Page 4 - Dollar Dominance

Emerging economies pushing to end dollar's dominance. What's the option?

Business has vanished at Kingsley Odafe's clothing shop in Nigeria's capital, forcing him to lay off three employees. One culprit for his troubles stands out: The US dollar's strength against the Nigerian currency, the naira, has pushed the price of garments and other foreign goods beyond the reach of local consumers. A bag of imported clothes costs three times what it did two years ago. The price these days is running around 350,000 naira, or USD 450. There are no sales anymore because people have to eat first before thinking of buying clothes," Odafe said. Across the developing world, many countries are fed up with America's dominance of the global financial system especially the power of the dollar. They will air their grievances next week as the BRICS bloc of Brazil, Russia, India, China and South Africa meet with other emerging market countries in Johannesburg, South Africa. But griping about King Dollar is easier than actually deposing the de facto world currency. The dol

Dollar set for fifth straight week of gains as China stays top of mind

The People's Bank of China (PBOC) set a much stronger-than-expected daily fixing, lifting the yuan from a 9-month low hit on Thursday

Strong dollar drags gold to over 1-month low after mixed US inflation data

Spot gold was down 0.3% at $1,907.40 per ounce by 02:47 p.m. EDT (1847 GMT), after hitting its lowest since July 6. U.S. gold futures settled 0.1% lower at $1,944.00

Dollar hits highest in more than a month on China economy concerns

Analysts said investors bought the dollar as shelter from concerns about the health of the global economy, particularly China

Will dollar continue to dominate world trade or will other currencies gain?

An aggressive push by Chinese President Xi Jinping and the slow but steady rise in yuan use for transactions has contributed to the international chatter around reducing global use of dollar

Dollar plunges close to two-month low ahead of pivotal US jobs data

For markets, this could make for a highly volatile session

BRICS mulling alternative to dollar-dominated payment system: South Africa

Naledi Pandor said one of the reasons for BRICS to established New Development Bank was to reduce their dependence on dollars

Rupee 4 paise higher over its previous close, settles at 82.75 against USD

The rupee pared its initial losses and settled 4 paise higher at 82.75 (provisional) against the US dollar on Friday, tracking a positive trend in domestic equities. At the interbank foreign exchange market, the local currency opened at 82.89 and witnessed a high of 82.59 and a low of 82.91. It finally settled at 82.75 against the American currency, registering a rise of 4 paise over its previous close. On Thursday, the rupee had rebounded from its lifetime low to close 21 paise higher at 82.79. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.47 per cent to 113.41. Global oil benchmark Brent crude futures fell 0.11 per cent to USD 92.28 per barrel. On the domestic equity market front, the 30-share BSE Sensex rose 104.25 points or 0.18 per cent to end at 59,307.15, while the broader NSE Nifty advanced 12.35 points or 0.07 per cent to 17,576.30. Foreign Institutional Investors (FIIs) were net buyers in the capital m

Japan's yen weakens past 150 per dollar for first time since August 1990

The fragile yen briefly weakened past 150 per dollar in early European trading for the first time since August 1990. It was last trading flat a little below that level

Gold prices edge higher as dollar softens, rate-hike fears cap upside

The dollar index was down 0.1% against its rivals, making gold less expensive for other currency holders

Rupee can drop further to 84.50 against US dollar by year-end: Poll

The rupee slipped to a record low of 83.2150 on Thursday

Soaring dollar leaves food piled up in ports as world hunger grows

Dwindling foreign-currency reserves in many cases has reduced access to dollars, and banks are slow in releasing payments

World shares advance after last week's strong close on Wall Street

Shares climbed Monday in Europe and Asia after last week's strong close on Wall Street snapped a three-week losing streak. Many Asian markets were closed for holidays. US futures rose while oil prices turned higher. Investors are watching for US inflation figures and Chinese economic data this week. The US Labour Department will release its report on consumer prices for August on Tuesday and a report on wholesale prices on Wednesday. On Thursday, Wall Street will get an update on retail sales for August. Germany's DAX climbed 1.3% to 13,2595 while the CAC 40 in Paris gained 1% to 6,273.58. Britain's FTSE 100 was up 1.1% at 7,430.66. The future for the S&P 500 was 0.4% higher while that for the Dow industrials gained 0.3%. Coronavirus cases are still casting a shadow in China, where about 65 million Chinese were under lockdown as of last week despite just 1,248 new cases of domestic transmission, mostly asymptomatic, being reported on Sunday. All in all, the lower-for-longer grow

India, Russia's mutual adoption of MIR, RuPay aimed at de-dollarisation

Russia's disconnection from the SWIFT international payment system could result in unexpected consequences, as several countries are now considering the development of alternative instruments

TMS Ep251: SpiceJet crisis, EV boom, multiplex stocks, reserve currency

How can SpiceJet come out of crisis? Is the stage set for an EV boom in India? How 'Boycott Bollywood' has hit PVR, Inox Leisure's stocks? What is a reserve currency? All answers here

What is a reserve currency?

Supply-chain disruption, inflation and market uncertainty had forced investors to rush for 'safe haven' currency, the US dollar. It is the world's reserve currency. What exactly is reserve currency?

Dollar steady, euro wallows at two-decade low on energy, growth woes

Heatwaves in the continent have already put a strain on energy supplies and worries are growing that any disruption during winter months could be devastating for business activity

Dollar retreats as investors reach for riskier, higher-yielding currencies

NEW YORK (Reuters) - The U.S. dollar eased across the board on Thursday, ceding some of the ground gained in recent sessions as firmer risk sentiment prompted investors to reach for higher-yielding currencies.

Why dollar will remain dominant

Although the US dollar's share in global reserves has declined over the years, and attempts are being made to popularise other currencies, there has been no real threat to its dominance.

European stocks rise, dollar slips, as investors focus on Russia-Ukraine

LONDON (Reuters) - European stocks opened slightly higher on Tuesday, the dollar eased and gold was just below an 8-month high as investors remained focused on the risk of Russia invading Ukraine.