Gold’s ability to hold value in times of political and economic uncertainty makes it a favoured asset in central bank reserves. It is considered a long-term hedge against inflation.
Several countries are calling for trade to be carried out in currencies besides the US dollar. But a survey of central bank currency managers shows the shift will be a slow affair.
Central banks have been turning away from dollar, shifting to gold. Stalemate on debt ceiling in US could push countries like Japan, China to use their own currencies for foreign trade.
The rupee was down 0.5% to the dollar and has been an underperformer among Asian peers. The offshore Chinese yuan was up 0.9%, leading Asian currencies higher.
This comes as the greenback was supported by Treasury yields trading at multi-year highs, keeping markets on high alert for any signs of an intervention from Japanese authorities.
These reserves have declined to $110 billion from a peak of $642 billion in September last year, largely due to the fall in the value of holdings in dollars & other currencies.
Mumbai: The Indian rupee could drop to 84-85 to the dollar by March due to rising crude oil prices, high trade deficit and depleting foreign exchange reserves,...
The rupee went from less than 82.60 to above 82.40 in the space of less than ten minutes Monday. It hit a record low of 82.6825, before easing to last trade at 82.38.
Through film, textile, scent, sound, and gesture, spectators are invited to descend into an immersive environment where inherited knowledge seeps through material and form.
November exports to the US saw 10% growth from the previous month. Overall, in the first 8 months this fiscal, the merchandise exports to the US touched has touched $59bn.
Of the total package, $649 million will be utilised for additional hardware, software, and support services, and the remaining for Major Defence Equipment (MDE).
Don’t blame misfortune. This is colossal incompetence and insensitivity. So bad, heads would have rolled even in the old PSU-era Indian Airlines and Air India.
COMMENTS