Currencies

Since 1971, when President Richard Nixon dropped the gold standard, the US dollar has not been backed by precious metals. Instead, everyone has put their faith in the credit of the US government, but not everyone.That move started talk about a de-dollarization of the global economy, especially in recent years among BRIC countries (Brazil, Russia, India and China), among others, who have discussed creating a single currency and payment system among the members. However, no other currency, not even the euro launched in 1999, has been able to sustain a...

Market intelligence firm BigMint noted Chinese FOB prices dropped from $470 to $465 per tonne, with cost and freight prices ranging around $530–$536.  | Photo Credit: Chinese steel offers for India have continued  to be cheaper by 5–12 per cent, week-on-week since March 4, following  the first round of Trump tariffs. This accounts for basic customs duty, currency fluctuations, and port and miscellaneous charges. Price fluctuations have been in the ₹500 per tonne range, although purchases  from Indian traders have been on the slower side, sources said. Corresponding prices in...

By Dow Jones Newswires Staff Asian stock markets powered higher on Thursday, tracking an overnight rally on Wall Street following President Trump's decision to pause steep tariffs on a swath of countries that had been put into effect just hours before. Trump on Wednesday said that he would place a 90-day pause on so-called reciprocal rates announced a week earlier on nations the administration views as "bad actors" on trade--with the exception of China, which now faces an even higher 125% tariff. The pause "pulls stocks and the market from...

South-east Asia has long caught a cold when the US dollar sneezes, but these days, currency watchers are just as alert to the renminbi’s sniffles.China’s renminbi is shaping up to be a barometer for the region’s currency swings as analysts point to deepening trade ties with China, US President Donald Trump’s volley of tariffs, and growing spillover effects from Beijing’s policy moves – all unfolding against a backdrop of weakening US dollar dominance.While the greenback and renminbi have long played outsized roles in determining Asian foreign exchange movements, MUFG Bank’s...

Deepening US-China trade war continues to bolster the haven demand for Gold price in India on Thursday, even though the global stocks rebound on US President Donald Trump's "90-day pause" on reciprocal tariffs for all other countries.   Gold price also shrugs off the ongoing Chinese disinflation amid the market's nervousness on US-Sino trade woes and ahead of the US Consumer Price Index (CPI) data release.  At the time of writing, Gold price changes hands at 8,668.09 Indian Rupees (INR) per gram, advancing from Wednesday's close of INR 8,550.30, according to data...

Bombay Stock Exchange (BSE) Equity, currency and debt markets will be closed today, April 10, on account of Shri Mahavir Jayanti. Trading will take place on Friday, April 11, 2025. However, a long weekend is ahead as the market will be closed on April 14, 2025, on account of Dr. Baba Saheb Ambedkar Jayanti. On Wednesday, the benchmark indices ended in red. Sensex closed 379.93 pts 0.51 per cent lower at 73,847.15 and Nifty 50 dropped 136.70 pts or 0.61 per cent to 22,399.15. Sectoral indices except FMCG, consumer durables and...

Asian stocks rocketed on Thursday as investors breathed a huge sigh of relief after Donald Trump announced a pause on crippling tariffs on US partners, with Chinese markets even brushing off his decision to ramp up duties on Beijing to 125 per cent.Equities surged across the board, tracking a blistering performance on Wall Street, after the US president said he would delay for 90 days measures announced last week that set off a firestorm on trading floors and sparked warnings of a global recession.Trump said he would keep in place...

BENGALURU: Asian emerging market equities tanked for a fifth straight session on Wednesday as US President Donald Trump’s “reciprocal” tariffs on dozens of countries, including the eye-watering 104% levies on Chinese goods, went into effect. Indonesia’s rupiah hit a fresh lifetime low, while yields on the 10-year benchmark bonds crept higher towards a mid-January high as traders worried about the fallout of escalating trade tensions and domestic economic concerns. Trump’s punishing tariffs, including the massive levies on China, deepened the carnage in financial markets globally and caused a sell-off in...

Asian emerging market equities rallied the most in more than two years on Thursday as traders snapped up beaten-down stocks after U.S. President Donald Trump said he would pause the implementation of hefty tariffs hours after they came into force. An MSCI gauge of EM Asian stocks leapt 4% in their biggest one-day gain since mid-November 2022. A subset of equities in ASEAN countries surged about 5% to mark their best day since the start of the COVID-19 pandemic. Most regional currencies also appreciated against the U.S. dollar: Malaysia’s ringgit...

The tariff war unleashed by U.S. President Donald Trump and its global implications have forced the Reserve Bank of India’s monitory policy body to cut growth rate by 20 basis points (100 basis point is 1%) for FY25, as resultant economic uncertainties underpinned the decision.“The growth projection for the current year has been marked down by 20 basis points relative to our earlier assessment of 6.7% in the February policy. This downward revision essentially reflects the impact of global trade and policy uncertainties,” RBI Governor Sanjay Malhotra said in his...