Currencies

Traders were also wary of US officials potentially angling for a weaker dollar at Group of Seven finance minister meetings currently underway in Canada Reuters 21 May, 2025, 12:35 pm Last modified: 21 May, 2025, 12:37 pm US dollar banknotes are seen in this illustration taken May 4, 2025. Photo: REUTERS/Dado Ruvic/Illustration"> US dollar banknotes are seen in this illustration taken May 4, 2025. Photo: REUTERS/Dado Ruvic/Illustration Highlights: Trump failed to convince Republican holdouts who could block bill Bessent to talk currencies with Japanese counterpart on G7 sidelines "Sell America"...

Asian currencies strengthened on Wednesday as the U.S. dollar weakened amid uncertainty over President Donald Trump’s proposed tax reform and heightened caution during the ongoing G7 finance ministers' meeting, which often addresses foreign exchange matters. The U.S. Dollar Index dropped 0.3%, while Dollar Index Futures declined 0.4% during Asian trading hours. The dip followed Trump’s push for congressional Republicans to support a sweeping tax cut bill, though key lawmakers remain unconvinced. If passed, the bill could significantly expand the U.S. fiscal deficit. Last week, Moody’s downgraded the U.S. credit rating...

The Indian rupee's muted reaction in the face of a persistent decline in the dollar has stirred up confusion among bankers, with some citing foreign portfolio and corporate payment-related dollar outflows as reasons for the rupee lagging among peers. On the day, most Asian currencies rose between 0.1% to 0.6% versus the U.S. dollar but the rupee was little changed at 85.61. A similar pattern persisted throughout May, with the rupee declining by about 1% on the month so far even as its regional peers gained. The Korean won, for...

MUMBAI: The Indian rupee weakened on Tuesday as dollar bids from foreign banks, likely on behalf of custodial clients, and a softer Chinese yuan outweighed positive cues from broad weakness in the greenback. The rupee closed at 85.6350 against the US dollar, down about 0.3% on the day. Asian currencies were mixed on the day while the offshore Chinese yuan dipped lower after China cut key benchmark lending rates and corporate seasonal demand for dollars remained high. A fall in local equities also weighed on the rupee, with traders pointing...

MUMBAI: The Indian rupee weakened on Tuesday as dollar bids from foreign banks, likely on behalf of custodial clients, and a softer Chinese yuan outweighed positive cues from broad weakness in the greenback. The rupee closed at 85.6350 against the U.S. dollar, down about 0.3% on the day. Asian currencies were mixed on the day while the offshore Chinese yuan dipped lower after China cut key benchmark lending rates and corporate seasonal demand for dollars remained high. A fall in local equities also weighed on the rupee, with traders pointing...

A long-anticipated stablecoin bill has broken through Senate opposition to bring a key piece of crypto legislation one step closer to becoming law.The bill advanced in a procedural vote that garnered bipartisan support two weeks after Democrats balked at the proposed legislation. Early opposition feared that the bill would enable conflicts in President Donald Trump's crypto dealings, which have drawn scrutiny on both sides of the aisle. While some Democrats continued to staunchly resist the bill this week, an amended version was pushed advanced with a 66-32 vote.With the Genius...

Chocolate confectioner Delfi ran up a 27.2 per cent drop in earnings before interest, taxes, depreciation and amortisation (Ebitda) to US$17 million in the first quarter ended Mar 31, down from US$23.3 million the year before. Net sales fell some 0.5 per cent to US$149.8 million in Q1 2025 from US$150.7 million in the same period a year earlier. In a business update posted on the local bourse on Tuesday (May 20), Delfi attributed the performance to “weaker regional currencies”, particularly the rupiah, as well as to lower sales in...

New Delhi: The series of tariffs announced by the US will have negative credit implications for debt issuers across emerging markets, particularly export-reliant companies, with broader trade uncertainty set to weigh on consumer, business and financial activities, Moody’s Ratings said in a report on Tuesday.Companies with significant exposure to US-bound tariffed goods face the most direct risks, the rating agency said in a report on tariffs in emerging markets.However, Moody’s warned that a much larger pool of debt issuers will suffer indirectly through slowing economic growth, declining commodity prices, depreciating...

The dollar's decline extended into Tuesday, as the Federal Reserve's cautious stance on the economic landscape and prospective U.S.-Japan dialogues weighed in. This marked a continuation of plummeting values after Moody's downgraded the U.S. sovereign rating, heightening traders' concerns over the nation's fiscal health.In focus are anticipated U.S.-Japan conversations, where Japanese Finance Minister Katsunobu Kato expects discussions with U.S. Treasury Secretary Scott Bessent to tackle currency volatility. Similar issues are likely to surface at the G7 finance meeting in Canada this week.While Australia's decision to cut interest rates saw...

The Pakistani rupee (PKR) closed in red against the US Dollar (USD), British Pound, and most of the other top currencies on Tuesday. On a day-on-day (DoD) basis, the interbank rate stayed at 282-283/$ most of the day before closing at the 281 level. Open market rates across multiple currency counters remained at the 283 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 by 0.05 percent DoD...