Currencies

Global currencies experienced significant declines on Wednesday as the U.S. dollar soared, spurred by the detention of President Erdogan's main political opponent in Turkey. This geopolitical move unsettled investors and sent the Turkish lira to unprecedented lows, prompting a noticeable shift towards safer assets.The ensuing drop in Turkey's lira reverberated through financial markets, impacting major currencies and spurring capital flows into the dollar. The euro, yen, and other currencies saw declines, while investors kept a close eye on the Federal Reserve's impending decision regarding interest rates.Market analysts, including Michael...

As the U.S. government formalises its involvement in the crypto industry, the future of digital currencies appears increasingly intertwined with national economic strategies. In a stunning reversal that has sent shockwaves through financial markets worldwide, President Donald Trump has transformed from calling crypto a ‘scam’ to championing with his breathtaking establishment of America’s “Digital Fort Knox” – a mammoth strategic reserve of over 200,000 seized Bitcoin worth an $17 billion. This move raises critical questions about the future of crypto worldwide, particularly for developing economies that are still lagging behind...

New Delhi , March 19 (ANI): Despite improvements in the current account deficit, muted net foreign direct investment (FDI) and continued outflow of foreign portfolio investment (FPI) suggest that the overall balance of payments (BoP) will continue to face pressure, said a report by ICICI Bank Global Markets. Highlighting the impact of FDI and FPI, the report said, the capital account outlook remains subdued due to lower FDI and continued FPI outflows. Show Full Article Net FDI inflows were just USD 1.2 billion in Apr-Dec 2024, compared to USD 7.8...

Asian markets were mixed and gold hit another record high on Wednesday as trade war worries cast a shadow and geopolitical concerns returned to the fore.The tepid start to the day followed tech-led losses on Wall Street, while a limited Ukraine ceasefire agreed between US President Donald Trump and Russia’s Vladimir Putin was met with a shrug.The yen edged up against the dollar after the Bank of Japan kept interest rates on hold, warning about the outlook amid “high uncertainties” including over trade.Investors are also gearing up for central bank...

ANI | Updated: Mar 18, 2025 17:35 IST New Delhi , March 18 (ANI): Central banks of India and Mauritius have signed an MoU to enable the use of local currencies for trade.The agreement was to establish a framework to promote trade in the local currencies of both countries.The MoU documents were exchanged in the presence of Prime Minister Narendra Modi and Mauritius counterpart Navinchandra Ramgoolam on March 12, 2025. PM Modi was on a state visit to the island nation, RBI confirmed on Tuesday in a post on X.The...

ANI | Updated: Mar 18, 2025 17:35 IST New Delhi , March 18 (ANI): Central banks of India and Mauritius have signed an MoU to enable the use of local currencies for trade.The agreement was to establish a framework to promote trade in the local currencies of both countries.The MoU documents were exchanged in the presence of Prime Minister Narendra Modi and Mauritius counterpart Navinchandra Ramgoolam on March 12, 2025. PM Modi was on a state visit to the island nation, RBI confirmed on Tuesday in a post on X.The...

MUMBAI: The Indian rupee jumped to its highest level in over three weeks on Tuesday, boosted by likely dollar inflows and persistent weakness in the greenback, which teetered near a five-month low against major peer currencies. The rupee rose to a peak of 86.54 against the US dollar, its highest since February 21, before closing at 86.57, up over 0.2% on the day. At least three large foreign banks sold dollars, helping lift the rupee, a trader at a mid-sized private bank said. Bids by state-run banks, however, kept a...

MUMBAI: The Indian rupee (INR) jumped to its highest level in over three weeks on Tuesday, boosted by likely US Dollar (USD) inflows and persistent weakness in the greenback, which teetered near a five-month low against major peer currencies. The rupee rose to a peak of 86.54 against the US dollar, its highest since February 21, before closing at 86.57, up over 0.2% on the day. At least three large foreign banks sold dollars, helping lift the rupee, a trader at a mid-sized private bank said. Bids by state-run banks,...

The Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have signed a Memorandum of Understanding (MoU) to establish a framework to promote the use of local currencies -- the Indian Rupee (INR) and the Mauritian Rupee (MUR) -- for cross-border transactions. The MoU, which aims to promote the use of INR and MUR in bilateral trade, covers all current account transactions and permissible capital account transactions as agreed upon by both the countries, according to an RBI statement. “This framework would enable exporters and importers to invoice...

Key NotesRipple seeks an entry into the custody sector, filing a trademark application for "Ripple Custody".Ripple is also eyeing integration of downloadable software for custody and management of crypto.Speculations of the fintech firm debuting its very own XRP Wallet have also sparked in the space. Ripple Labs XRP $2.26 24h volatility: 3.1% Market cap: $131.43 B Vol. 24h: $3.50 B has filed a trademark application for “Ripple Custody,” which could translate to the company entering the custody industry. The Ripple trademark outlines custodial services for storing and managing digital currencies,...