Latest news with #forex
Times of Oman
2 days ago
- Business
- Times of Oman
India's forex reserves jump about $7 billion in week ending May 23
New Delhi: India's foreign exchange reserves (forex) jumped $6.992 billion to $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.
Reuters
5 days ago
- Business
- Reuters
AFRICA-FX- Ghana's cedi to strengthen further next week
NAIROBI, May 29 (Reuters) - Ghana's cedi is forecasted to gain strength in the coming week, bolstered by continued remittance inflows and interventions from the central bank, while Kenya's shilling is expected to remain steady, and Nigeria's naira to stay range-bound, traders said. The cedi currency has jumped more than 40% versus the U.S. dollar this year, far outperforming its African and emerging market peers. Data from the London Stock Exchange Group (LSEG) showed the cedi trading at 10.25 to the dollar on Thursday, compared to 11.55 per dollar at last Thursday's close. "The cedi has remained on the front foot for much of the last week, however, we've observed some increased hard currency demand from offshore players in the most recent sessions as they look to take profit from GHS investments," Sedem Dornoo, a senior trader at Absa Bank Ghana, said. "We reckon we'll continue to see support around current 10 levels in the very near term, however, it's likely that the local unit will begin to rally again when this demand is cleared as the central bank continues to provide daily support to the market," he added. Kenya's shilling is expected to hold steady next week. The shilling traded at 129.00/50 per dollar, compared with last Thursday's close of 128.95/129.45. Traders forecast Nigeria's naira to maintain its trading range in the coming week, even amid demand from importers. The naira's stability is expected to be supported by the central bank's weekly dollar sales and inflows from portfolio investors. The naira was quoted around 1,587 to the dollar in intraday trading on Thursday versus last week's closing quote of 1,586 naira. The currency was changing hands around t 1,635 to the dollar in street trading on Thursday. "I see naira trading between 1,580 and 1,590, supported by the central bank's dollar sale. Though volatility remains possible, domestic policy and dollar inflows could help anchor the market," one trader said. The Ugandan shilling is expected to firm against the dollar, helped by inflows from this week's Treasury auction, traders said. At 0811 GMT commercial banks quoted the shilling at 3,627/3,637, compared to last Thursday's close of 3,645/3,655. "There was significant offshore (dollar) inflows into the bond auction which I think will give the shilling a boost," said a trader at one commercial bank. The central bank this week held a large and rare private placement treasury bond auction where a total of 2.4 trillion Ugandan shillings ($661.70 million) worth of debt was on offer.
Russia Today
5 days ago
- Business
- Russia Today
US dollar hits two-year low against ruble
The Russian ruble soared to a two-year high against the US dollar in forex trading on Thursday, supported by positive geopolitical developments and favorable conditions in global oil markets, according to analysts. The Russian currency, which has been strengthening for several months, traded below 78 rubles against the dollar on Thursday afternoon, its strongest level since mid-May 2023. Russia's announcement that it has drafted a peace memorandum and rising oil prices have contributed to the ruble's strength, Yevgeny Loktyukhov of Promsvyazbank told the business daily RBK. Russian Foreign Minister Sergey Lavrov proposed holding the next round of Ukraine peace negotiations in Istanbul on June 2. Meanwhile, US President Donald Trump reiterated that he would not impose anti-Russian sanctions, expressing hope for a resolution to the conflict. Brent crude, the global benchmark for Russia's main export, rose 1.2% to $65.68 per barrel. The improved geopolitical backdrop and favorable oil market conditions should offset the typical month-end dip in foreign currency supplies following tax payments, Loktyukhov said. Oil exporters typically convert foreign currency earnings into rubles at the end of each month in order to settle local obligations, providing support to the Russian currency. Additional support for the ruble comes from ample foreign exchange liquidity in the market and weak demand for foreign currency, according to Natalia Pyryeva, lead analyst at investment firm Tsifra Broker. Some analysts see potential for further gains, projecting the ruble could strengthen to 75 per dollar this month if geopolitical momentum persists. However, they have warned that the rally may be short-lived without tangible progress. Moscow and Washington have resumed high-level diplomatic engagement following US President Donald Trump's return to the White House. He has repeatedly called for a swift resolution to the conflict and a reset in bilateral relations. Last week, he and his Russian counterpart Vladimir Putin held a two-and-a-half-hour phone call, which both leaders described as productive. Earlier this month, Russian and Ukrainian delegations met in Istanbul for their first direct talks since Kiev unilaterally withdrew from the peace process in 2022. As a result of the talks, the two sides conducted the largest prisoner swap to date, with each country releasing 1,000 individuals.
Reuters
7 days ago
- Business
- Reuters
Rupee bogged down by month-end importer dollar bids, firmer greenback
MUMBAI, May 28 (Reuters) - The Indian rupee declined on Wednesday in the face of month-end dollar demand from importers and a broad recovery in the greenback following better-than-expected U.S. consumer confidence data. The rupee weakened to 85.6575 against the U.S. dollar as of 11:20 a.m. IST, down 0.3% on the day. Traders pointed to a heightened appetite to buy dollars at the daily reference rate published by the Reserve Bank of India, likely spurred by month-end corporate payments. The daily fix was last quoted at 0.40/0.60 paisa premium, a trader at a Mumbai-based bank said. Anticipation of portfolio dollar outflows related to an equity block deal is prompting some intra-day speculative bets, weighing on the rupee, the trader said. British American Tobacco (BATS.L), opens new tab said on Tuesday it intends to sell a 2.3% stake in Indian consumer goods company ITC ( opens new tab, worth about $1.4 billion in a block trade deal. In the near-term, the rupee is expected to hover between 84.80 and 85.80, said Amit Pabari, managing director at FX advisory firm CR Forex. The dollar index, meanwhile, rose 0.3% to 99.8, boosted by upbeat economic data, which also helped Wall Street surge overnight as investors returned from an extended weekend break. Asian equities were mostly stronger on the day but India's benchmark indexes, the BSE Sensex (.BSESN), opens new tab and Nifty 50 (.NSEI), opens new tab, were slightly in the red. The country's benchmark 10-year bond yield eased below a key level, propelled by bets of deeper interest rate cuts by the central bank and comforted by a fall in long tenor U.S. Treasury yields. "Broadly, we saw DM (developed market) curves bull flatten amidst hopes that there could be more policy support for long-end bonds. Month-end flows probably helped as well," DBS said in a note.
Globe and Mail
27-05-2025
- Business
- Globe and Mail
USDJPY Faces An Intraday Corrective Recovery: Elliott Wave Intraday Analysis
USDJPY is sharply bouncing after reaching May lows within the wedge pattern for wave »v« of an impulse, so it can be now trading in a higher degree abc correction, which can recover the price back to 145 – 146 resistance area before bears return. Basic bearish Elliott wave pattern shows that a five-wave impulsive decline indicates for more weakness after a corrective three-wave pause. For a detailed view and more analysis like this, you may want to watch below our latest recording of a live webinar streamed on May 26 2025:
