The Pakistani rupee weakened by 1.2% on Wednesday after foreign exchange companies removed a cap on the currency, saying it caused “artificial” distortions for an economy in desperate need of International Monetary Fund help. The move towards a market-based exchange rate should please the IMF, as that is one of the conditions that the multilateral […]
Venezuela’s down-at-the-heel bolivar currency fell to 20 per dollar, according to official data for Wednesday, complicating attempts by the government of President Nicolas Maduro to control inflation. The bolivar has depreciated 14% this month, said analysts, who have estimated that the economy could return to hyperinflation this year amid incipient economic growth. Consumer prices were […]
Foreign investors transferred more than $925 million dollars into the Egyptian foreign exchange market in the three days since its currency sharply depreciated last week, Egypt’s central bank said in a statement on Monday. The Egyptian pound weakened to about 32 to the dollar from 27.60 at the open on Wednesday before rebounding to 29.61 […]
The rouble opened weaker on Wednesday amid lower oil prices and thin trading volumes during public holidays in Russia. At 0714 GMT, the rouble was 0.6% weaker against the dollar at 71.54 and had lost 1.1% to trade at 75.64 versus the euro. It had shed 0.6% against the yuan to 10.17. Brent crude oil, […]
A look at the day ahead in U.S. and global markets from Dhara Ranasinghe, Editor, Financial Markets EMEA, Thomson Reuters (NYSE:TRI). The holidays are over and it’s back to work, so markets are no exception. And the yen, for starters, is intent on leaving a dismal 2022 behind. It was the worst-performing major currency versus the dollar […]
Mexico’s peso, which is ending 2022 with one of its strongest performances in a decade, could have its gains wiped out in 2023 after an expected end to the Bank of Mexico’s rate hikes cycle and a possible recession in top trade partner the United States. The peso last month clawed its way back to […]
