Currencies

MUMBAI: The Indian rupee is set to open higher on Wednesday following weak U.S. consumer confidence data that heightened anxieties regarding the U.S. economic trajectory. The resumption of equity flows should provide an additional impetus to the rupee. The 1-month non-deliverable forward indicated that the rupee will open at 85.62 to 85.64 against the U.S. dollar compared with 85.7550 in the previous session. The Indian currency snapped a nine-day winning run on Tuesday, during which it has rallied by 2%. A predominantly softer dollar, the return of foreign capital to...

BENGALURU: The Indonesian rupiah plummeted to its weakest since the Asian Financial Crisis nearly three decades ago on Tuesday, pressured by concerns about the fiscal health of Southeast Asia’s largest economy, but managed to recoup some lost ground after intervention by the central bank. The rupiah weakened as much as 0.5% to 16,640 per US dollar, its weakest since the lifetime low it hit in June 1998 during the Asian Financial Crisis. The currency was last trading at a near-one-month low of 16,590 a dollar. The currency has lost more...

Gold prices fell in India on Wednesday, according to data compiled by FXStreet. The price for Gold stood at 8,308.97 Indian Rupees (INR) per gram, down compared with the INR 8,321.84 it cost on Tuesday. The price for Gold decreased to INR 96,914.88 per tola from INR 97,064.31 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 8,308.97 10 Grams 83,090.28 Tola 96,914.88 Troy Ounce 258,438.20   Daily digest market movers: Gold price underpinned by high inflation expectations The US 10-year T-note yield is down three...

KUALA LUMPUR, March 26 — The ringgit opened slightly higher against the US dollar this morning as investors viewed Malaysia’s political and policy stability favourably among emerging markets, boosting the currency’s appeal amid mixed global sentiment. At 8 am, the ringgit stood at 4.4340/4410 against the greenback, up from yesterday’s close of 4.4355/4390. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said that despite global challenges, the ringgit had remained resilient, gaining 0.85 per cent year to date and ranking as the fourth-best performing currency in Asia. According...

Market movements have been modest, with flat US equities, a small fall in US Treasury yields and small broadly-based gains for major currencies against the USD. After the latest talks in Saudi Arabia between the US and Russia regarding the war in Ukraine, the US said Russia and Ukraine have agreed to a ceasefire in the Black Sea and to work out mechanisms for implementing their ban on strikes against energy infrastructure. The Kremlin confirmed the Black Sea ceasefire and said it was dependent on sanctions relief for banks and...

World Liberty Financial, the cryptocurrency company started by Donald J. Trump and his sons, announced on Tuesday that it was planning to sell a digital currency called a stablecoin, deepening the president’s financial ties to crypto as his administration relaxes enforcement of the industry.The stablecoin would be known as USD1, the company wrote in a social media post, without revealing when it would go on sale. Stablecoins, a popular form of cryptocurrency, are designed to maintain a constant value of $1, making them useful for many types of crypto transactions.“No...

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Indonesia’s rupiah fell to its weakest level against the US dollar since the Asian financial crisis of 1998 over mounting fears about the policies of President Prabowo Subianto and their impact on the fiscal position of south-east Asia’s largest economy.The rupiah fell as much as 0.5 per cent to briefly hit 16,640 against the dollar on Tuesday, not far from its record low of 16,800 in June 1998, the year of the...

Donald Trump’s World Liberty Financial crypto venture will launch a dollar-pegged stablecoin, it said in a statement on Tuesday, after raising more than half a billion dollars from selling a separate digital token. The stablecoin, called USD1, will be fully backed by U.S. Treasuries, dollars and other cash equivalents and is designed to keep a value of $1, World Liberty said in the statement. Dollar-pegged stablecoins such as Tether and USDC have ballooned in recent years and now act as a key cog in the multi-trillion dollar crypto trading industry,...

World Liberty Financial revealed its plan to launch its USD1 stablecoin. The stablecoin will be backed by short-term US government treasuries, US Dollar deposits, and other cash equivalents. The platform stated that USD1 reserves will be custodied by BitGo. President Donald Trump-inspired World Liberty Financial (WLFI) confirmed on Tuesday that it will launch its USD1 stablecoin, which it claims will be backed 1:1 with the US Dollar. This comes after the DeFi platform initiated several test transactions using the stablecoin on the Binance BNB Chain. World Liberty Financial clarifies USD1...

EUR/USD finds support below 1.0800 as the US Dollar struggles to extend upside amid easing fears of impending tariffs by the US on April 2. Preliminary US S&P Global Services PMI gained significantly in March. The ECB is expected to cut interest rates again in April. EUR/USD finds cushion around 1.0780 and rises to near 1.0825 during North American trading hours on Tuesday. The major currency pair attracts bids as the US Dollar (USD) drops on the narrower-than-feared tariff agenda of United States (US) President Donald Trump. The US Dollar Index (DXY), which tracks the Greenback's value...