Search Result for : Forex

By Abin Daya The LIBOR is dead! Well, not quite. But in the next 4 years, it could be. The The Financial Conduct Authority (FCA) announced this week that it intended to phase out the LIBOR by 2021. Post that, banks would no longer be compelled to provide interest quotes to the Inter-Continental Exchange, and in the absence of these, the benchmark would die a natural death. What comes after that? We don’t know yet. But the first item this week is something closer home – India’s foreign trade numbers for the month of June. Apart from what is included in the update, I also tried to explore if there was some sort of correlation between industrial production growth and export performance. ...

The Dollar Business The industry body FIEO forecast challenges for the exporters if the rupee continued appreciating in the future. Global trade is expected to grow at 2.4% in 2017, and there is likelihood of extreme instability in currencies. Though the rupee has gained against the dollar, and since competing currencies of other countries could depreciate further, rupee’s appreciation could hurt India’s competitiveness in its labour intensive business units especially sectors such as agro-products industries, handloom, leather, textiles and marine products. The government should support these sectors based on their forex returns so that those companies handling large imports, which will be benefitted with the appreciation are provided less support than those having little or no support. Speaking at a press meet ...

The Dollar Business Bureau  The Adani Group-Kamarajar Port’s container terminal worth Rs.1,270 crore at the Port is likely to be functional in a month’s time, said a top official on Monday. In March 2014, Kamarajar Port Ltd and Adani Group had inked a ‘concession agreement’ to establish the container terminal at a cost of Rs.1,270 crore in two phases. After completion, the container terminal would have a capacity of handling 1.4 million TEUs (twenty foot equivalent units), with 730 metres quay length. “It is a big achievement for us. It is the first time that Kamarajar Port Ltd is going to handle this kind of project. We expect it to be ready in a month’s time,” M A Bhaskarachar, Chairman and Managing Director of ...

The Dollar Business Bureau  Considering the demand from importers to ease the ban on goods, Nigeria is considering lifting the ban on certain products from accessing foreign exchange. Speaking to the media Yemi Osinbajo, Vice President of Nigeria said the country may end a ban that prohibits the importers of some specific goods to access foreign currency on Nigeria’s interbank market. The Nigerian government will be considering “policy-driven restrictions” in order to promote the domestic manufacturing of around 41 items like toothpicks and rice, the Vice President said in a speech on Tuesday. The easing of import ban could be the latest in the restrictions on foreign-currency trading to be eased by the Central Bank of Nigeria after it lifted a currency ceiling in June ...

The Dollar Business Bureau Foreign exchange (forex) reserves of India surged by $889.4 million and reached $369.887 billion in the week ended on April 14, supported by a rise in the foreign currency assets, said the Reserve Bank of India (RBI). The forex reserve had dropped by $956.4 million to $368.998 billion in the preceding week. The reserves had reached an all-time high of $371.99 billion during the week ended on September 30, last year. Foreign currency assets (FCAs), a key component in the total reserves, rose by $881 million and reached $346.248 billion in the given week, said RBI. FCAs, expressed in terms of US dollar, include the impact of depreciation/appreciation of the non-US currencies, like pound, euro and yen, which are ...

The Dollar Business Bureau JSW Steel on Thursday said the company is planning to spend up to $1 billion (about Rs.6,500 crore) a year on its capacity expansion and acquisitions.  Sajjan Jindal-led company is also looking to bid for two iron ore mines in Odisha and coking coal mines in Jharkhand in the upcoming auctions, JSW Steel Joint MD and Group CFO Seshagiri Rao said: “We are capable of spending up to $1 billion per annum without increasing debt on capacity expansion and acquisitions.”   Rao confirmed that the company is working at its expansion plans, by bidding aggressively for iron ore mines and coal mine auctions later this year. Replying to a query on whether JSW Steel would bid for all the five coking ...

The Dollar Business Bureau Even as the world awaits the outcome of the upcoming Trump-Xi meet with much apprehension, Trump's tweets have fanned the flames by giving the whole US-China affair a war-like aura. "The meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits and job losses. American companies must be prepared to look at other alternatives," one of his recent tweets said. In a recent update, US businesses have asked for meaningful action instead of disruptive trade negotiations which may lead to a trade war. Nevertheless, the general sentiment is in favour of a 'tough talk' which will coerce China into giving market access and opening up its economy to ...

The Dollar Business Bureau Aditya Birla Group on Tuesday announced it has received the banking license from the Reserve Bank of India (RBI) to operate its joint venture Aditya Birla Idea Payments Bank Ltd. Kumar Mangalam Birla-led outfit Aditya Birla Nuvo had earlier set up a joint venture with the other telecom major Idea Cellular to start payments bank services in the country. Aditya Birla Nuvo and Idea Cellular will hold 51:49 shares in the joint venture payment bank. "... the Reserve Bank of India... has granted a licence to Aditya Birla Idea Payments Bank Ltd to carry on the business of payments bank in India," Aditya Birla Nuvo said in a statement. Earlier last year, Airtel and India Post had formed a joint ...