Currencies

The African Development Bank (AfDB) has predicted that the naira and several other African currencies will depreciate in 2025 and 2026AfDB projected that the naira will lose six per cent of its value during the projected period, citing global economic shocksThe AfDB reports came as the naira depreciated against the US dollar in the official market on Wednesday, May 28, 2025Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.The second half of the year will be challenging for the Nigerian currency, the...

The expenditure incurred on security printing during 2024-25 increased by nearly 25 per cent to ₹6,372.8 crore as against ₹5,101.4 crore in the previous year mainly due to increase in indent for printing of banknotes, according to the RBI's annual report released on Thursday. The value and volume of banknotes in circulation increased by 6 per cent and 5.6 per cent, respectively, during 2024-25. "During 2024-25, the share of ₹500 banknotes at 86 per cent, declined marginally in value terms," said the RBI's Annual Report for 2024-25. In volume terms,...

  Rupee weakened by 10 paise to close at 85.48 (provisional) against the US dollar on Thursday, pressured by a strengthening dollar overseas and a rise in global crude oil prices. Forex traders noted that gains in the domestic equity markets and foreign capital inflows helped limit the local currency's fall. At the interbank foreign exchange market, the rupee opened at 85.56 and traded between an intra-day low of 85.62 and a high of 85.40 before settling at 85.48, marking a 10 paise decline from Wednesday’s close of 85.38. Anuj...

What will Trump do next? Here are three scenariospublished at 10:21 British Summer Time10:21 BSTImage source, ReutersHope for a favourable ruling from a higher courtTrump looks set to appeal the ruling through the courts, a route which will see the government first take the case to the US Court of Appeals for the Federal Circuit in Washington, DC. It could ultimately go to the US Supreme Court, which is already considering other cases about the scope of presidential power.Shift the legal basis for reciprocal tariffsThe tariffs court ruling said Trump...

Mumbai, May 29 (PTI) The expenditure incurred on security printing during 2024-25 increased by nearly 25 per cent to Rs 6,372.8 crore as against Rs 5,101.4 crore in the previous year mainly due to increase in indent for printing of banknotes, according to the RBI’s annual report released on Thursday. The value and volume of banknotes in circulation increased by 6 per cent and 5.6 per cent, respectively, during 2024-25. “During 2024-25, the share of Rs 500 banknotes at 86 per cent, declined marginally in value terms,” said the RBI’s...

Here is what you need to know on Thursday, May 29:Markets turn risk-positive in the second half of the week as fears over an economic downturn in the United States (US) ease following a federal court's decision to block US President Donald Trump's 'Liberation Day' tariffs. The US Bureau of Economic Analysis will release its second estimate of the Gross Domestic Product (GDP) growth for the first quarter on Thursday. The US economic calendar will also feature weekly Initial Jobless Claims and April Pending Home Sales data. US Dollar PRICE...

Nigeria’s naira and the Ghanaian cedi are among the African currencies that are expected to witness a decline this year driven by a potential fall in export earnings, African Development Bank (AfDB) said in its 2025 economic outlook. The Abidjan-based lender revealed that 21 of the 54 African nations are likely to see their currencies fall in 2025 while 25 could see some gains as the global uncertainty leaves the financial markets volatile. “Several countries—Egypt, Ethiopia, Ghana, Libya, Nigeria, Rwanda, Zambia, and Zimbabwe—are expected to experience currency depreciations of 6...

The US Dollar Index continues to advance as a federal court blocked Trump’s "Liberation Day" tariffs from taking effect.US Gross Domestic Product Annualized is expected to fall again by 0.3% in the first quarter.FOMC Meeting Minutes indicated that Fed officials broadly agreed that heightened economic uncertainty warranted a cautious approach to adjusting rates.The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its gains for the third successive day and trading more than 0.50% higher around 100.30 during the Asian...

MUMBAI: The Indian rupee is set to open weaker on Thursday, weighed by the dollar’s strength after a U.S. court blocked President Donald Trump’s tariffs. The 1-month non-deliverable forward indicated the local currency would open in the 85.48-85.52 range, compared to a close of 85.36 in the previous session. “When you think about it, it’s a bit counterintuitive that Asia is lower on the back of the U.S. court blocking tariffs,” a currency trader at a Mumbai-based bank said. “However, that’s been the pattern — tariffs imply weaker U.S. growth...