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India’s forex reserves up by $30.3 bln in FY22: RBI

India’s foreign exchange reserves in nominal terms (including valuation effects) rose by $30.3 billion in 2021-22 fiscal against $99.2 billion expansion in FY2020-21, the Reserve Bank of India (RBI) data showed on Wednesday, 22 June 2022. On a balance of payments basis, excluding valuation effects, foreign exchange reserves increased by $47.5 billion … Read more

Can Bitcoin survive its first global economic crisis?

Can Bitcoin survive its first global economic crisis?

Bitcoin (BTC) was a response to the 2008 global recession. It introduced a new way to transact without depending on trust of third-parties, such as banks, particularly failing banks that were nevertheless bailed out by government at the expense of the public.  “The central bank must be trusted not to debase the currency, but the … Read more

Zimbabwe: ‘Govt Working On Stabilising Economy’

Nigeria: Oil Industry Players Seek Special Forex Window for Modular Refineries Operators

THE Government will continue to create a stable operating environment for business to curtail price increases that have the negative effect of eroding the purchasing power of incomes while putting pressure on inflation, a senior official said. Retailers, on their part, said it was critical that all sector players remain responsible and desist from speculative … Read more

FOREX-Euro struggles around $1.05 on gloomy PMIs

Zero-COVID, big money: China's anti-virus spending boosts medical, tech, construction - Yahoo Finance

By Saikat Chatterjee LONDON, June 23 (Reuters) – The euro weakened broadly on Thursday as disappointing German and French PMI data confirmed the euro zone economy is struggling to gain traction, prompting traders to trim bets on big interest rate hikes from the European Central Bank. High prices in the euro zone meant demand for … Read more

Weak PMI readings for Europe add to recession concerns

Weak PMI readings for Europe add to recession concerns

Notes/Observations – Central banks continued to hike to address inflation (Philippines, Norway in session). Moves recirculate recession concerns and raise second thoughts over rate path trajectories. – Collection of interest rate decisions this morning with both Norway and Philippines hiking 50bps and 25bps respectively, citing inflation as the fundamental target. Indonesia Central Bank left rates … Read more

Bulls May Resume as Kuroda Remains Too Dovish

USD/JPY analysis

Japanese government officials are criticizing the BOJ over the yen’s weakness. The yen’s weakness is inflating import costs for raw materials. The bulls are showing weakness in the charts. The USD/JPY forecast is edging lower on Thursday. The yen is gaining on the dollar as Japan’s government officials criticize the Bank of Japan for a … Read more

India rupee: Fall in onshore forward premiums could push India rupee even lower

India rupee: Fall in onshore forward premiums could push India rupee even lower

A shortage of cash dollars and forward market intervention by the Reserve Bank of India which has pushed onshore 1-year forward premiums to their lowest levels in more than a decade could pressure the rupee to new lows, traders and analysts said. The one-year annualised forward premium stood at 2.91% at 0830 GMT, compared to … Read more