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Oil prices remained steady on Friday, but were preparing for their third consecutive week of losses as fears over a weakening US economy and declining Chinese demand hit the markets. Brent crude increased 0.2% to $72.64 a barrel, and US West Texas Intermediate was up 0.3% at $68.73 a barrel. Worries about a US regional banking crisis persisted after PacWest Bancorp confirmed that it plans to explore strategic options, causing concern in the wider market. Investors are now waiting for the release of US employment data that may indicate the state of the economy.

The yen was set for its first weekly gain in almost a month due to safe-haven demand amid pressing turmoil in US banks, while the dollar weakened as traders faced the prospect of more aggressive rate cuts from the Federal Reserve. The euro declined from its one-year high after the European Central Bank slowed the pace of its interest-rate increases. Shares of PacWest Bancorp fell amid fears over the health of regional banks, and traders are expecting more action from the Fed, with Fed funds futures suggesting that cuts could come as soon as June.

"While this policy helps channelize credit towards the renewable energy sector, it could be complemented with a targeted new scheme to provide low-cost funds to banks for onward lending and thereby, lowering the borrowing costs of firms operating in the renewable energy space."

The global currency system needs to be diversified with the adoption of liquid currencies to de-risk the system from dependence on a few reserve currencies, according to Reserve Bank of India Deputy Governor T Rabi Sankar. He also called for the wider adoption of central bank digital currencies (CBDCs) and warned against allowing private virtual currencies like Bitcoin to grow. The Indian central banker said the right infrastructure and liquidity are possible regardless of the currency involved and efficiency can be improved. India began its efforts to internationalise the rupee last year with 18 countries opening rupee accounts.

While Standard Chartered Bank could not be immediately reached for comment, an Adani spokesperson declined to comment on market speculation when asked about the buyback of the USD bonds.

The power financier is likely to issue ₹600 crore worth of five-year non-convertible debentures with a greenshoe option of ₹3,000 crore on May 8. On the same day, the firm is also likely to issue three-year bonds worth ₹400 crore with an additional subscription option of ₹2,000 crore.

The company had announced in May last year that it had signed an agreement for the sale of the asset at a price that will enable it to recover its entire investment. The company had invested $195 million in the greenfield project, which had not become operational yet.

Wadia Group may seek a waiver from the Insolvency and Bankruptcy Code rules that bar promoters from bidding for their own companies as the account with banks for the Go First airline is still standard. The promoters could stay in control by submitting Go First to voluntary insolvency before being declared an NPA by the banks.

According to an order reviewed by ET, the tribunal said handing over the custody of the shares in the Reliance Capital subsidiary would not alter the security interest of the bondholders. This could imply that these bondholders may be entitled to superior treatment over other creditors, experts said.

In February last year, the Chennai bench of the National Company Law Tribunal (NCLT) admitted the power producer for corporate insolvency after the promoter and lender failed in their repeated attempts to revive the company.