Page 44 - Us Dollar

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

Rupee recovers from its all-time low to 83.02 against US dollar on Friday

The rupee recovered from its all-time low levels and appreciated by 7 paise to 83.02 against the US dollar in early trade on Friday as the American currency retracted from its elevated levels. However, a muted trend in domestic equities, foreign fund outflows and rising crude oil prices weighed on the domestic unit, forex traders said. At the interbank foreign exchange, the domestic unit opened at 83.03, then touched a high of 83.02 against the American currency, registering a rise of 7 paise over its last close. In initial trade the rupee also touched a low of 83.09 against the American currency. On Thursday, the rupee settled for the day lower by 1 paisa at a fresh all-time low of 83.09 against the US dollar. Forex traders said rupee is likely to trade with a negative bias on risk aversion in global markets and firm US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.26 per cent to 103.30. Brent crude futures, the globa

Rupee ends at record low vs dollar as US Treasury yields hit 15-year high

External factors bear on the Indian unit as domestic fundamentals stay strong

Tightening India-US 10-year bond yield spread puts rupee under pressure

The yield on 10-year Indian government bonds is now only 295 basis points higher than that of US 10-year treasury bonds, the lowest since January 2007

Rupee rises 9 paise to 82.99 against US dollar, recovers from all-time lows

The rupee recovered from its all-time low levels and appreciated by 9 paise to 82.99 against the US dollar in early trade on Thursday as crude oil price retracted from its elevated levels. However, a muted trend in domestic equities and strength of the American currency in the overseas market dented investor sentiments, forex traders said. At the interbank foreign exchange, the domestic unit opened at 83.10, then touched a high of 82.99 against the American currency, registering a rise of 9 paise over its last close. On Monday, the rupee depreciated 26 paise to settle at an all-time low of 83.08 against the US dollar. Forex market was closed on Tuesday and Wednesday on account of Independence Day and Parsi New Year, respectively. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent to 103.55. "The dollar index rose above 103 levels following safe haven buying on the back of rising uncertainty and after hawkish FOMC meeting

RBI likely sold dollars via PSBs to keep rupee from record lows: Traders

The RBI likely sold dollars to pull the rupee back near the 83 level

Rupee slumps to 10-month low as dollar index rises; breaches 83/$ intraday

Breaches 83/$ intraday; RBI intervention cap losses

Rupee depreciates 25 paise to 83.07 against US dollar in early trade

The rupee depreciated 25 paise to 83.07 against the US dollar in early trade on Monday as a negative trend in domestic equities and firm crude oil prices weighed on investor sentiments. Forex traders said the rupee is trading lower on strong dollar and sustained foreign fund outflows over the past few days. At the interbank foreign exchange, the domestic unit opened at 83.04, then touched 83.07, registering a decline of 25 paise over its last close. On Friday, the rupee had settled 16 paise lower at 82.82 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.17 per cent to 103.01. Brent crude futures, the global oil benchmark, fell 0.89 per cent to USD 86.04 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 484.37 points or 0.74 per cent lower at 64,838.28. The broader NSE Nifty declined 151.85 points or 0.78 per cent to 19,276.45. Foreign Institutional Investors (FIIs) were

Rupee falls 8 paise to 82.74 against US dollar during early trade

The rupee depreciated by 8 paise to 82.74 against the US dollar in early trade on Friday, tracking a firm dollar against major rivals overseas. Analysts said, weak sentiment in the domestic equity market and elevated level of crude prices nearing USD 87 per barrel also weighed on the domestic unit. On Thursday, the Reserve Bank of India in its bi-monthly monetary policy review decided to keep key interest rate unchanged, but hinted at tighter policy if food prices drive inflation higher. The American currency regained after US consumer price inflation showed moderation in July, raising hopes that the US Federal Reserve would pause rate hike. At the interbank foreign exchange market, the local unit opened at 82.75 against the US dollar and moved in a narrow range of 82.73 to 82.76. It later traded at 82.74 against the greenback, registering a fall of 8 paise from its previous close. On Thursday, the rupee rebounded 19 paise to close at 82.66 against the US dollar after the RBI aske

Rupee rises by 5 paise to 82.80 against US dollar ahead of MPC announcement

The rupee appreciated by 5 paise to 82.80 against the US dollar in early trade on Thursday ahead of the Reserve Bank of India's monetary policy decision. However, weak domestic equities and elevated crude prices weighed on the local unit, said analysts. Investors were trading cautiously ahead of the Reserve Bank's rate-setting panel MPC's monetary policy decision. The MPC meeting started its three-day review meeting on Tuesday. At the interbank foreign exchange, the domestic unit opened stronger at 82.81 against the dollar and touched 82.80, registering a gain of 5 paise over its previous close. On Wednesday, the rupee appreciated 6 paise to settle at 82.85 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.02 per cent to 102.47. Global oil benchmark Brent crude was trading 0.14 per cent lower at USD 87.43 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 211.55 points

Rupee falls 5 paise to 82.72 against dollar amid negative trend in equities

The rupee depreciated 5 paise to 82.72 against the US dollar in early trade on Thursday as a negative trend in domestic equities and firm crude oil prices weighed on investor sentiments. Sustained foreign fund outflows, strength of the American currency in the overseas market further dented sentiments, forex traders said. At the interbank foreign exchange, the domestic unit opened at 82.71, then touched 82.72, registering a decline of 5 paise over its last close. On Wednesday, the rupee had settled at 82.67 against the dollar, registering a fall of 45 paise from its previous close. This was the biggest single-day fall for the rupee in nearly six months. The Indian currency had witnessed the steepest intra-day fall of 68 paise on February 6, when it had settled at 82.76 against the greenback. The rupee was trading in a negative note on risk aversion in global markets and weak Asian currencies. There was also downside pressure on the local unit due to strong dollar against major riv

Rupee slips to near one month low after US downgrade, oil firms demand

However, the Indian unit fares better than Asian peers

Rupee continues to remain stable in July, ends flat at 82.25 a dollar

For the week ended July 21, foreign exchange reserves were at $607 billion as compared to $562 billion on December 30, 2022

Rupee falls 31 paise to 82.23 against the US dollar in early trade

The rupee plunged 31 paise to 82.23 against the US dollar in early trade on Friday amid massive outflow of foreign funds and subdued equity markets. Elevated level of crude prices nearing USD 84 a barrel also weighed on the domestic unit even as the American currency gained strength on the back of better-than-expected GDP numbers from the US, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at 82.30, then touched a high of 82.19 against the American currency. It later traded at 82.23, registering a fall of 31 paise over its previous close. On Thursday, the rupee had settled at 81.92 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell marginally by 0.02 per cent to 101.76. Brent crude futures, the global oil benchmark, was trading 0.40 per cent lower at USD 83.90 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 227.44 points or 0.34 per cent

Bolivia is latest South American nation to use China's yuan for trade

Bolivia is now using the yuan to pay for imports and exports, becoming the latest country in South America to regularly use the Chinese currency in a small but growing challenge to the hegemony of the U.S. dollar for international financial transactions in the region. Between May and July of this year, Bolivia conducted financial operations amounting to 278 million Chinese yuan ($38.7 million), which accounts for 10% of its foreign trade during that period, Economy Minister Marcelo Montenegro said on Thursday. We're already using the yuan. It's a reality and a good start, Montenegro said during a news conference. Banana, zinc, and wood manufacturing exporters are conducting transactions in yuan, as well as importers of vehicles and capital goods. These electronic transactions are carried out through the state-owned Banco Unin. The amount being used in yuan is still relatively small, but it will increase over time, Montenegro said. With these transactions, Bolivia joins other countr

Rupee appreciates 10 paise to 81.91 against US dollar in early trade

The rupee gained 10 paise to 81.91 against the US dollar in early trade on Thursday tracking the weakness of the American currency in the overseas market, after the US Fed raised interest rates on expected lines. Forex traders said a positive trend in domestic equities and foreign fund inflows also aided the local unit. However, a surge in crude oil prices capped sharp gains for the local unit, they said. At the interbank foreign exchange, the domestic unit opened at 81.92, then touched a high of 81.91 against the American currency, registering a rise of 10 paise over its last close. On Wednesday, the rupee had settled at 82.01 against the dollar. "As Fed Chairman Jerome Powell said that there could be another rate hike in September, markets anticipated that Fed's rate hike cycle is coming to an end and pulled dollar down as dollar index fell to 100.74 down from 101.65 it hit earlier in the week," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury .

Rupee rises as Asian currencies appreciate, foreign inflows continue

The rupee opened at 81.71 per US dollar, tracking the rise in Asian currencies. The yuan fell to CNY 7.13, compared to 7.21 on Monday at the close of the Indian foreign exchange market

Rupee gains 14 paise to 81.67 against the US dollar in early trade

The rupee gained 14 paise to 81.67 against the US dollar in early trade on Tuesday tracking the weakness of the American currency in the overseas market. However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said. At the interbank foreign exchange, the domestic unit opened at 81.74, then touched a high of 81.67 against the American currency, registering a rise of 14 paise over its last close. On Monday, the rupee had settled at 81.81 against the dollar. "The flows have been strong enough and despite buying by RBI at various levels has kept the rupee on the stronger side despite a rise in dollar index to 101.30," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 101.25. Brent crude futures, the global oil benchmark, rose 0.18 per cent to USD 82.89 per barrel. Participants in the rupee a

Strong foreign inflows buoy rupee, government bonds reverse losses

The index measures strength in the Greenback against a basket of six major currencies