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.
RBI has ensured that $9 billion has been made available at overseas branches of some Indian banks for the country's three state-run refiners to tap, according to sources.
The chipmaker at the heart of the AI revolution may be the most influential stock in Wall Street history. Nvidia has been the primary driver of the market’s gains since the start of 2023.
ISRO’s LMV3 rocket set off the CMS-03 satellite from Sriharikota Sunday. It weighs 4,410 kg, will primarily serve Indian Navy and has a life of at least 15 years.
This world is being restructured and redrawn by one man, and what’s his power? It’s not his formidable military. It’s trade. With China, it turned on him.
COMMENTS