Currencies

The public is confused by a widely shared video on YouTube that claims the Reserve Bank of India (RBI) intends to discontinue issuing Rs 500 notes by March 2026. A YouTube channel named Capital TV channel (capitaltvind) posted a video regarding this, which immediately went viral and made many wonder if the Rs 500 note is being phased out or not.What is the rumor regarding the Rs 500 currency note?The video claims that the RBI is working on a phased withdrawal of Rs 500 currency notes, with the process supposedly...

Here is what you need to know on Thursday, June 5:Major currency pairs fluctuate within their weekly ranges early Thursday. The European Central Bank (ECB) will announce monetary policy decisions and the US economic calendar will offer Challenger Job Cuts data for May, weekly Initial Jobless Claims reading, alongside the Goods Trade Balance figures for April. ECB President Christine Lagarde will speak on the outlook and respond to questions in the post-meeting press conference. Finally, several Federal Reserve (Fed) policymakers are scheduled to deliver speeches in the second half of...

Asian currencies posted modest gains on Thursday, lifted by a weaker U.S. dollar after disappointing ADP payroll data heightened expectations of further interest rate cuts by the Federal Reserve. The greenback slipped as the soft labor report signaled deeper cracks in the U.S. job market, with attention now turning to the upcoming nonfarm payrolls data for clearer direction. The Japanese yen weakened slightly, with USDJPY up 0.1%, following underwhelming wage growth figures that cast doubt on consumer spending strength and Japan’s economic outlook for 2025. Meanwhile, South Korea’s won firmed,...

The Indian rupee is projected to post modest gains this year, underperforming most Asian currencies despite a weakening U.S. dollar, according to a Reuters poll of 41 foreign exchange strategists. A partially convertible currency, the rupee has dropped around 0.3% year-to-date, making it one of Asia’s weakest performers. In contrast, regional peers like the Korean won, Thai baht, Malaysian ringgit, and Philippine peso have each climbed over 4%. Even robust GDP growth of 7.4% in the January–March quarter—India’s fastest since early 2024—has not given the rupee much upward momentum. Analysts...

Gold prices fell in India on Thursday, according to data compiled by FXStreet. The price for Gold stood at 9,297.71 Indian Rupees (INR) per gram, down compared with the INR 9,313.37 it cost on Wednesday. The price for Gold decreased to INR 108,443.00 per tola from INR 108,629.30 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 9,297.71 10 Grams 92,974.23 Tola 108,443.00 Troy Ounce 289,191.40   Gold daily market movers: XAU/USD soars as US Treasury yields plummet, weighing on the US Dollar Gold price rallies...

By ERASMUS IKHIDE It was the Nigerian iconic music activist- cum-philosopher, the late Sunny Okosun in the earliest part of 1990 who sang ‘African liberation is now or never’. At the time he sang the song, African population was hovering around 500,000,000. The current population of Africa is roughly 1,546,842,678 as of Tuesday, June 3, 2025 based on Worldometer’s elaboration of the latest United Nations data. Africa’s population is equivalent to 18.83 per cent of the total world population. Africa ranks number two among regions of the world (roughly equivalent...

President Donald Trump’s mission to radically restructure the world economy is catnip to dollar doomsters, but raises few doubts for staunch believers in the currency’s primacy in global finance. All conversations about threats to the greenback’s role as the world’s reserve currency tend toward either imagining a collapse of American financial dominance, or stubborn shouts of TINA — There Is No Alternative. Far more likely is a slow grinding evolution into a world where different countries and currencies hold spheres of influence, a shift from the recent unipolar era. There...

The Jigawa State Police Command said it has smashed a major scam cartel operating in Birnin Kudu Local Government Area.In a statement by the command’s Deputy Public Relations Officer (PPRO), ASP Ibrahim Sunusi Idris on Wednesday evening, 13 suspects were arrested alongside fake currencies and motorcycles suspected to be contraband. Part of the statement reads, “In response to numerous complaints from victims of fraud and robbery, the Command conducted a decisive raid on several identified criminal enclaves in a well-coordinated joint operation with operatives from the Nigerian Army, the Department...

 UBS suggests reallocating funds into assets like the euro, Swiss franc, yen, gold, or even emerging market currencies, depending on individual risk appetite.  | Photo Credit: REUTERS/Jason Lee The global investors holding too much cash in US dollars may face increasing risks, and it might be the right time to consider shifting some of that money into other currencies or assets, according to a report by UBS.The report stated that the US dollar had been a popular choice in the past few years due to strong US economic growth, high...

The Central Bank of Kenya (CBK) and the Central Bank of UAE (CBUAE) have signed two agreements to strengthen financial ties between the two countries. The agreements between the two nations will facilitate the use of local currencies, including the Kenyan shilling, in settling cross-border transactions, while also interlinking instant payment systems and messaging frameworks. "Under the first MoU, the CBUAE and the CBK will strengthen cooperation between the United Arab Emirates and the Republic of Kenya to support the sustainable development of both financial markets. This agreement will also...