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USD/IDR gains ground after two days of losses, trading around 18,120 during the Asian hours on Friday. The pair appreciates as the Indonesian Rupiah (IDR) struggles following the release of disappointing Purchasing Managers’ Index (PMI) data from China, Indonesia’s largest trading partner.China’s NBS Manufacturing PMI fell into contraction territory at 49.2 in July, down from 50.3 prior and below market estimates of 50.0. Similarly, the Non-Manufacturing PMI dipped to 49.0 against expectations of a 50.0 reading.The US Dollar (USD) gains support against the Indonesian Rupiah as traders adopt caution on prevailing hawkish sentiment surrounding the Federal Reserve (Fed) policy outlook.FOMC…
The rupee maintained its upward trajectory, rising 20 paise to 95.30 against the US dollar in early trade on Friday, tracking foreign capital inflows and a decline in global crude oil prices.However, a stronger greenback capped sharper gains in the local unit, forex traders said.At the interbank foreign exchange, the rupee opened at 95.40 before rising further to 95.30, up 20 paise from its previous close.Rising for the fifth straight session, the rupee surged 26 paise to close at 95.50 against the US dollar on Thursday.”The rupee is likely to continue to move back & forth in today’s session, gain…
In Money Beyond Borders, economist Barry Eichengreen traces the history of international currencies—from Ancient Greece’s silver coins to the British pound and the modern US dollar—to explain why reserve currencies enjoy long lifespans. | Photo Credit: NGUYEN HUY KHAM On some measures, China has already overtaken the United States as the world’s largest economy. But the US dollar retains a dominant role in the international financial system and trade.How long will this continue? Looking to history, Barry Eichengreen’s new book Money Beyond Borders seeks to answer this question.Eichengreen is a respected professor of economics and political science at the University…
Atsushi Mimura, Japan’s Vice Finance Minister for International Affairs and top foreign exchange official, said on Friday that he is in close contact with relevant authorities on foreign exchange, adding that the officials are always prepared to take suitable measures. However, Mimura declined to comment on currency intervention.Key quotes Declines to comment on currency intervention. In close contact with relevant authorities on forex. No comment on future plans. Always prepared to take suitable measures. In talks beyond US. Hearing various concerns over recent yen weakness. In close contact with U.S. authorities. Market reactionAt the time of writing, the USD/JPY pair is trading around 160.35, up 0.51% on the day. Japanese…
The rebound in United States equities on Thursday is real, and it is one name deep. The NASDAQ 100 (NDX) trades near 27,950 after a gain of almost 3%, having printed its lowest level in two months in the 27,200 area inside the opening minutes. The Dow Jones Industrial Average (DJIA), which holds five of the same mega-cap constituents, is up around 200 points near 51,800. The two indices are not describing the same market.A rebound with one authorMicrosoft (MSFT) is up 15% on cloud growth and the semiconductor complex is rallying with it, the benchmark chip fund higher by…
Chennai-based forex service provider Prithvi Exchange (India) has announced the inauguration of two new branches in the Mumbai Metropolitan Region (MMR) at Thane and Ghatkopar. The expansion takes the company’s nationwide network to 38 branches. “Mumbai continues to be one of India’s most significant foreign exchange markets, driven by strong outbound travel, overseas education, business travel and cross-border remittance requirements. Expanding our presence here allows us to be closer to our customers while strengthening our footprint in one of the country’s most dynamic metropolitan regions. This expansion is part of our long-term strategy to strengthen our presence in high-growth markets, while delivering secure, compliant and seamless forex solutions,” Pavan Kavad, Managing Director, Prithvi Exchange…
EUR/GBP trades almost flat on Thursday, hovering close to its highest level in nearly a month as the British Pound (GBP) modestly outperforms the Euro (EUR) following the Bank of England’s (BoE) monetary policy decision. At the time of writing, the pair trades around 0.8570, pausing a three-day winning streak.In its monetary policy statement, the central bank noted, “The impact of the energy shock on the UK economy remains uncertain. Monetary policy cannot influence energy prices but is being set to ensure that the economic adjustment to them occurs in a way that achieves the 2% inflation target sustainably.”The BoE…
Rupee closed nearly flat on Thursday as pressure from sustained volatility in oil prices and corporate dollar demand was blunted by likely central bank intervention that helped the currency hold clear of the psychologically key 96 level.The rupee closed at 95.68 per U.S. dollar, little changed from 95.6475 in the previous session.Brent crude oil futures swung between gains and losses in a $93-$89 range on Thursday as renewed attacks between the United States and Iran spurred fresh concerns about oil flows through key shipping routes.State-run banks, meanwhile, were spotted selling dollars near the day’s low for the rupee around 95.75.…
The Indian rupee closed nearly flat on Thursday as pressure from sustained volatility in oil prices and corporate dollar demand was blunted by likely central bank intervention that helped the currency hold clear of the psychologically key 96 level.The rupee closed at 95.68 per U.S. dollar, little changed from 95.6475 in the previous session.Brent crude oil futures swung between gains and losses in a $93-$89 range on Thursday as renewed attacks between the United States and Iran spurred fresh concerns about oil flows through key shipping routes.State-run banks, meanwhile, were spotted selling dollars near the day’s low for the rupee…
India’s central bank sold about $7 billion to defend the rupee last Friday, in what was one of its largest direct interventions in months, according to people familiar with the matter.The Reserve Bank of India intervened across both onshore and offshore markets as the currency approached the record low, said the people, who asked not to be identified discussing private information. The RBI did not immediately respond to calls and an email seeking confirmation of the dollar sales. BloombergLive EventsThe surge in crude prices earlier this month had hit Asia’s oil importers hard, prompting authorities in the Philippines to also…