When the rupee falls against the US dollar, the Reserve Bank of India (RBI) ‘s first instinct is to protect the currency. The RBI took potential measures to safeguard the rupee by selling millions of US dollars in the currency markets. The central bank’s intervention helped slow the downfall but failed to lift the currency…
The US dollar index has risen to its highest since July, sitting at 105 at press time. The valuation uptick strengthening the dollar index is the result of the euphoric election win that crowned Donald Trump as the 47th US president. Trump has made rather bold statements during his electoral campaigns concerning the dollar and…
Zimbabwe has said it plans to let its rapidly depreciating gold-backed currency, Zig, float freely on the foreign exchange market. A central bank official said this would help the currency achieve price discovery without administrative interference. However, the official did not give a timeline for when the central bank intends to implement this policy. Since…
The US dollar is soaring in the currency markets and is strengthening in the charts in November. The DXY index, which measures the performance of the USD, shows that the currency has climbed above the 105 mark. The USD hit a high of 105.06 and spiked 0.006% in the indices. The Indian rupee hit a…
Este artículo también está disponible en español. According to JPMorgan analysts, a win for the Republican US presidential candidate Donald Trump could further fuel Bitcoin (BTC) price momentum. Retail Investors Turn To Bitcoin For ‘Debasement Trade’ In a recent client note, analysts at JPMorgan suggested that a Trump win might provide ‘additional upside’ for both…
Este artículo también está disponible en español. Although Bitcoin (BTC) is yet to breach its USD all-time high (ATH) value, the flagship cryptocurrency has made a new ATH against the euro (EUR) and some other fiat currencies. Bitcoin Makes Fresh ATH Against Euro Bitcoin surpassed €68,000 ($73,561) on October 29, establishing a new ATH against…
The global calls for de-dollarization have found a new footing this year. Alliances like BRICS and ASEAN have left no stone unturned to promote local currency usage and, simultaneously, echo calls for de-dollarization to push the US dollar into a corner. The currency has had a rough time lately, with ballooning US debt numbers and…
The US dollar is once again in the news, primarily because it continues to fuel speculation about whether it will be able to keep up with the current multipolar world order. As the majority of countries vow to promote their local currencies, the US dollar is now standing at a very precarious threshold. In addition…
The World Bank reports that Nigeria lost over $8 billion due to the Central Bank of Nigeria’s (CBN) refusal to float the naira between 2021 and 2023. This foreign exchange subsidy, along with the fuel subsidy, deprived the government of revenue. The World Bank acknowledges the suffering caused by the government’s policies but insists they…
The US dollar is on a precarious threshold as the multipolar currency era threatens its global positioning. With new currencies emerging rapidly, the US dollar is gaining widespread scrutiny, primarily due to constant weaponization and debt metrics that continue to erode its prestige. As the new era of currency systems emerges, the world order is…
Versan Aljarrah highlights that XRP, through its decentralized framework, could bridge different government payment systems for cross-border settlements. He also suggests that XRP and Stellar (XLM) may work together in a dual-currency system, with XRP handling institutional transactions. The potential for XRP to replace the U.S. dollar as a global reserve currency has been a…
Leading investment bank UBS remains bullish on the US dollar currency if Donald Trump wins the presidency in November. The bank wrote in its recent report that the market is contemplating a Trump victory against his viral Kamala Harris. However, opinion polls show a different perspective as Harris is beating Trump in the ballot box….
The US dollar is aptly referred to as the King Dollar. With the kingly status in line, the US dollar continues to attract a healthy balance of criticism and praise, only to emerge stronger than before. Despite Yuan’s continuous efforts to derail the US dollar, the American currency has remained unbothered and continues to draw…
Nigeria’s currency reforms under Bola Tinubu’s government have made the naira one of the most competitive in 20 years, according to World Bank chief economist Indermit Gill. The decision to float the naira and remove fuel subsidies helped prevent fiscal collapse. While the naira’s devaluation has exacerbated poverty and raised concerns about civil unrest but…
The political drama in the US is unfolding with new details each day. Both the US presidential candidates, Kamala Harris and Donald Trump, are amping up their efforts to woo the US citizens. In this quest, a spree of promises is being made to make America “great’ again, with Trump inching a mile ahead to…
The Central Bank of Nigeria (CBN) injected $543.5 million into the Nigerian foreign exchange market between September 6th and 30th to address currency volatility. The bank attributed the volatility to high demand for imports and seasonal factors. Nigeria is facing foreign exchange shortages and the government has taken various steps to counter it, including restricting…
The Chinese yuan is the rising star of the world financial market, emerging as a competent contender to the US dollar. The inflating US debt metrics and its constant weaponization have paved the way for the regional currencies to surge high on the radar, with the Chinese Yuan taking the front lead. But will it…
The US dollar has become one of the most scrutinized currencies in the world. With elements like de-dollarization and movements propagating the US dollar dumping catching pace, it’s evident how the USD has now attracted diverse inimical foes. With alliances like BRICS and ASEAN pioneering a way to ditch the US dollar by promoting local…
The Indian rupee (INR) dominates the currency markets this week, outperforming the US dollar (USD) by a wider margin. This significant change comes at a time when forex traders remained cautious before going long on the USD. Traders avoided taking entry positions in the currency markets on the heels of the Federal Reserve meeting. Also…
Donald Trump fiercely advocates for the currency revival plan in the ongoing US elections, a carefully curated idea that may rejuvenate the US dollar’s prestige. The former US president has vowed to protect the USD’s prestige by announcing a new plan to levy a 100% tariff on countries moving away from the US dollar. But…
Donald Trump is a force to be reckoned with in the current US presidential campaign. The former US president’s strong and bold opinions have overtaken the world. In particular, Trump’s stance on the US dollar has been grabbing mainstream attention lately. His latest comments on adopting a tariff strategy to bolster the US dollar may…
The Central Bank of Nigeria resumed selling US dollars to money changers to address the falling value of the naira. This decision came after the naira-to-dollar exchange rate dropped to a low of NGN1,639 per dollar, likely due to increased demand for US dollars for travel and business. The central bank has outlined rules for…
BRICS member Russia had openly called the US dollar a “toxic” currency in June this year. The country doubled down on de-dollarization efforts and President Vladimir Putin called both the US dollar and Euro “toxic currencies.” Putin slammed the US and Western allies for pressing sanctions on its economy for invading Ukraine. However, despite calling…
Russia has imported more than $29 million in the US dollar and Euro currency from Rwanda this year. The confidential customs data reported by Vyorstka shows that the currency notes entered the country despite the US pressing sanctions. The White House sanctioned Russia in February 2022 for invading and waging war against its neighboring country…
August 31, 2024 at 12:48 PM GST 2 mins read News Crypto.com launched Global Retail Services in over 90 countries, starting in the UAE. Partnership with Standard Chartered enhances Crypto.com’s global transaction capabilities. Dubai’s VARA supports Crypto.com’s secure and compliant service expansion. Crypto.com has announced a new Global Retail Services program which will simplify cryptocurrency…
Gold remained safe above the $2,500 mark on Thursday’s opening bell, surging more than 13 points in the charts. The XAU/USD index shows gold prices reaching $2,518 today, with a 0.53% surge in the indices. While gold prices are going up, the US dollar remains on a slippery slope, trading at the 100.99 mark. Also…
The U.S. dollar finally emerged from its 4-day losing streak by rising 0.39% in the charts on Wednesday’s opening bell. The world’s leading currency fell to a low of 100.4 early this week, sending fears that a dip below the 100 mark is inevitable. However, the USD picked up steam, breaking its downward trend, and…
The US dollar is treading dangerous waters, falling to its seven-month low in the indices this week. The DXY index, which tracks the performance of the US dollar, shows the currency plummeting to 100.71 in the charts. It fell from a high of 106.05 in June to 100.70 in August 2024. That’s a dip of…
The U.S. dollar has fallen to a new monthly low as local currencies climbed up the charts this week. The DXY index, which tracks the performance of the U.S. dollar, shows the currency falling to 101.5. This is the lowest the USD has fallen in the last two months after rising to a high of…