Latest news with #JapaneseYen
Daily Tribune
11 hours ago
- Business
- Daily Tribune
Bahrain gets first 32-currency Fintech card
TDT | Manama BFC Payments has launched Bahrain's first prepaid card to support 32 global currencies in a single digital wallet, redefining travel and cross-border spending for residents and tourists alike. The enhanced 'Travel Buddy' card, part of the BFC Pay platform, now includes 15 additional currencies, ranging from the Japanese Yen and Indian Rupee to the Egyptian Pound and Chinese Yuan. It is currently the only card in the Kingdom offering such a wide currency portfolio under one wallet. Consumer focus Designed for digital-savvy users, the card supports seamless transactions across continents and offers up to 7 percent cashback on domestic purchases. 'We're reimagining everyday finance, whether you're a frequent flyer, a digital shopper or living life across borders. This card offers financial control right in your pocket,' said Vineet Karumat, General Manager of BFC Payments. The upgraded card builds on BFC Pay's growing footprint in Bahrain's digital payments landscape, which includes features like stored value wallets with virtual IBANs, payroll accounts, international recharges, and real-time merchant offers. National innovation The move marks a significant step in Bahrain's fintech evolution. With financial platforms increasingly shifting toward integrated, borderless services, BFC Pay's initiative strengthens Bahrain's position as a hub for financial innovation in the Gulf. The Travel Buddy card is now available through the BFC Pay App, offering Bahrain-based users a smarter, globally connected way to spend and save.
Mint
3 days ago
- Business
- Mint
Gold's rally broke down in May. It's still doing better than stocks.
Gold futures fell 0.5% to $3,288.90 per troy ounce in May to snap a four-month winning streak, with the metal marking its biggest monthly decline in five months, according to Dow Jones Market Data. Gold is still up 25.1% this year, far outpacing the S&P 500's 0.5% 2025 gain. The price of gold's retreat has coincided with a broader stock market rally. Investors bought gold in April as worries about the U.S. spiked amid President Donald Trump's trade war, so some market participants took profits as tensions faded. It's no coincidence that gold hit a record of $3,411.40 per troy ounce on May 6 before retreating: that's right when the White House said Treasury Secretary Scott Bessent would meet with China to discuss trade. Talks between the U.S. and China took place on May 10 in Switzerland. Gold pulled back while stocks rallied the following week, as traders reacted to news the U.S. would lower tariffs on China to 30% while both sides hammered out a deal. Fundstrat's head of technical strategy Mark Newton argues that precious metals like gold look to be near the end of their recent consolidation, meaning they could push back to fresh records in the months ahead. 'Safe-Haven trades like Japanese Yen and Gold should be starting to turn back higher, and I expect that Equities can still rally despite this happening into mid-June," Newton wrote in a Friday note. 'I favor Industrials, Financials, Technology and Utilities, while Emerging markets also have appeal given the drop in the US Dollar." Of course, the next move for gold may have more to do with the Trump administration's trade talks with China. Tensions have been higher in recent days, with Bessent saying on Thursday that talks had 'stalled." Trump on Friday said China has 'totally violated its agreement with us." U.S. Trade Representative Jamieson Greer later that day told CNBC that China failed to restore exports of some rare-earth magnets used for electric motors. 'Recently, China has repeatedly raised concerns with the US regarding its abuse of export control measures in the semiconductor sector and other related practices," Liu Pengyu, a Chinese embassy spokesperson, said in a statement on Friday. 'China once again urges the US to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva." The market isn't taking the latest back and forth too seriously: Stocks barely moved on Friday. And gold? It fell 0.9%. Write to Connor Smith at
India Gazette
3 days ago
- Business
- India Gazette
India's forex reserves jump about $7 billion in week ending May 23
New Delhi [India], June 1 (ANI): India's foreign exchange reserves (forex) jumped USD 6.992 billion to USD 692.721 billion in the week ending May 23, official data released by the Reserve Bank of India showed. Estimates suggest that India's foreign exchange reserves sufficiently cover approximately 10-12 months of projected imports. With this weekly jump, the forex kitty is quite close to its all-time high of USD 704.89 billion, reached in September 2024. The latest RBI data showed that India's foreign currency assets (FCA), the largest component of foreign exchange reserves, stood at USD 586.167 billion. The gold reserves currently amount to USD 83.582 billion, according to RBI data. Central banks worldwide are increasingly accumulating safe-haven gold in their foreign exchange reserves kitty, and India is no exception. The share of gold maintained by the Reserve Bank of India (RBI) in its foreign exchange reserves has almost doubled since 2021. In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022. In 2024, the reserves rose by a little over USD 20 billion. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens. (ANI)
India Gazette
25-05-2025
- Business
- India Gazette
India's forex reserves dip about $5 billion in week ending May 16
New Delhi [India], May 25 (ANI): India's foreign exchange reserves (forex) dipped USD 4.888 billion to USD 685.729 billion in the week ending May 16, official data released by the Reserve Bank of India (RBI) showed. Estimates suggest that India's foreign exchange reserves sufficiently cover approximately 10-12 months of projected imports. Even with this weekly loss, the forex kitty is quite close to its all-time high of USD 704.89 billion, reached in September 2024. Recently, forex reserves extended gains for the eighth straight week, helping them inch closer to their previous peak after a consistent slump for about four months. The latest RBI data showed that India's foreign currency assets (FCA), the largest component of foreign exchange reserves, stood at USD 581.652 billion. The gold reserves currently amount to USD 81.217 billion, according to RBI data. It fell by a whopping USD 5.121 billion in the latest week. Central banks worldwide are increasingly accumulating safe-haven gold in their foreign exchange reserves kitty, and India is no exception. The share of gold maintained by the Reserve Bank of India (RBI) in its foreign exchange reserves has almost doubled since 2021. In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022. In 2024, the reserves rose by a little over USD 20 billion. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens. (ANI)
Hindustan Times
25-05-2025
- Business
- Hindustan Times
India's forex reserves dip about $5 billion in week ending May 16: RBI data
India's foreign exchange reserves (forex) dipped USD 4.888 billion to USD 685.729 billion in the week ending May 16, official data released by the Reserve Bank of India (RBI) showed. Estimates suggest that India's foreign exchange reserves sufficiently cover approximately 10-12 months of projected imports. Even with this weekly loss, the forex kitty is quite close to its all-time high of USD 704.89 billion, reached in September 2024. Recently, forex reserves extended gains for the eighth straight week, helping them inch closer to their previous peak after a consistent slump for about four months. The latest RBI data showed that India's foreign currency assets (FCA), the largest component of foreign exchange reserves, stood at USD 581.652 billion. The gold reserves currently amount to USD 81.217 billion, according to RBI data. It fell by a whopping USD 5.121 billion in the latest week. Central banks worldwide are increasingly accumulating safe-haven gold in their foreign exchange reserves kitty, and India is no exception. The share of gold maintained by the Reserve Bank of India (RBI) in its foreign exchange reserves has almost doubled since 2021. In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022. In 2024, the reserves rose by a little over USD 20 billion. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens.
