Image for representative purposes only | Photo Credit: Reuters The rupee recovered from its all-time low level and settled with a gain of 6 paise at 84.40 (provisional) against the U.S. dollar on Monday (November 18, 2024), backed by a retreating American currency. Forex traders said, the recovery in the local unit was capped by … Read more
Cornerstone Insurance recorded nearly thrice as much as the net profit it reported in the first half of 2023 in the same period of this year as the bottom line derived a substantial boost from foreign exchange, its newly issued financial report shows. Shares in the company advanced significantly in early trading on the Nigerian … Read more
India’s foreign currency assets — a major component of the reserves — decreased by $1.51 billion to $567.499 billion. Gold reserves fall $482 million to $56.713 billion during the week ended May 24, special drawing rights were down by $33 million to $18.135 billion After rising for three consecutive weeks, India’s forex reserves fell $2.027 … Read more
Justice Emeka Nwite of the Federal High Court Abuja, on Wednesday, 24 April 2024 granted the Economic and Financial Crimes Commission (EFCC) an interim order to freeze one thousand one hundred and for six (1,146) bank accounts belonging to individuals and companies being investigated for alleged offences bordering unauthorised dealing in forex exchange, money laundering … Read more
Mumbai: The rupee appreciated 6 paise to 83.30 against the US dollar in early trade on Tuesday, supported by a firm trend in domestic equities. At the interbank foreign exchange market, the local unit opened at 83.37 against the greenback. It later touched 83.30 in initial trade, registering a rise of 6 paise from its … Read more
PETALING JAYA: The Federation of Malaysian Manufacturers (FMM) has come out in support of Bank Negara’s call to support its initiatives to manage the short term pressure on the ringgit. “This includes cooperation from corporate bodies and investors to ensure more inflows into the foreign exchange markets. “FMM has urged members to heed the call … Read more
President Bola Tinubu has urged Nigerians to patronise goods made in Nigeria to strengthen the local currency and boost the Nigerian economy. The president made this known in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, in Abuja on Friday. Mr Ngelale noted that the president also assured Nigerians that his … Read more
India’s forex reserves had reached an all-time high of $645 billion in October 2021. Gold reserves increase $472 million to $47.848 088 billion during the week ended February 23; special drawing rights are up by $89 million to $18.197 billion India’s forex reserves jumped $2.975 billion to $619.072 billion for the week ended February 23, … Read more
The Central Bank of Nigeria has undertaken a significant move to eliminate outstanding foreign exchange liabilities by disbursing approximately $2 billion across pivotal sectors. The key sectors include manufacturing, aviation, and petroleum, a statement said Wednesday. This intervention encompasses the complete clearance of liabilities for 14 banks and the initiation of settlements with foreign airlines. … Read more
