Currencies

Weeks before top BRICS leaders converge in Rio de Janeiro for summit talks, envoys of leading member nations of the grouping hinted that it could focus on greater use of national currencies for trade in the face of uncertainties over Trump administration's aggressive policy on tariff.Russian Ambassador Denis Alipov reaffirmed Moscow's strong support for trade in local currency among BRICS member nations and described the grouping as "a serious platform for discussing joint solutions to big challenges".The summit is unlikely to make any significant progress on the proposed BRICS currency...

Weeks before top BRICS leaders converge in Rio de Janeiro for summit talks, envoys of leading member nations of the grouping hinted that it could focus on greater use of national currencies for trade in the face of uncertainties over Trump administration's aggressive policy on tariff.Russian Ambassador Denis Alipov reaffirmed Moscow's strong support for trade in local currency among BRICS member nations and described the grouping as "a serious platform for discussing joint solutions to big challenges".The summit is unlikely to make any significant progress on the proposed BRICS currency...

BRICS nations to discuss greater use of national currencies for trade at the upcoming Rio summit, amid US dollar uncertainty. A BRICS common currency is deemed impractical.New Delhi, Jun 21 (PTI) Weeks before top BRICS leaders converge in Rio de Janeiro for summit talks, envoys of leading member nations of the grouping hinted that it could focus on greater use of national currencies for trade in the face of uncertainties over Trump administration's aggressive policy on tariff.Russian Ambassador Denis Alipov reaffirmed Moscow's strong support for trade in local currency among...

As the BRICS summit approaches in Rio de Janeiro, the focus is squarely on strengthening collaboration among member nations against terrorism and in support of the Global South's aspirations. Envoys are advocating for the broader use of national currencies in trade and championing sustainable governance reforms.India is emphasizing BRICS' crucial role in driving scalable solutions for developing nations and is pushing for financial inclusion and the expanded use of national currency in international trade. Prime Minister Narendra Modi is expected to attend, underscoring India's commitment to shaping BRICS as...

Central bankers spend their careers worrying about risks that most investors ignore. In 2024, they bought a record 1,045 tons of gold as insurance against globally swelling sovereign debt loads and growing geopolitical fractures. Those same issues might even be leading a few outliers to consider another hedge asset: Bitcoin (BTC -1.99%). What sounded foolish a decade ago now ticks three boxes every reserve manager studies -- specifically, the asset's limited supply, its round-the-clock liquidity, and its (partial) insulation from certain geopolitical risks. If gold hoards are a vote of...

India's foreign exchange reserves have surged, showing a notable increase of USD 2.294 billion, bringing the total to USD 698.950 billion as of the week ending June 13, according to official figures from the Reserve Bank of India.During the recent monetary policy meeting, RBI Governor Sanjay Malhotra assured that this significant forex reserve is sufficient to cover 11 months of imports and approximately 96% of India's external debt. The reserves are approaching the all-time high mark of USD 704.89 billion recorded in September 2024.RBI data highlights that the foreign...

There is a buzz around bitcoin. The world’s oldest and best-known cryptocurrency is trading close to record highs as enthusiastic investors bet on greater political and regulatory support from Donald Trump’s administration.The digital currency has climbed by more than 50 per cent since Trump’s election victory in November and has wiped out all the losses sustained when the US president threatened potentially damaging trade policies in April. Its increase of 20 per cent-plus since his tariff “liberation day” has outperformed gold and US stocks. Even war in the Middle East...

A recent report by the European Central Bank reveals that gold has overtaken the Euro as the second-highest foreign exchange reserve asset for the central banks. Well, this should not shock any of us. Gold has drawn a lot of attention from central banks in the past many years. It was only a matter of time before central bankers preferred gold to at least some of the paper currencies. Having said that, this is still a very surprising development. And it actually means a lot! You see, the dollar’s share...

BENGALURU: The Thai baht weakened on Friday and was set for its biggest weekly drop in four months as political uncertainty weighed on already fragile sentiment, while other regional currencies were also headed for weekly losses on Middle East tensions. The baht fell 0.4% in its fifth session of losses and was on course to log its worst week since late February. Prime Minister Paetongtarn Shinawatra was facing the prospect of losing her government’s majority as the United Thai Nation party, a vital coalition partner, looked set to demand her...

New Delhi, A fugitive with a 12-year-old Interpol red notice against him and wanted by the National Investigation Agency in connection with a fake currency racket was extradited by the UAE on Friday in an operation coordinated by the CBI, officials said. Fugitive wanted in 12-year-old fake currency case extradited by UAE Moideenabba Ummer Beary, wanted by the NIA's Kochi unit, was brought to Mumbai's Chhatrapati Shivaji Maharaj International Airport from Dubai by flight No. AI-920 on Friday after the completion of extradition proceedings in the UAE on Thursday, they...