Currencies

KUALA LUMPUR, May 19 — The ringgit opened higher today against the US dollar buoyed by Moody’s Ratings recent downgrade of the US credit rating on concerns over rising debt.At 8.03 am, the local note appreciated to 4.2850/3140 versus the greenback from last Friday’s close of 4.2900/2980.Moody’s Ratings has downgraded the US sovereign rating by one notch to Aa1 from AAA last Friday. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the main premise for such a move was the US government debt which would likely...

In this compelling conversation with Tom Bodrovics of Palisades Gold, VON GREYERZ partner, Matthew Piepenburg, bluntly dissects the empirical realities from the main stream fantasies regarding the risk-asset and economic narratives making the current headlines. He touches upon risk asset facts, the deep implications of debt-to-GDP levels globally, the real rather than sensational consequences of ongoing de-dollarization and the now undeniable fact that gold is replacing the UST as a global reserve asset.The conversation opens with a candid assessment of the common denominator (and common sense) reality of unsustainable debt...

Dubai Police have successfully intercepted multiple cases of counterfeit currency circulation, including an operation in which an Asian national was involved as he paid a car seller with counterfeit money, which was later discovered by the seller.In a second case a gang of three suspects was arrested after smuggling counterfeit currency into the country and attempting to exchange it for foreign currencies through exchange companies.In a third case, a 56-year-old Asian visitor was arrested at an airport with counterfeit foreign banknotes worth Dhs185,000.Recently, the Federal Investigation Department at the Ministry...

THE dollar strengthened on Friday (May 16) after the latest round of economic data showed a rebound in import prices while consumer sentiment remained subdued as tariff worries jumped, putting it on pace for a fourth straight weekly advance.The US Labor Department said import prices gained 0.1 per cent last month after dropping 0.4 per cent in March as a jump in the cost of capital goods outweighed cheaper energy prices. Economists polled by Reuters had forecast import prices, which exclude tariffs, would decrease 0.4 per cent.The dollar began to...

New Delhi: An American proposal to tax money sent abroad by non-US citizens is raising concerns in India. If passed, this 5% tax on remittances could significantly impact Indian households and the country’s currency, potentially causing India to lose between $12 billion and $18 billion annually in foreign currency inflows, according to a report released by trade think tank Global Trade Research Initiative (GTRI) on Sunday.The tax is part of a bigger legislation, dubbed “The One Big Beautiful Bill,” introduced in the US House of Representatives on 12 May. It...

A proposed 5% US tax on remittances sent abroad by non-citizens is causing significant concern in India, as experts warn it could adversely affect Indian households and the rupee's value. Economic think tank Global Trade Research Initiative (GTRI) shared these concerns on Sunday.The tax forms part of 'The One Big Beautiful Bill,' introduced in the US House of Representatives, targeting money transfers by non-citizens, including green card holders and temporary visa workers. However, the levy exempts US citizens.India, receiving USD 120 billion in remittances in 2023-24, with 28% of...

News Desk18 May 2025, 09:01 AM ISTThe surge in reserves was driven largely by a notable rise in gold holdings, which jumped by $4.518 billion to $86.337 billion Representational imageMumbai: India’s foreign exchange reserves rose by $4.553 billion to stand at $690.617 billion in the week ending 9 May, according to the latest data released by the Reserve Bank of India (RBI). The increase marks a recovery following a brief decline, extending a broader trend of gains seen in recent months. The surge in reserves was driven largely by a...

EM is shit. But non-China EM is worth a look.Junk’s got some spunk.AUD bears are still moderately in control.My personal view is that this rally is not yet over. Trump’s given himself 90 days to bluff the market.However, once we get through the period of dead cat bouncery, I do still think that a very serious blow has been delivered to the credibility of US assets.But it’s not politically or socially attractive to do it.The child president wants all things all at once. But he cannot have them. Bond markets...

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