© Reuters. Bangladesh is grappling with a widening gap between the official and open market exchange rates for the US dollar, as local banks are mandated to follow the central bank’s prescribed rate amidst a severe currency shortage. Despite efforts to stabilize the currency, the open market rate for the dollar has soared, revealing a
© Reuters The euro is making strides towards the 1.0700 mark against a slightly weaker US dollar today, maintaining its momentum despite no significant shifts in market news or sentiment. The currency’s resilience comes as markets maintain a neutral risk sentiment, carrying over from last week’s risk-on movement. Investors and traders are gearing up for
© Reuters Bangladesh’s central bank has reaffirmed its stance on maintaining a fixed exchange rate for the US dollar, as part of its ongoing efforts to stabilize the local currency and manage the dollar crisis that has intensified since the start of the financial year 2022-2023. Today, Bangladesh Bank (BB) engaged with representatives from leading
© Reuters. The US dollar held its ground today, as investors digested Federal Reserve Chair Jerome Powell’s recent comments on the ongoing rate hikes and their impact on the economy. This stability comes against the backdrop of Moody’s (NYSE:) decision to downgrade the US sovereign credit rating, citing political and governance concerns. The market is
© Reuters. The British pound gained ground against the US dollar on Friday, buoyed by stronger-than-anticipated UK Gross Domestic Product (GDP) figures and a softer dollar. The pair maintained its upward trajectory for the second day in a row, trading around 1.2230. The UK’s GDP for the third quarter remained steady, defying market expectations of
© Reuters. The Euro has ascended to a six-month peak against the Pound Sterling, capping off a week with consistent gains as the pair approached 0.8750. This rise comes despite mixed economic data from both the European Union and the United Kingdom, where the UK’s figures have notably underperformed even when exceeding forecasts. At the
© Reuters. The US dollar crisis in Bangladesh has intensified as the open market rate soared to Tk128 per dollar Today, a sharp increase from the rate earlier in the week. Despite the Bangladesh Bank’s (BB) stringent directives and warnings of harsh penalties for non-compliance, banks and money changers continue to bypass BB’s fixed exchange
© Reuters. Today, as the North American trading session commenced, the New Zealand Dollar (NZD) demonstrated strength while the British Pound (GBP) lagged. The U.S. Dollar (USD) exhibited mixed performance against various currencies, with rebounding due to the impact of the Federal Open Market Committee (FOMC) decision. China’s economic situation continues to be challenging, with
The People’s Bank of China (PBOC) has reaffirmed its commitment to prudently internationalize the yuan and liberalize the financial market, as stated on Thursday. The central bank is set to increase the use of the yuan in global transactions, a move that supports global investors’ asset allocation and encourages more overseas central banks to issue
© Reuters. The Japanese yen’s depreciation accelerated today, edging closer to its highest level in 33 years, amid signals from Federal Reserve Chair Jerome Powell that interest rate hikes could continue in the face of persistent inflation concerns. The yen traded at 151.44 to the dollar, a marginal increase of 0.06% from the previous session.
