Correct Answer : Option (D) - $593.48

India's foreign exchange reserves saw a fall of $6.052 billion to $593.477 billion as on May 19, 2023, as per Reserve Bank of India data updated on Friday. The drop in the kitty has snapped two consecutive weeks of increases.

* India's forex kitty had jumped $3.553 billion to $599.529 billion for the week ended May 12.

* Expressed in dollar terms, the foreign currency assets (FCAs) include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. India's total FCA saw a dip of $4.654 billion to $524.945 billion.

* Gold reserves fell by $1.227 billion to $45.127 billion while SDRs fell by $137 million to $18.276 billion.

* India's reserve position in the IMF saw a dip of $35 million to $5.130 billion.

* The Indian rupee rose on Friday and snapped two straight weeks of losses as persistent dollar inflows into equities helped offset the impact from a broadly strong dollar. The rupee ended up 0.2% to 82.5750 versus the U.S. dollar. The currency has recovered from a near three-month low of 82.85 hit earlier in the week. The rupee ended up 0.1% for the week.

* It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments..

Source : Economic Times

Correct Answer : Option (A) - R. Dinesh

TVS Supply Chain Solutions Executive Vice Chairman "R. Dinesh" on Thursda (25th May 2023)y assumed office as the Confederation of Indian Industry (CII) President for 2023-24 while ITC Managing Director Sanjiv Puri named President-designate.

* The CII National Council, which met in New Delhi to elect new office-bearers for 2023-24, also named EY Chairman India Region Rajiv Memani as Vice-President.

* Mr. Dinesh is a fourth-generation TVS family member. He has been engaged with CII for many years at the state, regional and national level. He succeeds Bajaj Finserv Ltd, CMD Sanjiv Bajaj, CII said in a statement.

* Mr. Dinesh started TVS Supply Chain Solutions (erstwhile known as TVS Logistics) in 1995. The company, under his leadership has grown multifold to become a billion-dollar company. The company has a presence across continents making it a truly global company and serving customers in over 50 countries.

* Mr. Dinesh has won many awards including ‘Icon of the Year’ from ICT Academy of Tamil Nadu for the year 2018, Entrepreneur of the Year Award for ‘Services’ category by Ernst & Young in 2017. He is also the recipient of TiECON’s “Next Gen Entrepreneur of the Year 2014” award and ‘Emerging Entrepreneur’ award by CII in 2010..

Source : The Hindu