INDIA'S RBI EASES SOME CURBS ON BANKS' FX MARKET TRANSACTIONS

The U.S. launched its largest joint defense exercises with the Philippines, “Balikatan,” underscoring its sustained Indo-Pacific military presence amid the Iran conflict. More than 17,000 troops from the U.S., Philippines, Japan, Canada, Australia, New Zealand and France are participating in maritime and live-fire drills. U.S. Marine Corps Lt. Gen. Christian Wortman reaffirmed Washington’s “ironclad commitment” to the Philippines. Japan will observe a ship-sinking drill next month, as regional tensions rise alongside China’s naval activity in the western Pacific.

U.S. President Donald Trump dismissed projections that gasoline prices may remain above $3 per gallon until next year, saying prices will decline once the Iran conflict ends. His comments contrast with Energy Secretary Chris Wright’s view that fuel costs could stay elevated for longer. U.S. gasoline prices are currently around $4 per gallon, having risen sharply amid supply disruptions linked to tensions in the Strait of Hormuz, while oil has traded near or above $90 a barrel. (reuters.com)