Currencies

BENGALURU: The Thai baht surrendered early gains on Thursday after the commerce minister called for a weaker currency to bolster exports, while the Philippine peso lagged regional peers over mounting political uncertainty in the Southeast Asian country. Overall, Asian currencies gained on a weak dollar while equities fell. Thailand’s currency fell 0.3% to 32.825 per US dollar after rising 0.5% earlier in the day. Equities in Bangkok traded 0.3% lower. Pichai Naripthaphan, the country’s commerce minister, said he wanted a weaker baht to support exports and that a level of...

On March 6, 2025, U.S. President Donald Trump signed an executive order establishing a strategic Bitcoin reserve and digital asset stockpile for the United States government. Within this executive order, Trump refers to the notion that Bitcoin is akin to “digital gold.”  Cryptocurrency enthusiasts often refer to Bitcoin as “digital gold” and consider both as equal forms of sound money. In reality, gold and Bitcoin are quite different in asset quality and in terms of their hierarchy as sound money.  Digital assets vs real assets According to Investopedia, a digital asset, such as Bitcoin, is...

TRAVELERS from the Asia-Pacific region are more conscious of foreign exchange rate fluctuations compared to their Western counterparts, according to a new study by data and services group Mastercard Economics Institute. Its report, "Travel Trends 2025: Purpose-Driven Journeys," analyzed 24 major tourism markets which account for nearly 80 percent of global gross domestic product.Data showed that inbound tourism — particularly among travelers from Asia — tends to slow down when a destination's currency depreciates. "Travelers from Asia tend to be more sensitive to exchange rate shifts, as such movements can...

The Indian economy stepped into fiscal year 2025–26 on a strong footing, reclaiming the top spot among emerging markets in April after a three-month hiatus, driven by a robust stock market rebound. India led the Emerging Markets (EM) leaderboard with a score of 87 out of 100 in April, followed by the Philippines (68) and Thailand (59) in distant second and third places, respectively. China, which had held the top rank in March, slipped to fourth in April as its exports, foreign exchange reserves, and market capitalization weakened amid ongoing...

The Bangladesh Bank has allowed banks to release foreign currencies for the payment of expenses related to studying in language courses abroad, even if the course is not a prerequisite for a bachelor's degree. The move is aimed at expanding opportunities for Bangladeshis seeking employment abroad, reads a circular issued by the central bank today (22 May). According to the circular, authorised dealer (AD) banks can now remit foreign currencies on behalf of Bangladeshi nationals to cover permissible fees for language courses without requiring prior approval from the central bank....

As India works towards a new regulatory framework for cryptocurrencies, the Securities and Exchange Board of India (SEBI) has clarified that any decision on how to treat crypto assets must come from the government, not the market regulator.Speaking at the ASSOCHAM 16th Capital Market Conference in New Delhi on Thursday, May 22, SEBI Chairperson Tuhin Kanta Pandey addressed growing expectations that India might follow in the footsteps of the United States, where the Securities and Exchange Commission (SEC) recently approved spot Bitcoin exchange-traded funds (ETFs). That move marked a significant...

Rupee depreciated by 37 paise to close at 85.96 (provisional) against the US dollar on Thursday, pressured by strong dollar demand from importers and foreign banks, along with a surge in crude oil prices. Forex traders highlighted that surging US bond yields are unsettling global investors. "Moreover, the narrowing yield differential between India and the US is making Indian assets less attractive," they noted. Elevated crude oil prices, driven by rising geopolitical tensions in the Middle East, further dampened investor sentiment. At the interbank foreign exchange market, the rupee opened...

The Pakistani rupee (PKR) closed in red against the US Dollar (USD), British Pound, and most of the other top currencies on Wednesday. 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 0.03 percent DoD...

Bank of America (BofA) Research has revised its forecast for the Indian rupee, projecting the currency to strengthen to 84 per US dollar by December 2025, from a previous estimate of 87read moreBank of America (BofA) Research has revised its forecast for the Indian rupee, projecting the currency to strengthen to 84 per US dollar by December 2025, from a previous estimate of 87. The call reflects a broader shift in sentiment among analysts, who are increasingly bullish on the rupee amid improved capital inflows and a more favorable trade...

This analysis is by Bloomberg Intelligence Chief Asia FX and Rates Strategist Stephen Chiu. The dollar’s broad retreat against major currencies may persist even if the US rolls back tariffs, as markets re-evaluate US economic policy, with significant implications for dollar hegemony. This has accelerated de-dollarization, a trend likely to continue regardless of immediate policy shifts. The widely recognized “dollar smile” theory, proposed by Stephen Li Jen over two decades ago, explains how the dollar appreciates during global recessions (as a safe haven) and when US growth outperforms others (due...