Currencies

This is CNBC's live blog covering Asia-Pacific markets. Asia-Pacific markets plunged on Thursday, after U.S. President Donald Trump imposed hefty reciprocal tariffs on over 180 countries and territories — several of which are in the region. In charts posted on social media, the White House showed the effective tariff rates they claim other countries impose on American goods, including by "currency manipulation and trade barriers." The White House told CNBC's Eamon Javers on Wednesday that the new reciprocal rate on China will be added to existing tariffs totaling 20%, meaning...

Business Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies fell. Even gold pulled lower. Wall Street signs are displayed outside the New York Stock Exchange in New York, Wednesday, April 2, 2025. (AP Photo/Seth Wenig) AP By STAN CHOE, Associated Press updated on April 3, 2025 | 4:26 PM 4 minutes to read NEW YORK (AP) — Wall Street shuddered, and a level of shock unseen since COVID’s outbreak tore through financial markets worldwide Thursday on worries about the damage...

President Donald Trump’s reveal of sweeping import tariffs further darkened the outlook for the global economy and left many questions unanswered. But amid all the policy fog, oil and gas traders can point to a few bright spots.At an event in the White House Rose Garden, Trump announced tariffs on imports from many major trading partners, including a 20% fee on the European Union, 24% on Japan, 27% on India, 10% on Britain and 34% on China. He also set a baseline 10% tariff on all imports.The move intensified a...

India said on Thursday it was studying the impact of the 27% tariff slapped by the US on its imports and vowed to push for a trade deal this year, signalling a conciliatory tone despite failing to get relief from President Donald Trump’s trade policy. New Delhi’s response came hours after Trump announced the drastic tariffs that piled more stress on an ailing global economy and sent world stock markets and oil prices tumbling.While Trump said Indian goods will face a 26% tariff, the White House executive order put the...

Trump fired up global trade tensions by announcing a baseline 10% tariff on all imports starting 5 April, with additional reciprocal tariffs on specific countries from 9 April. India will be hit with a 27% tariff, while China’s rate soars to 54%, up from the previous 20%. Gift Nifty futures took a hit earlier this morning, dropping nearly 2%, while Indian benchmark indices Nifty 50 and S&P BSE Sensex fell 1% in pre-open trade. However, Nifty 50 and Sensex later trimmed some losses, ending the day’s trade 0.35% and 0.42%...

(Reuters) - Global ratings agency Fitch on Thursday downgraded China's long-term foreign currency credit rating to 'A' from 'A+', on expectations of weak public finances and rapidly rising debt.The latest U.S. reciprocal tariffs have not been incorporated in the forecast, Fitch said, adding that there is uncertainty about their impact.The government's debt-to-GDP ratio is expected to rise further over the next few years due to trade tensions with the U.S., subdued domestic demand and deflationary pressure, the rating agency said.It expects China to be affected by a broader tariff-induced global...

The Indian stock markets could face a slowdown in earnings growth after a strong five-year run, even as the economy is expected to grow at 6.7% in the next financial year, according to Lighthouse Canton’s India Outlook 2025 report. The global investment institution’s report, released on Thursday, highlighted key risks to investor sentiment, including recalibrating market valuations, external currency pressures, and uncertainties in commodity markets.The report noted that while India’s economic growth remains promising, the next phase will depend on how earnings recover. Factors such as government capital expenditure, tax...

The U.S. dollar's status as the global reserve currency continues to erode, with gold and “non-traditional” reserve currencies gaining ground. According to recently released IMF data, the dollar’s share of global reserve currencies slid further last year. Total holdings of dollar-denominated securities by central banks (excluding the Federal Reserve) fell by $59 billion in 2024. As of the end of last year, dollars made up 57.8 percent of global reserves. That is the lowest level since 1994, representing a 7.3 percent decline in the last decade. In 2002, dollars accounted...

The Greenback loses ground against all major currencies on Thursday as markets digest Trump’s tariff announcement President Trump announced a base 10% tariff for all countries exporting goods to the US and additional levies per country. The US Dollar Index is hit hard and falls below the 102.00 level. The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is having a really bad day, trading at levels not seen since early October around 101.800 and correcting near 1.80% at the time of writing on...

The Pakistani rupee (PKR) closed in red to start the fourth month of 2025 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 280-282/$ 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 stable 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...