Currencies

BENGALURU: Indonesia’s rupiah hit a record low and its equities sank on Tuesday, as traders returned after an extended break to price in the impact of sweeping US tariffs that threatened to upend global trade and stoked recession fears. Jakarta stocks were last down 7.6%, on course for their biggest one-day percentage fall since September 2011. The benchmark index had dropped more than 9% in early trading, triggering a 30-minute halt. The rupiah fell 1.8% to an all-time low of 16,860 against the US dollar. An official at Bank Indonesia...

Asia’s trade-sensitive currencies swung around multiyear lows as the region reels from US President Donald Trump’s tariff policies that risk pushing the global economy into recession. The Bloomberg Asia Dollar Index hovered near a record low in data going back to 2006. The Korean won declined to its lowest level since the global financial crisis, while the Australian and New Zealand dollars fell to levels not seen since March 2020 before recovering. The Indonesian rupiah sat near the weakest on record, while the offshore Chinese yuan rebounded from a record...

Asia’s trade-sensitive currencies swung around multiyear lows as the region reels from US President Donald Trump’s tariff policies that risk pushing the global economy into recession. The Bloomberg Asia Dollar Index hovered near a record low in data going back to 2006. The Korean won declined to its lowest level since the global financial crisis, while the Australian and New Zealand dollars fell to levels not seen since March 2020 before recovering. The Indonesian rupiah sat near the weakest on record, while the offshore Chinese yuan rebounded from a record...

Equities and oil plunged again on Wednesday after Donald Trump ramped up his trade war by hitting China with tariffs of more than 100 per cent as sweeping measures against the United States’ dozens of partners are set to come into effect.After a brief respite Tuesday from the panic-selling at the start of the week, investors were once again scurrying for the hills amid fears that the US president’s hammer blow to global commerce will plunge the economy into a recession.The two economic superpowers were headed for a vicious standoff...

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The dominance of the US dollar could be under threat due to the market chaos sparked by Donald Trump's tariff blitz on trading partners, policy experts have warned.Despite the US president's high hopes for what he has dubbed "Liberation Day," a trio of senior researchers writing for Foreign Affairs, a magazine specialising in international relations and US foreign policy, have claimed that instead he has risked the value of the currency itself.The authors wrote that the president's "clumsy, erratic attempts to weaponize Washington's economic advantages pose the greatest threat so...

Once thriving, kiosks exchanging damaged currency now dwindle, as digital payments reduce cash use Published Date - 8 April 2025, 08:08 PM Cut note exchange vendors. Photos: Anand Dharmana Hyderabad: The soiled currency notes business is on its last legs. The shops where the soiled currency notes were exchanged for new ones are now dwindling. Once active in markets of the city, a majority of the traders have now shut down the business due to low returns. “People are...

The Pakistani rupee (PKR) closed in red second day in a row against the US Dollar (USD) today after opening trade at 281 in the interbank market. On a day-on-day (DoD) basis, the interbank rate stayed at 280-281/$ most of the day before closing at the 280 level. Open market rates across multiple currency counters remained at the 281-282 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...

Last week might well be remembered as the weak globalisation began to bleed in full public view. Markets reeled not merely because of fresh rounds of retaliatory tariffs between the United States and China, but because they sensed something deeper—a rupture in the global trade order that has underwritten peace, prosperity, and stability for over seven decades. If last week was a warning, this week might offer no reprieve. Especially as India’s own monetary policy committee meets under the shadow of cascading geopolitical risks, the interplay of trade and currency...

By Nurunnasihah Ahmad Rashid KUALA LUMPUR, April 8 (Bernama) -- The ringgit opened lower against the US dollar on Tuesday as investors stayed on the sidelines amid concerns over reciprocal tariff rates set to take effect on April 9, prompting a more cautious tone in the market. At 8.05 am, the local note slipped to 4.4900/5100 against the greenback from Monday’s close of 4.4775/4840. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) had risen steadily to 103.26, reflecting stronger demand...