Currencies

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...

Rupee extended its losing streak for the fourth straight session on Wednesday, closing 45 paise lower at 86.71 (provisional) against the US dollar, amid heightened global tariff tensions. This decline came despite the Reserve Bank of India’s decision to reduce the key interest rate by 25 basis points to stimulate growth. Forex traders noted that, although global crude oil prices fell sharply and the US dollar weakened, the Indian currency remained under pressure due to persistent foreign fund outflows and muted sentiment in domestic equity markets. At the interbank foreign...

RBI Governor Sanjay Malhotra announces 25 bps repo rate cut. (Express Photo by Amit Chakravarty)RBI Repo Rate Cut, RBI Monetary Policy Meeting 2025 Today Live Updates: RBI Governor Sanjay Malhotra announced a 25 basis point cut in policy repo rate on Wednesday, saying the central bank is targeting non-inflationary growth. The RBI Governor said global economy was going through a period of uncertainty, posing challenges to policymaking, alluding to the sweeping tariffs announced by US President Donald Trump. The latest round of reciprocal tariffs kicked in minutes before Malhotra started...

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Bundles of suspicious Rs 500 notes discovered in a rented house in Karnataka’s Uttara Kannada district sent the police into a tizzy. The hoard of notes was found during a raid.Prima facie, the notes appeared to be fake currency.The raid, carried out on a specific tip-off on Tuesday evening, led to the seizure of the notes and a money-counting machine from the premises at Gandhinagar in the district’s Dandeli town.However, the officials realised the notes lacked key features of legal tender, as there was no Reserve Bank of India seal,...

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...