been worse than anticipated amid COVID-19 outbreaks and lockdowns, and there have been further negative spillovers from the war in Ukraine,” he said. By the fourth quarter of 2022, the IMF said that was forecasting global inflation of 8.3 per cent, up from its April estimate of 6.9 per cent. The World Bank, too, had made a similar prediction in June for the global economy, saying that the Ukraine war and the COVID-19 pandemic have continued to hinder global economic growth. Also read | S&P predicts one-third decline in China's real estate sales as situation worsens "Things have gotten, unfortunately, much worse than what we expected," World Bank Prospects Group Director Ayhan Kose said in June. "We were expecting a slowdown. That slowdown is much more pronounced now. Growth is going to go down to 2.9 per cent, at the global level. Last year it was 5.7 per cent." Also read | Microsoft’s earnings suffer as computer sales decline The IMF said that the recession in Russia this year was still significant and that its economic output could deteriorate further next year as the impact of the sanctions are intensified. (With inputs from agencies) WATCH WION LIVE HERE

‘Global economy teetering on edge of recession’: IMF paints a gloomy picture

Germany will reduce financial incentives to buy electric cars next year after an agreement within the governing coalition, as the vehicles' growing popularity makes government subsidies unnecessary, Germany's economy ministry said on Tuesday.

Germany to reduce electric car subsidies in 2023

Recent survey says India has zero probability of slipping into recession. Unlike other economies, India has largely remained resilient to economic headwinds as compared to Europe and the US but it has its own share of challenges.

India has zero probability of slipping into recession: Survey

Inflation is not only hitting people's daily needs of food and fuel, it is now affecting entertainment service and their providers. In the latest, Amazon will increase subscription prices for its prime services.

Amazon prime video to raise monthly subscription price

London's Heathrow said that the decision to cap flight numbers after it struggled to cope with a rebound in travel had delivered a marked improvement in punctuality and baggage handling.

Heathrow: Passenger cap has improved operations

US consumer confidence dropped to nearly a 1.5-year low in July amid persistent worries about higher inflation and rising interest rates, which could undercut spending, pointing to slower economic growth at the start of the third quarter.

US consumer confidence nears 1.5-year low

Germany’s flagship carrier Lufthansa says it is cancelling more than 1,000 flights in advance of a walkout by its ground staff scheduled for Wednesday.

Lufthansa's massive flight cancellation due to ground staff walkout

The current economic outlook is worrisome. Two of the world's biggest economies the United States and China are struggling. Millions in America are living on the edge, they are struggling amid historically high inflation.

World Bank warns of recession and stagflation: American and Chinese economies on the edge?

India's defunct airline Jet Airways is finally back after a long hiatus and commercial operations are expected to start in September this year. The carrier stopped operations back in April 2019 due to severe financial crisis, but the situation is much better at the moment, and they are already looking for new recruits.

The company announced on Tuesday that they will be hiring new pilots for Airbus' A320 aircraft, Boeing's 737NG and 737Max planes and they are also expected to hire more back-room staff.

Also read |&nbsp;<a href="https://www.wionews.com/world/saudi-prince-signs-deal-on-data-cable-with-greece-on-his-first-europe-trip-since-killing-of-khashoggi-500985">Saudi prince meets Greek PM, signs deal for 'cheaper energy'</a>

“Good things come to those that wait - Jet Airways will be flying again soon! Inviting pilots who are current and type-rated on the Airbus A320 or Boeing 737NG or MAX aircraft, to apply to join us in creating history as we prepare to relaunch India's classiest airline,” the airline tweeted.

While the hiring process has started, Jet Airways currently has only one operational aircraft in its fleet - B737NG. According to Hindustan Times, they have also not placed any order with either Airbus or Boeing for bolstering their fleet ahead of the resumption of operations in September.

Also read |&nbsp;<a href="https://www.wionews.com/world/rishi-sunak-liz-truss-debate-abandoned-after-tv-presenter-faints-on-air-500992" hreflang="en">Rishi Sunak-Liz Truss debate abandoned after TV presenter faints on air</a>

However, the company received an air operator certificate from Directorate General of Civil Aviation (DGCA) on May 20 and it is expected that they will adding a number of aircrafts in the near future.

Earlier, Jet Airways stopped their operations in 2019 after a consortium of lenders led by the State Bank of India (SBI) claimed that they were due around 8,000 crore in outstanding payments. The situation was finally resolved in October 2020.

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India's defunct airline Jet Airways is finally back after a long hiatus and commercial operations are expected to start in September this year. The carrier stopped operations back in April 2019 due to severe financial crisis, but the situation is much better at the moment, and they are already looking for new recruits.

India's defunct airline Jet Airways is finally back after a long hiatus and commercial operations are expected to start in September this year. The carrier stopped operations back in April 2019 due to severe financial crisis, but the situation is much better at the moment, and they are already looking for new recruits. The company announced on Tuesday that they will be hiring new pilots for Airbus' A320 aircraft, Boeing's 737NG and 737Max planes and they are also expected to hire more back-room staff. Also read | Saudi prince meets Greek PM, signs deal for 'cheaper energy' “Good things come to those that wait - Jet Airways will be flying again soon! Inviting pilots who are current and type-rated on the Airbus A320 or Boeing 737NG or MAX aircraft, to apply to join us in creating history as we prepare to relaunch India's classiest airline,” the airline tweeted. While the hiring process has started, Jet Airways currently has only one operational aircraft in its fleet - B737NG. According to Hindustan Times, they have also not placed any order with either Airbus or Boeing for bolstering their fleet ahead of the resumption of operations in September. Also read | Rishi Sunak-Liz Truss debate abandoned after TV presenter faints on air However, the company received an air operator certificate from Directorate General of Civil Aviation (DGCA) on May 20 and it is expected that they will adding a number of aircrafts in the near future. Earlier, Jet Airways stopped their operations in 2019 after a consortium of lenders led by the State Bank of India (SBI) claimed that they were due around 8,000 crore in outstanding payments. The situation was finally resolved in October 2020. WATCH WION LIVE HERE -

India's Jet Airways starts recruitment of pilots, to begin commercial ops from Sep

The IMF has slashed its global growth forecasts for 2022-2023 and raised its projections for inflation, warning that the risks to the economic outlook are overwhelmingly tilted to the downside.

IMF: Ukraine war pushing world economy to the brink of recession

A recent survey says, India has zero probability of slipping into recession while other Asian economies have largely remained resilient to economic headwinds as compared to Europe and the United States.

Survey: India has zero probability of slipping into recession

Zimbabwe has launched gold coins to be sold to the public in a bid to tame runaway inflation that has further eroded the country’s unstable currency.

Zimbabwe launches gold coin as currency to battle extreme inflation

Byju's, the India's startup is now in the news for all the bad reasons and for its mounting troubles. There has been a lot brewing lately at the Bangalore headquartered EdTech unicorn Byju's. The company has been facing a series of allegations recently pertaining to its finances.

Edtech Unicorn Byju's denies allegations of finance troubles, mass layoffs

A profit warning by Walmart ignited a sell-off in shares of major US retailers, quickly evaporating over $100 billion in stock market value in extended trade.

US retailers' stock tumble after Walmart cuts profit forecast

South Korean economic growth unexpectedly picked up in the second quarter as strong consumption on eased COVID-19 restrictions offset poor exports, supporting the case for further central bank interest rate hikes.

South Korea's economy unexpectedly speeds up

Playing down recession fears, President Joe Biden of United States said he does not expect that US will suffer an economic downturn. Although the GDP figures due later this week may show the economy has shrunk for second consecutive quarter.

US President Joe Biden plays down recession fears

Six years ago, in April 2016, a product was launched by the National Payment Corporation of India (NPCI) called Unified Payment Interface (UPI). At that time, nobody had thought that this made in India product would bring a revolution in the fintech market in India. UPI recorded the highest single-month transaction in May 2022. According to data released by the NPCI, UPI processed more than Rs 10 lakh crore worth of transactions in May alone by processing nearly 6 billion payments.

Today, apps like Phonepe, Paytm, Google Pay, and others have become a crucial part of everyone's lives. But when UPI was launched initially, experts, including banks, were suspicious of its acceptance in a market like India. The reasons were less financial inclusiveness and low financial literacy. However, India has proved all experts wrong. Today it is considered a highly innovative product in the world's payment market. In 2019, Google wrote a letter to "FedNow"—an interbank real-time gross settlement service (RTGS)—detailing the successful example of UPI based digital payment and suggesting that they can learn from innovations like these.

The global ambition of UPI is also on the right track. UPI has gained acceptance in Singapore (March 2020), Bhutan (July 2021), UAE &amp; Nepal (Feb 2022). On June 17, 2022, the National Payments Corporation of India (NPCI) announced that UPI and Rupay cards (Indian payment cards) will soon be accepted in France. NPCI has already signed an MOU with Lyra, a France-based payment service provider. According to sources, NPCI is also eyeing other Asian markets like Malasyia, Thailand, and Vietnam. Without a doubt, UPI has the potential to be the first made in India product to cause a stir in the payment market. This will give great confidence to the Indian government, which is trying very hard to project India as a manufacturing and innovative hub. 
 
(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

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Six years ago, in April 2016, a product was launched by the National Payment Corporation of India (NPCI) called Unified Payment Interface (UPI). At that time, nobody had thought that this made in India product would bring a revolution in the fintech market in India.

Six years ago, in April 2016, a product was launched by the National Payment Corporation of India (NPCI) called Unified Payment Interface (UPI). At that time, nobody had thought that this made in India product would bring a revolution in the fintech market in India. UPI recorded the highest single-month transaction in May 2022. According to data released by the NPCI, UPI processed more than Rs 10 lakh crore worth of transactions in May alone by processing nearly 6 billion payments. Today, apps like Phonepe, Paytm, Google Pay, and others have become a crucial part of everyone's lives. But when UPI was launched initially, experts, including banks, were suspicious of its acceptance in a market like India. The reasons were less financial inclusiveness and low financial literacy. However, India has proved all experts wrong. Today it is considered a highly innovative product in the world's payment market. In 2019, Google wrote a letter to "FedNow"—an interbank real-time gross settlement service (RTGS)—detailing the successful example of UPI based digital payment and suggesting that they can learn from innovations like these. The global ambition of UPI is also on the right track. UPI has gained acceptance in Singapore (March 2020), Bhutan (July 2021), UAE & Nepal (Feb 2022). On June 17, 2022, the National Payments Corporation of India (NPCI) announced that UPI and Rupay cards (Indian payment cards) will soon be accepted in France. NPCI has already signed an MOU with Lyra, a France-based payment service provider. According to sources, NPCI is also eyeing other Asian markets like Malasyia, Thailand, and Vietnam. Without a doubt, UPI has the potential to be the first made in India product to cause a stir in the payment market. This will give great confidence to the Indian government, which is trying very hard to project India as a manufacturing and innovative hub. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Digital payment revolution in India and its global ambition

Mr. Punit Goenka, Managing Director &amp; Chief Executive &nbsp;Officer of the leading content company, ZEE Entertainment Enterprises Ltd. (ZEEL) was conferred with the coveted Game-Changer of the Year award at the International Advertising Association’s (IAA) Leadership Awards held in Mumbai.&nbsp;

Mr. Goenka was awarded the esteemed honour for his invaluable contribution towards the growth of the media and entertainment sector. He has also been credited for scripting the success story of ZEE in a year that tested the resilience and agility of businesses across sectors.

Crediting this recognition to all the teams at ZEE, Mr. Goenka said, “This is not only an encouragement, but a firm testament that we have indeed been taking the right steps and marching ahead. This win belongs to every member of the ZEE family who has consistently strived to achieve success and generate higher value for all our stakeholders.”

As the MD &amp; CEO of ZEE, Mr. Goenka has been extremely successful in enhancing the company’s performance and driving the business towards its set goals by not just creating quality entertainment content, but also by bringing about a positive change across the society. His futuristic vision and sharp acumen in the media domain has enabled ZEE to become the frontrunner in the entertainment sector, leading the company to achieve a global stature today.&nbsp;

Under his able leadership, ZEE has successfully expanded into international markets, with a presence across 190 countries, and its reach to over 1.3 billion viewers today across consumption platforms.

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Mr. Punit Goenka, Managing Director & Chief Executive Officer of the leading content company, ZEE Entertainment Enterprises Ltd. (ZEEL) was conferred with the coveted Game-Changer of the Year award at the International Advertising Association’s (IAA) Leadership Awards held in Mumbai.

Mr. Punit Goenka, Managing Director & Chief Executive Officer of the leading content company, ZEE Entertainment Enterprises Ltd. (ZEEL) was conferred with the coveted Game-Changer of the Year award at the International Advertising Association’s (IAA) Leadership Awards held in Mumbai. Mr. Goenka was awarded the esteemed honour for his invaluable contribution towards the growth of the media and entertainment sector. He has also been credited for scripting the success story of ZEE in a year that tested the resilience and agility of businesses across sectors. Crediting this recognition to all the teams at ZEE, Mr. Goenka said, “This is not only an encouragement, but a firm testament that we have indeed been taking the right steps and marching ahead. This win belongs to every member of the ZEE family who has consistently strived to achieve success and generate higher value for all our stakeholders.” As the MD & CEO of ZEE, Mr. Goenka has been extremely successful in enhancing the company’s performance and driving the business towards its set goals by not just creating quality entertainment content, but also by bringing about a positive change across the society. His futuristic vision and sharp acumen in the media domain has enabled ZEE to become the frontrunner in the entertainment sector, leading the company to achieve a global stature today. Under his able leadership, ZEE has successfully expanded into international markets, with a presence across 190 countries, and its reach to over 1.3 billion viewers today across consumption platforms. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

ZEE MD & CEO, Punit Goenka honoured as GameChanger of the Year at the IAA Leadership Award

Central banks around the world are raising interest rates to tame the price rise. European Central Bank has hiked interest rates recently but what is the ground situation on inflation front ?

European Central Bank surprised markets with price  hike

India's Infosys Ltd reported June-quarter profit that missed estimates, hurt by higher employee expenses, but the IT services company raised its annual revenue outlook, citing a strong demand outlook.

Infosys misses profit estimates in Quarter 1

Credit Suisse is considering how it could cut costs further after a dismal performance by the embattled bank in the past quarter, SonntagsZeitung reported, citing senior sources.

Credit Suisse eyes more cost cuts: Reports

Twitter saw a fall in quarterly revenue and a net loss of 270 million dollars. The social media giant blamed Elon Musk backing out of the acquiring Twitter for the loss, they also blamed the weakening of the digital advertising market.

Social Media giant Twitter blames Elon Musk for $270 million loss

US Treasury Secretary Janet Yellen said on Sunday that US economic growth is slowing and acknowledged the risk of a recession, but also stated that a downturn was not inevitable.

US recession not inevitable: Janet Yellen

India's foreign exchange reserves fell by $7.5 billion to $572.712 billion in the week ending July 15.

The rupee had fallen&nbsp;by 5 paise to close at 79.90 against the US dollar after touching 80.06 against the US dollar on Thursday. As the rupee fell against the US dollar, RBI governor Shaktikanta Das said "you buy an umbrella to use it when it rains!"

<a href="https://www.wionews.com/business-economy/sbi-becomes-indias-most-valuable-listed-psu-499583">Also Read:&nbsp;SBI becomes India's most valuable listed PSU</a>

"After all, this is the very purpose for which we had accumulated reserves when the capital inflows were strong," the RBI chief added.&nbsp;Gold reserves also declined by $830 million to $38.356 billion.

Watch:&nbsp;Why do central banks raise interest rates to curb inflation?

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Das added that he had "no particular level of the rupee in mind" but asserted that the central bank would like to see an "orderly evolution" with "zero tolerance for volatile and bumpy movements". Das said the central bank is "engaging" with the forex market to ensure the rupee finds its level in "line with its fundamentals".

The RBI informed India's forex reserves had dipped by $80.06 billion to $580.252 billion earlier this month.

On Friday, India's Sensex reclaimed the 56,000-level as banking and financial stocks gained. The BSE benchmark rose over 390 points to close at 56,072.23&nbsp;and the NSE Nifty climbed 114.20 points to close at 16,719.45.

(With inputs from Agencies)

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India's foreign exchange reserves fell by $7.5 billion to $572.712 billion in the week ending July 15. The rupee had fallen by 5 paise to close at 79.90 against the US dollar after touching 80.

India's foreign exchange reserves fell by $7.5 billion to $572.712 billion in the week ending July 15. The rupee had fallen by 5 paise to close at 79.90 against the US dollar after touching 80.06 against the US dollar on Thursday. As the rupee fell against the US dollar, RBI governor Shaktikanta Das said "you buy an umbrella to use it when it rains!" Also Read: SBI becomes India's most valuable listed PSU "After all, this is the very purpose for which we had accumulated reserves when the capital inflows were strong," the RBI chief added. Gold reserves also declined by $830 million to $38.356 billion. Watch: Why do central banks raise interest rates to curb inflation? Das added that he had "no particular level of the rupee in mind" but asserted that the central bank would like to see an "orderly evolution" with "zero tolerance for volatile and bumpy movements". Das said the central bank is "engaging" with the forex market to ensure the rupee finds its level in "line with its fundamentals". The RBI informed India's forex reserves had dipped by $80.06 billion to $580.252 billion earlier this month. On Friday, India's Sensex reclaimed the 56,000-level as banking and financial stocks gained. The BSE benchmark rose over 390 points to close at 56,072.23 and the NSE Nifty climbed 114.20 points to close at 16,719.45. (With inputs from Agencies) WATCH WION LIVE HERE

India's foreign exchange reserves fall; gold reserves decline