Forex Today: Markets remain focused on geopolitics to start the week
12 Aug
Politics

Forex Today: Markets remain focused on geopolitics to start the week

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Politics tamfitronics Here is what you need to know on Monday, August 12:Investors adopt a cautious stance at the beginning of the week as they keep a close eye on developments surrounding the Iran-Israel conflict. The economic calendar will not feature any high-tier macroeconomic data releases on Monday, allowing the risk mood to drive the action in financial markets.Following a three-day rebound, the US Dollar Index (DXY) edged slightly lower on Friday, closing the week virtually unchanged. In the European morning on Monday, the DXY fluctuates in a narrow channel slightly above 103.00. In the meantime, the benchmark 10-year US Treasury bond yield edges higher toward 4% after ending the previous week in positive...
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Kenya’s forex reserves decline amid foreign debt repayments, particularly to China
27 Jul
Business News

Kenya’s forex reserves decline amid foreign debt repayments, particularly to China

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Business new tamfitronics Kenya’s foreign exchange reserves have experienced a significant drop of USD 487 million (about KES 63.9 billion) over the past week, following substantial repayments of external debt. An English-language daily business newspaper published in Kenya, Business Daily, reported that this decline has reduced the resources critical for supporting the local currency. The decrease in reserves follows the government's repayment of USD 533 million (about KES 70 billion) in external loans, which includes USD 433 million (KES 56.8 billion) used to service a loan from China.Follow @EconomicTimes
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RBI allows forex accounts in GIFT City, widens LRS scope
13 Jul
Business News

RBI allows forex accounts in GIFT City, widens LRS scope

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Business new tamfitronics MUMBAI: Indian residents can now open foreign currency accounts in GIFT City into which they can remit money for all purposes allowed under RBI's Liberalised Remittance Scheme. The scheme allows every individual to send up to $250,000 abroad annually.So far, money transfers under LRS to International Financial Services Centres (IFSCs) were allowed only for investing in securities within IFSCsexcluding Indian companies, and for paying education fees to foreign universities or institutions in IFSCs. Now, RBI allows remittances under LRS for deposits, purchasing immovable property, investing in equity and debt, giving gifts, making donations, travelling, maintaining close relatives, receiving medical treatment as well as studying abroad. The foreign currency account in GIFT City can be used for all these purposes. The funds in the foreign currency accounts can be used...
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