Currencies

The Bangladesh Bank has allowed banks to release foreign currencies for the payment of expenses related to studying in language courses abroad, even if the course is not a prerequisite for a bachelor's degree. The move is aimed at expanding opportunities for Bangladeshis seeking employment abroad, reads a circular issued by the central bank today (22 May). According to the circular, authorised dealer (AD) banks can now remit foreign currencies on behalf of Bangladeshi nationals to cover permissible fees for language courses without requiring prior approval from the central bank....

As India works towards a new regulatory framework for cryptocurrencies, the Securities and Exchange Board of India (SEBI) has clarified that any decision on how to treat crypto assets must come from the government, not the market regulator.Speaking at the ASSOCHAM 16th Capital Market Conference in New Delhi on Thursday, May 22, SEBI Chairperson Tuhin Kanta Pandey addressed growing expectations that India might follow in the footsteps of the United States, where the Securities and Exchange Commission (SEC) recently approved spot Bitcoin exchange-traded funds (ETFs). That move marked a significant...

Rupee depreciated by 37 paise to close at 85.96 (provisional) against the US dollar on Thursday, pressured by strong dollar demand from importers and foreign banks, along with a surge in crude oil prices. Forex traders highlighted that surging US bond yields are unsettling global investors. "Moreover, the narrowing yield differential between India and the US is making Indian assets less attractive," they noted. Elevated crude oil prices, driven by rising geopolitical tensions in the Middle East, further dampened investor sentiment. At the interbank foreign exchange market, the rupee opened...

The Pakistani rupee (PKR) closed in red against the US Dollar (USD), British Pound, and most of the other top currencies on Wednesday. On a day-on-day (DoD) basis, the interbank rate stayed at 282-283/$ most of the day before closing at the 281 level. Open market rates across multiple currency counters remained at the 283 level today. It was bearish all day and closed in red against the greenback. Meanwhile, it posted losses against most of the other major currencies during today’s session. The PKR depreciated by 0.03 percent DoD...

Bank of America (BofA) Research has revised its forecast for the Indian rupee, projecting the currency to strengthen to 84 per US dollar by December 2025, from a previous estimate of 87read moreBank of America (BofA) Research has revised its forecast for the Indian rupee, projecting the currency to strengthen to 84 per US dollar by December 2025, from a previous estimate of 87. The call reflects a broader shift in sentiment among analysts, who are increasingly bullish on the rupee amid improved capital inflows and a more favorable trade...

This analysis is by Bloomberg Intelligence Chief Asia FX and Rates Strategist Stephen Chiu. The dollar’s broad retreat against major currencies may persist even if the US rolls back tariffs, as markets re-evaluate US economic policy, with significant implications for dollar hegemony. This has accelerated de-dollarization, a trend likely to continue regardless of immediate policy shifts. The widely recognized “dollar smile” theory, proposed by Stephen Li Jen over two decades ago, explains how the dollar appreciates during global recessions (as a safe haven) and when US growth outperforms others (due...

Gold prices climb for the third consecutive session amid a softer dollar and geopolitical tensions. NEW YORK, May 22: Gold prices rose for a third straight session on Wednesday, reaching a one-week high, supported by a weakening US dollar and growing safe-haven demand amid ongoing economic and geopolitical uncertainty.As of 1:55 p.m. ET (5:55 p.m. GMT), spot gold gained 0.7% to trade at $3,312.77 per ounce, while US gold futures closed 0.9% higher at $3,313.50.The US dollar index (.DXY) fell 0.6% against a basket of major currencies, making gold more...

Here is what you need to know on Thursday, May 22:The trading action in financial markets remain relatively quiet early Thursday as investors gear up for preliminary Purchasing Managers Index (PMI) data from Germany, the Eurozone, the UK and the US. The US economic calendar will also feature weekly Initial Jobless Claims and April Existing Home Sales data, and officials from major central banks will be delivering speeches later in the day. US Dollar PRICE This week The table below shows the percentage change of US Dollar (USD) against listed...

While rupee has managed to hold its ground against the dollar in 2025, it has fared far worse against other major currencies The steep fall in the US dollar due to the trade and other administrative changes announced by the new US government has helped most emerging market currencies appreciate in 2025. But the performance of the rupee against the dollar has been much more subdued when compared with its EM peers.The rupee recorded sharp decline in February and March 2025 to move close to the 88-mark against the greenback....

The Reserve Bank of India sold a record $398.71 billion of foreign currency in 2024-25 on a gross basis as the Indian central bank stepped up its defence of the rupee amid a volatile global environment. The RBI’s sale of foreign currency in the spot market in the last financial year was sharply higher than the $153.03 billion it had sold in 2023-24 and the previous record of $212.57 billion in 2022-23, data released late Wednesday by the central bank showed. To be sure, the RBI also bought foreign currency...