Latest news with #foreignBanks
The National
28-05-2025
- Business
- The National
UAE Central Bank fines two foreign bank branches Dh18.1m for breaching anti-money laundering rules
The UAE Central Bank has fined two branches of foreign banks operating in the country a cumulative fine of Dh18.1 million ($4.9 million) for breaching anti-money laundering regulations, as the fight against illegal financial activity continues. The regulator imposed a fine of Dh10.6 million on the first bank and Dh7.5 million on the second bank, it said in a statement on Wednesday, without naming the lenders. Penalties were slapped on the branches of foreign lenders for 'violations and failures' to comply with the anti-money laundering, combating the financing of terrorism and illegal organisations framework, and related regulations, the CBUAE statement added. The fines were imposed based on the findings of examinations the banking regulator has conducted, it said. 'The UAE Central Bank, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff abide by the UAE laws, regulations and standards established by it to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system,' the regulator said in the statement. An exchange house was fined Dh200 million by the UAE Central Bank last week for breaching anti-money laundering regulations. A financial sanction of Dh500,000 was also imposed on a branch manager, who has also been prohibited from holding any position within any licensed financial institutions in the UAE, the regulator said. The Emirates has made significant strides in the fight against financial crime in recent years. Effective policies on money laundering and combating the financing of terrorism are key to the integrity and stability of the international financial system and the economies of nations, according to the International Monetary Fund. Last year, the UAE announced a nationwide action plan aimed at boosting its fight against illicit financial activity by introducing the 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing. The strategy has 11 goals outlining the 'legislative and regulatory reforms the UAE is taking to prevent the impact of illegal activities on society', and was developed by the General Secretariat of the National Committee using World Bank Group methodology to ensure it meets international standards. In August last year, the government amended its laws on anti-money laundering, and the financing of terrorism and illegal organisations. A National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations was formed as a result. In 2021, the government founded an Executive Office for Anti-Money Laundering and Counter-Terrorism Financing after passing an anti-money laundering and terrorism financing law in 2018.
Reuters
27-05-2025
- Business
- Reuters
Rupee slips on month-end importer dollar bids, weak equities
MUMBAI, May 27 (Reuters) - The Indian rupee weakened modestly on Tuesday, weighed down by month-end dollar demand from local companies and foreign banks, likely on behalf of custodial clients, while a fall in equities also dented sentiment. The rupee was down 0.2% at 85.27 as of 10:30 a.m. IST. India's benchmark equity indexes fell about 0.6% in early trading, tracking losses in Asian stocks with MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab slightly in the red. Importers have been covering dollar liabilities regularly as there is some concern that a modest reversal in the dollar's trajectory could push the rupee towards 86, a trader at a Mumbai-based bank said. The dollar-rupee daily fix, meanwhile, was quoting at a slight discount, the trader said, signalling heightened appetite to sell dollars at the daily reference rate published by the country's central bank. Asian currencies were mixed with the offshore Chinese yuan down 0.1% at 7.1839 while the Korean won rose 0.2%. The dollar index was a tad higher at 99.1. Persistent weakness in the dollar - to the tune of about 9% against major peers over 2025 so far - has been a tailwind for emerging market currencies across the board. Worries over U.S. trade policies and fiscal health have dented investor appetite for U.S. assets with analysts pointing out a broad pickup in hedging against dollar weakness. While the rupee has underperformed its regional peers over May, traders reckon that the currency should hold a slight upward bias in the near term. "We see USD/INR trading in the 84-86 range in the near term as markets await the India-U.S. trade deal," Kotak Mahindra Bank said in a note.
Yahoo
19-05-2025
- Business
- Yahoo
Rupee seen little changed; traders eye flows, US-India trade talk updates, yuan
By Nimesh Vora MUMBAI (Reuters) -The Indian rupee may open little changed on Monday, with traders watching flows, updates on the U.S.-India trade talks, and the Chinese yuan's trajectory following last week's turbulence. The 1-month non-deliverable forward indicated that the rupee will open barely changed from 85.5050 against the U.S. dollar on Friday. The rupee moved in a broad range of 84.62 to 85.72 last week, before posting a weekly decline despite the truce between India and Pakistan. Bankers attributed the weakness to persistent dollar demand stemming from near-term payment requirements and a one-off outflow facilitated by foreign and state-owned banks. The rupee's near-term outlook is clouded after last week's broad two-way price action, said a currency trader at a private bank. "The 85.80-86.00 level will prove to be a formidable resistance (for dollar/rupee pair) and I am inclined to sell there more than buying on weakness." Besides flows, interbank traders will track headlines on the U.S.-India trade agreement. The lingering uncertainty on that front has weighed on the rupee's performance, MUFG Bank said last week. Meanwhile, the offshore Chinese yuan was marginally weaker, having inched up last week. The U.S. and China agreed to a deal last week to slash reciprocal tariffs, boosting the yuan and lifting risk appetite. The dollar advanced against its major peers last week. It was little changed on Monday. Moody's downgrade of the U.S. credit rating - the last of the major ratings agencies to slash the rating - did not have much of an impact on the dollar or U.S. Treasury yields. The rating agency cited rising debt and interest for the rating change. The U.S. fiscal challenges is a surprise to no one, ANZ Bank said in a note. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.66; onshore one-month forward premium at 15.5 paise ** Dollar index little changed at 100.83 ** Brent crude futures down 0.1% at $65.3 per barrel ** Ten-year U.S. note yield at 4.49% ** As per NSDL data, foreign investors bought a net $671.4 mln worth of Indian shares on May 15 ** NSDL data shows foreign investors sold a net $86 mln worth of Indian bonds on May 15 Sign in to access your portfolio
Yahoo
19-05-2025
- Business
- Yahoo
Rupee to track trade deal cues; bond yields seen rangebound
By Jaspreet Kalra and Khushi Malhotra MUMBAI (Reuters) -The Indian rupee is likely be rangebound this week as markets watch for updates on U.S.-India trade talks, while bond traders await a possible announcement on the central bank's surplus transfer to the government. The rupee closed at 85.5050 on Friday, down 0.1% week-on-week as steady dollar demand from local firms and foreign banks offset gains in most Asian peers. Traders expect the rupee to be guided by news of ongoing trade negotiations, which could also influence foreign portfolio flows into Indian equities. Foreign investors have net bought a little over $2 billion of Indian stocks so far but have been net sellers of domestic bonds. Importer hedging activity picked up last week and if that persists, the rupee could remain below the 85.50 level, a salesperson at a large foreign bank said. While technical indicators are skewed in the local currency's favor, the trend may change if the rupee weakens below the 86 mark, said Dilip Parmar, a foreign exchange research analyst at HDFC Securities. The data release calendar is relatively light this week which will keep the focus on U.S. trade negotiations with multiple countries. Remarks from Federal Reserve policymakers will also be in focus to gauge the future of U.S. policy rates. Meanwhile, Indian bond yields are expected to lumber sideways with traders already positioned for a dovish central bank outlook. The yield on the 6.79% government bond maturing in 2034 IN067934G=CC dropped around 11 basis points this week, closing at 6.2682%, hovering near levels last seen in October 2021. The yield on the new 10-year benchmark 6.33% bond maturing in 2035 was at 6.2233%, versus its previous close of 6.2302%. "Bond yields should remain range-bound going ahead, with old 10-year finding support around 6.25% and new 10-year between 6.20% - 6.30% as traders have positioned themselves ahead of a rate cut," Debendra Kumar Dash, senior vice president of treasury at AU Small Finance Bank. Investors will also watch out for the Reserve Bank of India's meeting on the surplus transfer for the year, which some traders said is likely to happen next week A large surplus transfer to the government may impact further bond purchases by the central bank, so we will watch for further cues on the central bank's debt purchase plan, Dash said. The Reserve Bank of India is scheduled to purchase 250 billion rupees of bonds on Monday, it's last such purchase scheduled for May. There will some GST outflows likely next week, so traders will closely eye liquidity levels, a trader with a state-run bank said. KEY EVENTS: ** HSBC India Manufacturing Flash PMI - May 22, Thursday (10:30 a.m. IST) ** HSBC India Services Flash PMI - May 22, Thursday (10:30 a.m. IST) ** U.S. initial jobless claims - May 22, Thursday (6:00 p.m. IST) ** U.S. April existing home sales - May 22, Thrusday (7:30 p.m. IST) ** U.S. April new home sales - May 23, Friday (7:30 p.m. IST)
Yahoo
19-05-2025
- Business
- Yahoo
Rupee seen little changed; traders eye flows, US-India trade talk updates, yuan
By Nimesh Vora MUMBAI (Reuters) -The Indian rupee may open little changed on Monday, with traders watching flows, updates on the U.S.-India trade talks, and the Chinese yuan's trajectory following last week's turbulence. The 1-month non-deliverable forward indicated that the rupee will open barely changed from 85.5050 against the U.S. dollar on Friday. The rupee moved in a broad range of 84.62 to 85.72 last week, before posting a weekly decline despite the truce between India and Pakistan. Bankers attributed the weakness to persistent dollar demand stemming from near-term payment requirements and a one-off outflow facilitated by foreign and state-owned banks. The rupee's near-term outlook is clouded after last week's broad two-way price action, said a currency trader at a private bank. "The 85.80-86.00 level will prove to be a formidable resistance (for dollar/rupee pair) and I am inclined to sell there more than buying on weakness." Besides flows, interbank traders will track headlines on the U.S.-India trade agreement. The lingering uncertainty on that front has weighed on the rupee's performance, MUFG Bank said last week. Meanwhile, the offshore Chinese yuan was marginally weaker, having inched up last week. The U.S. and China agreed to a deal last week to slash reciprocal tariffs, boosting the yuan and lifting risk appetite. The dollar advanced against its major peers last week. It was little changed on Monday. Moody's downgrade of the U.S. credit rating - the last of the major ratings agencies to slash the rating - did not have much of an impact on the dollar or U.S. Treasury yields. The rating agency cited rising debt and interest for the rating change. The U.S. fiscal challenges is a surprise to no one, ANZ Bank said in a note. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.66; onshore one-month forward premium at 15.5 paise ** Dollar index little changed at 100.83 ** Brent crude futures down 0.1% at $65.3 per barrel ** Ten-year U.S. note yield at 4.49% ** As per NSDL data, foreign investors bought a net $671.4 mln worth of Indian shares on May 15 ** NSDL data shows foreign investors sold a net $86 mln worth of Indian bonds on May 15 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
