Page 102 - Forex News Today

Experts feel RBI intervention is keeping the rupee low, which also helps exports. The only way to control the fall was to keep increasing the already high interest rates. According to them, several factors such as trade deficit, nature of forex reserves and interest rate differential with the US are behind the currency dynamics.

As China's property giant, Evergrande Group, grapples with a colossal debt restructuring, the global economy watches closely.

Flexible exchange rate only suitable for countries that have large forex reserves

KUALA LUMPUR: The ringgit ended lower against the US dollar today in tandem with regional currencies on lingering concerns over weaker global economic activities, said an analyst.

Asian equities rallied on Monday as China announced new measures to support its ailing markets, while currencies were struggling for direction, with the Thai baht leading declines after local data pointed to an economic growth slowdown.

KUALA LUMPUR: The central banks of Malaysia, Indonesia and Thailand have entered into three bilateral memoranda of understanding (MoU), which provide the framework for cooperation to promote bilateral transactions in local currencies between the countries.

KUALA LUMPUR: The ringgit opened higher against major currencies, except the US dollar this morning, said an analyst.

Indias forex reserves dipped by $7.28 billion to $594.90 billion as of August 18, 2023, according to data from the Reserve Bank of India (RBI). Indias reserve position in the IMF also declined by $51 million to $50.72 billion. The decline in reserves is due to the central bank using them to defend the rupee amid global pressures.

KUALA LUMPUR: The ringgit ended higher against the US dollar today, as risk appetite in the market was weighed down by cautious sentiment.

The international drive to end the dollar's dominance has suffered a blow, with the greenback's role in global payments hitting a record high.