Currencies

The naira strengthened against the dollar on Friday across various foreign exchange (FX) markets, buoyed by improved liquidity, a development that echoes the World Bank’s recent affirmation of the local currency’s growing stability. At the Nigerian Foreign Exchange Market (NFEM), the naira closed the week steady at N1,599.54 on Friday, marking the end of the four trading days, according to data from the Central Bank of Nigeria (CBN). This figure reflected a slight improvement when compared to the previous week’s closing rate of N1,599.79. In the parallel market, often referred...

On the sidelines of the spring meetings of the International Monetary Fund and World Bank this week, Treasury Secretary Scott Bessent tried to convey an important message about the United States dollar.Speaking to a crowd of global policymakers, regulators and investors, Mr. Bessent sought to allay fears that had ballooned in recent weeks about the dollar’s global standing and the country’s role as the safest haven during times of stress. He reiterated that the administration would continue to have a “strong-dollar policy” and affirmed that it would remain the currency...

The dollar is getting weaker. The US Dollar Index is down more than 8% since the start of the year, putting the currency at its lowest point in about three years.Uncertainty around President Donald Trump's tariffs and fears of a looming recession have hurt the dollar.Here's what smart people and institutions have to say about its depreciation.Deutsche BankAnalysts at Deutsche Bank in a note on Thursday said they foresee a "major dollar downtrend.""The dollar bear market is finally here," they wrote."At the core of the dollar bear market are three...

BENGALURU: Emerging Asia shares rallied on Friday, led by indexes in Manila and Taipei, on a potential de-escalation in trade tensions between the world’s two largest economies, while currencies in the region struggled for direction. Equities in Taiwan jumped more than 2%, tracking a tech-led rally on Wall Street after strong earnings reports from Google-parent Alphabet and AI major ServiceNow . Taiwan hosts some of the world’s largest chip manufacturers, such as TSMC, which gained 2.8%, boosting the broader index. Stocks in Kuala Lumpur, Bangkok and South Korea rose 0.1%,...

Ethereum to Ripple ETH XRP 1 ETH 813.474065406 XRP 5 ETH 4,067.370327031 XRP 10 ETH 8,134.740654061 XRP 25 ETH 20,336.851635153 XRP 50 ETH 40,673.703270305 XRP 100 ETH 81,347.40654061 XRP 500 ETH 406,737.03270305 XRP 1,000 ETH 813,474.0654061 XRP 5,000 ETH 4,067,370.3270305 XRP 10,000 ETH 8,134,740.654061 XRP 50,000 ETH 40,673,703.270305 XRP Ripple to Ethereum XRP ETH 1 XRP 0.001229295 ETH 5 XRP 0.006146477 ETH 10 XRP 0.012292955 ETH 25 XRP 0.030732387 ETH 50 XRP 0.061464775 ETH 100 XRP 0.122929549 ETH 500 XRP 0.614647745 ETH 1,000 XRP 1.22929549 ETH 5,000 XRP 6.146477451 ETH...

Mumbai: India's forex reserves jumped $ 8.31 billion to $ 686.145 billion for the week ended April 18 led by dollar buying by the Reserve Bank of India (RBI), valuation gains due to an increase in gold prices and revaluation of other currencies other than the dollar.According to the data released in the RBI Weekly Bulletin on Friday, forex reserves are now at a six-month high and about $19 billion away from the record high of $705 billion at the end of September 2024.“Gold valuation rose by $4.58 billion, while...

Global bank Citi has predicted 2025 could be a possible inflection point for blockchain adoption driven by stablecoins, akin to the breakout year artificial intelligence (AI) had with popular application ChatGPT."2025 has the potential to be blockchain’s ‘ChatGPT’ moment," the bank's analysts said in a report published earlier this week.At the center of the Citi's projection are stablecoins, a class of cryptocurrencies pegged to traditional currencies like the U.S. dollar. These tokens, led by Tether's $145 billion USDT and Circle's $60 billion USDC, have seen tremendous growth recently and are...

MUMBAI: The Indian rupee yet again failed to move past the psychological 85 mark on Friday after a sell-off in local equities and bonds amid investors weighing the potential for increased geopolitical uncertainty following a deadly militant attack. The rupee, having peaked at 85.10 during the session, dropped to 85.6550 versus the U.S. dollar. This is the third time in recent days that the Indian currency has been driven back from the 85 level. India’s Nifty 50 Index dropped over 1%, significantly underperforming other Asian equity indices, which followed their...

The world’s poorest countries are reeling from debt made worse by exchange rate fluctuations and worsening climate shocks, a new study has found, as officials considered ways to ease the burden at the Spring Meetings of the International Monetary Fund (IMF) and the World Bank this week.On Friday, the International Institute for Environment and Development (IIED) issued new research showing that Least Developed Countries (LDCs) and Small Island Developing States (SIDS) have been required to take out loans for their growth and development in foreign currencies – usually US dollars...

India’s foreign exchange reserves rose by USD 8.31 billion to reach USD 686.145 billion for the week ending April 18, marking the seventh consecutive week of growth.  | Photo Credit: Dado Ruvic/Reuters India's forex reserves jumped USD 8.31 billion to USD 686.145 billion for the week ended April 18, the RBI said on Friday. This is the seventh consecutive week of a rise in the kitty, which had jumped by USD 1.567 billion to USD 677.835 billion in the previous reporting week ended April 11. The forex reserves had touched...