There has been a resurgence in forex business after a slump due to the COVID pandemic. By end of this quarter or before the end of next quarter, the forex business is expected to be back to the pre-COVID levels, says Thomas Cook (India). Deepesh Varma, Senior Vice President – […]
Business Forex
Pakistan has a ‘strategy’ to boost shrinking forex reserves: FM | Business and Economy News
Karachi, Pakistan – Despite its fast-shrinking foreign exchange reserves which will inhibit imports of essential fuel, cooking oil and pulses, Pakistan says it will not be in dire straits like neighbouring Sri Lanka and that it has a “strategy” to boost its reserves. “No chance of default, none,” said Pakistan’s […]
OFX Completes C$90m Acquisition of Canadian Corporate Foreign Exchange Business Firma Foreign Exchange Corporation (Firma)
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SYDNEY–(BUSINESS WIRE)–OFX Group Limited (OFX) today announced it has completed its acquisition of Firma Foreign Exchange Corporation (Firma) for a total consideration of C$90m (A$98m). The transaction expands OFX’s capability and presence as a global foreign exchange and payments provider. OFX Chief Executive Officer and Managing Director, Skander Malcolm said: […]
India accuses Chinese phone maker Xiaomi of forex violations | Business and Economy News
India’s anti-money laundering agency took control of the bank accounts of Xiaomi Technology India, it said. India accused Xiaomi Corp. of breaching the country’s foreign-exchange laws and seized 55.51 billion rupees ($726 million) from a local unit of the smartphone maker, in India’s latest clash with a Chinese company over […]
FOREX-Euro falls below $1.06 for first time in five years
The euro fell below $1.06 for the first time in five years against a broadly strong U.S. dollar on Wednesday amid rising concerns around energy safety and growth slowdown in China and Europe. The euro slipped to a five-year low of $1.05860 after Russia’s Gazprom said it would cut […]
Forex policy must go beyond exchange rate
Quiz question: Which was the last Indian crisis that led to sharp rupee weakness? Answer: The balance of payments crisis, back in 1991. After the crisis, which led to the devaluation of the rupee, there has been no crisis originating in India that has impacted the country’s external sector to […]
Dollar hits 20-yr high as yen tumbles on dovish Bank of Japan
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NEW YORK, April 28 (Reuters) – The dollar hit a 20-year high against rivals on Thursday as the Bank of Japan doubled down on its dovish policy, sending the yen to its weakest level since 2002, while the euro hit a five-year low on growth concerns for the region. The […]
Nepal bans import of luxurious items to save declining forex reserves
Nepal has formally banned the import of cars and other luxurious goods, including whisky and tobacco and have introduced two public holidays, citing a liquidity crunch and declining foreign exchange reserves, despite government assurances that the economy will not go into a tailspin like Sri Lanka. […]
FOREX-Dollar edges up but cautious as finance ministers meet
The dollar edged up on Thursday, supported by expectations for aggressive Federal Reserve monetary tightening, but it was well off the previous day’s peaks amid nervousness about what G7 might say about its rapid appreciation. The greenback firmed 0.34% to 128.305 yen, after soaring to a two-decade high of […]
ED raids JSPL offices over suspected violation of forex regulations: Report
India’s federal financial crime fighting agency raided offices of Jindal Steel & Power Ltd (JSPL) in New Delhi on Thursday over suspected violation of foreign exchange regulations, a source familiar with the matter said. The federal Enforcement Directorate (ED) also conducted searches in Gurgaon, a […]