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Lira Declines After Government Measure

Trading Support and Resistance

We expect the price to decline from the current levels before rising again. Today’s recommendation on the lira against the dollar Risk 0.50%. The buy trade of the recommendation was activated yesterday, and half of the contracts were closed with the price moving towards the target Best selling entry points Entering a short position with … Read more

FOREX-Euro trims declines against U.S. dollar after Spanish inflation surge

FOREX-Dollar eases as traders scale back bets on Fed tightening

The euro steadied on Wednesday after falling to a six-day low, reacting to the release of conflicting inflation data in Germany and Spain that created a difficult backdrop for European Central Bank policymaking. The European common single currency decline in early London trading after data showed June prices in the German state of North Rhine–Westphalia … Read more

RBI may need to tweak its forex strategy, allow rupee to weaken: Experts

As per the experts, to control the weakening of the rupee, RBI has sold dollars in the spot market and simultaneously bought and sold in the forwards market. (Aniruddha Chowdhury/Mint)

Since the past few days, the rupee has hit a series of record lows and is currently around 79 against the US dollar as concerns over economic growth amidst multi-year high inflation, interest rate hikes, persistent foreign funds outflow, high crude oil prices, and volatile domestic equities weigh on sentiments.  The weakening of rupee has … Read more

RBI may need to tweak forex strategy, let rupee weaken, say analysts

Photo: Bloomberg

By Swati Bhat MUMBAI (Reuters) – India’s central bank may need to change the way it seeks to slow the rupee’s decline, analysts and traders say, with its current method of intervention in the forwards market now only accelerating the currency’s fall. The rupee has hit … Read more

Businesses Demand Payment In Forex Only

Businesses Demand Payment In Forex Only

The entrenchment of the multi-currency system in law as announced by the Finance and Economic Development Minister, Prof. Mthuli Ncube this week could have signaled the final leap into full-scale dollarization of the local economy. Previously the pricing in foreign currency was anchored on a Statutory Instrument 85 passed in 2020 which allowed foreign currency … Read more

Companies Sack 40% Staff – MAN

Monetary Policy Alone Cannot Solve Forex Challenges – Emefiele

Members of the Manufacturers Association of Nigeria (MAN) have been forced to reduce their workforce by 40 per cent due to high operational cost. South-West Chairman, Mr Lanre Popoola, told the  News Agency of Nigeria yesterday in Ibadan. Popoola said that the outrageous cost of production have very great consequences on the operations and workforce. … Read more

Early Dive Lower as Speculative Forces Challenged

Ripple Forecast: June 2022

SHIB/USD apparently attracted a healthy amount of speculative fuel the past ten days and reached a solid short term high on the 26th of June. SHIB/USD hit a high of approximately 0.00001209 on the 26th of June as speculative buying drove the cryptocurrency upwards. On the 18th of June SHIB/USD was near a depth of 0.00000715. The ability … Read more

Fuel Scarcity, Hike In Diesel Price Due To Moribund Refineries – Kyari

Fuel Scarcity, Hike In Diesel Price Due To Moribund Refineries - Kyari

GMD NNPC, Mele Kyari   Group Managing Director of Nigerian National Petroleum Company Limited (NNPC) Mr Mele Kyari, has attributed the current fuel scarcity and hike in the price of diesel to the non functional nation’s refineries. He also said over 200 illegal facilities were operating in the country to matters worse. Appearing before the … Read more