Federal Reserve Chair Kevin Warsh said AI is a positive supply shock over the medium term.

Russian Defence Ministry said Kyiv attempted a large-scale overnight strike on a Ryazan refinery; Russian forces intercepted and destroyed four long-range "Flamingo" cruise missiles and 69 drones.

The Reserve Bank of India said its recent rules on derivatives apply only to FX risk hedges tied to current-account flows and do not constrain market-making. The clarification, issued after sharp volatility in the rupee forward market, says banks must hold FX-risk reserves when hedging asset and liability exposures using derivatives that involve buying foreign currency with rupees; transactions that sell foreign currency are exempt. The requirement covers only hedges of current-account transactions, typically import/export cash flows. HDFC Securities FX analyst Dilip Parmar said the clarification should ease banks' burden and could reduce longer-dated USD/INR forward premia, which reflect hedging costs.