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"We believe that CBDCs could actually be able to kill whatever little case that could be for private cryptocurrencies," Sankar said while speaking at a seminar organised by the IMF.

The 30-share pack Sensex declined marginally by 48.88 points or 0.09 per cent to end the session at 55,769.23. Its broader peer Nifty50 settled 43.70 points or 0.26 per cent but managed to hold the 16,550 mark. Even though the benchmarks declined for 3 out of five sessions, they have managed to end the week with gains for the third straight week.

"If you are running a business, you have no idea about your raw material cost, supply chain issues, or how the demand will pan out, so it will be a very difficult environment to operate in and we should keep our expectations evaluated from that point of view.”

Analysts said a healthy earnings season despite rising input cost and tightening liquidity was the result of raw material inventory with corporates, the benefit of which will be missing in the coming quarters. The next two quarters will be crucial, they warned.

In the international market, both gold and silver were trading flat at USD 1,866 per ounce and USD 22.35 per ounce, respectively.

“Uday is the CEO till December 2023 but I think it is still premature to think about the exact name for succession. But I am sure the NRC and the board at an appropriate time will take that call. As far as Jay Kotak is concerned, he is working his way through the ranks of the organisation on merits.”

CoinSwitch is backed by Coinbase Ventures, Tiger Global, Sequoia Capital, Ribbit Capital among others.

In an update on stock exchanges, the company post market hours on Thursday said the fire broke out around the warehouse section of its manufacturing site located at Nandesari, District of Vadodara, Gujarat.

On the Multi Commodity Exchange, gold contracts for August delivery traded higher by Rs 57 or 0.11 per cent at Rs 51,326 per 10 grams in a business turnover of 14,427 lots.

“We would like to bring cash cycle below 90 days and we would like to make the full utilisation of funds so that we are able to bring down debtors’ days and also the inventory days to a considerable level. Currently, the inventory days are only the portion which is higher for four to six months but that will continue for important raw materials.”