Currencies

In 1932, the small Austrian town of Wörgl was buckling under the weight of the Great Depression, with crumbling infrastructure, rising unemployment and ballooning debt. But within just a year, all that changed: Local unemployment dropped by 25 percent despite rising by 19 percent in the rest of Austria and tax revenue skyrocketed, fueling extensive municipal investment in road repair, a new bridge and even a ski jump—a transformation that is still referred to today as "the Miracle of Wörgl."Unsurprisingly, the miracle was made possible by money, but not the...

Something unusual is happening in global currency markets, and most people aren’t paying attention. This week, the Taiwan dollar surged more than 5% in a single day, recording its biggest jump since 1988. At the same time, Asian banks, exporters, and sovereign funds are increasingly trying to bypass the US dollar in their transactions. It’s not a full-blown crisis, yet, but the message is clear: confidence in the US dollar is slipping, and capital is moving.What used to be a slow drift is now turning into something larger. A big paradigm shift is...

The global sovereign credit rating agency, Morningstar DBRS on Friday upgraded India’s Long-Term Foreign and Local Currency – Issuer Ratings from BBB (low) to BBB with a Stable trend.India’s Short-Term Foreign and Local Currency Issuer Ratings were also upgraded to R-2 (high) from R-2 (middle) with a Stable trend.Key drivers for the upgrade include India’s structural reforms through infrastructure investments, digitalisation etc., all of which facilitated fiscal consolidation (declining debt and deficit) and sustained high growth (clocking an average GDP growth of 8.2% during FY22-25) with macroeconomic stability (stabilised inflation,...

The Indian rupee extended its fall on Friday, declining by 30 paise against the US dollar, as intensifying geopolitical tensions between India and Pakistan sparked risk-off sentiment in the market. Increased demand for the US dollar also dented investor sentiments.Rupee depreciated 30 paise to open at 85.88 against the greenback on Friday. The local currency saw its steepest single-day fall in more than two-and-a-half years in the previous session and settled 81 paise lower at 85.58 against the US dollar on.The India-Pakistan conflict, stronger dollar, rise in crude oil prices...

The rupee depreciated 30 paise to 85.88 against the US dollar in early trade on Friday, weighed down by intensifying geopolitical tensions between India and Pakistan.Forex traders said geopolitical tensions between India and Pakistan have sparked risk-off sentiment in the market leading to the rupee weakness. Besides, increased demand for the US dollar further dented investor sentiments. At the interbank foreign exchange, the domestic unit opened at 85.88 against the greenback, registering a fall of 30 paise over its previous close. On Thursday, the rupee saw its steepest single-day fall...

Asian investors have been rushing to shield themselves from big swings in the US dollar, putting upward pressure on their local currencies and forcing Hong Kong authorities to intervene in the market.Taiwan’s dollar has surged almost 6 per cent against the greenback this month, posting the biggest single-day moves since the 1980s, while Hong Kong’s monetary authority spent the largest weekly amount since 2020 to stop the city state’s currency strengthening beyond a US dollar peg.“It is not even once in a decade — it has been a once in...

Fading US exceptionalism could pave the way for further appreciation of the Singapore dollar against the greenback, said analysts.The Singdollar surged to around 1.29 per US dollar on Monday (May 5) – a level not seen since September 2024. That drove its year-to-date gain to about 5 per cent, with its five-day gain at around 1 per cent.Among other Asian currencies, the Taiwan dollar surged to highs not seen in over 30 years, while the Malaysian ringgit and safe-haven Japanese yen also strengthened. On Friday morning during Asia trade, the...

Cryptocurrency sector valuation holds above $3.1 trillion on Thursday as global financial markets react to bullish macro pointers.US President Donald Trump announced a trade deal with the UK, hinting at more deals in the works.Ethereum-hosted assets are attracting unusually high-demand with ETH, PEPE and Chainlink price gains accompanied by rising trading volumes.SUI, Virtuals Protocol and the official TRUMP token are also among the standout performers, driven by distinct catalysts.The cryptocurrency sector valuation crossed the $3.1 trillion market on Thursday, as markets reacted to bullish macro pointers. Why is the crypto market...

It also enables the Indian diaspora to shop from and engage with Indian brands more seamlessly | Photo Credit: REUTERS Cashfree Payments, a RBI authorised payment aggregator for both domestic and cross-border payments, has announced that it supports over 140 currencies on its international payment gateway, becoming the first Indian fintech to offer the widest range of currency acceptance for Indian businesses.The feature enables both one-time and recurring transactions on international cards. The upgrade aims to help Indian merchants expand business by up to 30 per cent.Nitin Pulyani, SVP –...

Thane Police seize fake currency worth Rs 45 lakh and arrest six individuals in Bhiwandi | Representative Image Thane, May 8: Police have seized fake Indian currency notes with a face value of more than Rs 45 lakh in the district and arrested six persons, an official said on Thursday. Counterfeit notes were being printed at the office of a transport company in Bhiwandi town, Deputy Commissioner of Police (crime) Amarsingh Jadhav told reporters on Thursday.Acting on a tip-off, a Bhiwandi crime branch team on May 3 laid a trap...