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Tag Archives: Currency

UK payments company raises $18m for its US expansion plan

LONDON: A British international payments company aiming to shake up the way companies move money around the world has raised $18 million in a third round of fundraising for its US expansion plan. Currency Cloud’s latest fundraising doubles the amount raised previously and was led by technology investor Sapphire Ventures and also include Japan’s Rakuten FinTech Fund, the company said Read More »

Customs at Mangaluru airport seizes currency from 2 smugglers

MANGALURU: Officials of Customs at Mangaluru International Airport (MIA) on Wednesday seized foreign currency — 6,600 British Pounds — equivalent to Rs 6,49,400 from two passengers. They are Muhammed Salih Yarool, 36, and Muhammed Ashraf Abdulla, 35, both hailing from Pallikere in Kasargod district. They were nabbed at the time of their departure from MIA by Air India Express flight ... Read More »

South African currency stagnant at 5.75% ahead of rates decision

JOHANNESBURG: South Africa’s rand was a touch softer on Thursday while government bonds were flat in cautious trading ahead of a central bank decision on interest rates. Economists surveyed by Reuters last week expected the Reserve Bank to keep the benchmark repo unchanged at 5.75 percent at its third policy meeting for 2015. But traders, investors and analysts will scrutinise ... Read More »

South African currency stagnant at 5.75% ahead of rates decision

JOHANNESBURG: South Africa’s rand was a touch softer on Thursday while government bonds were flat in cautious trading ahead of a central bank decision on interest rates. Economists surveyed by Reuters last week expected the Reserve Bank to keep the benchmark repo unchanged at 5.75 percent at its third policy meeting for 2015. But traders, investors and analysts will scrutinise ... Read More »

South Africa signs 3 years currency swap agreement with China

JOHANNESBURG: The South African Reserve Bank said, it has signed a three-year bilateral swap agreement with the People’s Bank of China for the exchange of local currencies of up to R57 billion ($4.75 billion). “The purpose of the agreement is to support trade and investment between South Africa and China, and also to act as a mitigating resource for short ... Read More »

Foreign investors put €1.5b more cash into Dutch retail sector

AMSTERDAM: Foreign investors put almost €1.5bn into Dutch retail premises last year, according to property advisory group CBRE. This is almost double of 2013’s investments of €805m, CBRE said. Foreign investors accounted for 47% of last year’s investment in retail property. The bulk of last year’s growth was due to the sale of shopping centres to US equity houses Mount ... Read More »

Greek finance minister says euro will collapse if Greece exits

ATHENS: If Euro zone takes Greece out the other countries will be automatically follow it and the currency would collapse more, says Greek Finance Minister Yanis Varoufakis. Greece’s New Leftist government is trying to re-negotiate its debt repayments and has begun to roll back austerity policies agreed with its international creditors. In an interview with Italian state television network RAI, ... Read More »

Indian currency rises to 61.58 against dollar in early trade

MUMBAI: Indian currency raised by 29 paise to trade almost 2-months high of 61.58 against the dollar in early trade on Monday at the Interbank Foreign Exchange on continued selling of the US currency by exporters and banks. Forex dealers said besides increased selling of the American currency by exporters and banks, a higher opening in the domestic equity market ... Read More »

Rupee remains firm at 101.5 vs dollar in interbank

KARACHI: Pakistani rupee Wednesday remained unchanged against US dollar in interbank and strengthened in open market. As per currency market, the US dollar stayed stable at 101.5 in interbank, while it lost 5 paisa in open market to reach 102.65. On Tuesday, the greenback lost 20 paisa to stand at 101.50 in interbank and gained 5 paisa in open market ... Read More »

SBP profit increases by 14pc to Rs268 billion

KARACHI: The State Bank of Pakistan’s (SBP) Annual Performance Report has revealed that the central bank has earned huge profit of Rs268 billion for the government during the fiscal year 2013-14. According to the annual report approved by the SBP Central Board of Directors, the bank’s profit increased by 14pc to Rs2.68 billion from Rs235 billion it earned the last ... Read More »

Dollar stable in Asia ahead of Fed meeting

TOKYO: The US dollar was steady in Asia on Wednesday as traders eye the outcome of a Federal Reserve policy meeting later in the day. The greenback fetched 108.12 yen in afternoon Tokyo trade against 108.16 yen in New York. The euro was nearly flat at $1.2737 from $1.2733 and 137.73 yen against 137.74 yen. Currency markets were stuck in ... Read More »

Low exports swell current account deficit to $1.33b

KARACHI: SBP data revealed that country’s current account deficit in the first three months of 2014-15 remained $1.33 billion, expanding by $62 million as compared to the same three-month period of the preceding fiscal year. As a percentage of the gross domestic product (GDP), the current account deficit stood at 1.8% in July-September as compared to 2.1% in the same ... Read More »

Pak rupee weakens in open market

KARACHI: Pakistani rupee Tuesday further depreciated against US dollar in open market, but remained stable in interbank amid continued political turmoil. According to the currency dealers, US dollar gained 10 paisa and reached 103.1 in open market, while rupee remained stable in interbank on 102.7. On Monday, the local unit did not show any variation for the buying and selling ... Read More »

Rupee remains steady against greenback

KARACHI: Pakistani rupee remained stable against US dollar in both interbank and open market on Monday. According to the currency dealers, the local unit did not show any variation for the buying and selling of the dollars on the first trading day. The rupee was traded at 102.7 in interbank, while it was traded at 103 in open market against ... Read More »

Foreign exchange reserves rise to $13.435 billion: SBP

KARACHI: The country’s foreign exchange reserves soared to $13.435 billion during the week ending October 10 as compared to $13.40 billion in the previous week, the State Bank of Pakistan (SBP) said. The reserves held by the SBP increased by $25 million to reach $8.882 billion from $8.857 billion. While the reserves held by other banks were $4.553 billion as ... Read More »

Rupee remains firm against US dollar

KARACHI: Pakistani rupee Thursday remained stable against US dollar in both open market and interbank. According to the currency dealers, the local unit did not show any variation for the buying and selling of the dollars, as there was neither payment nor buying pressure witnessed in the market. In open market, the rupee was traded at 102.95, while in interbank, ... Read More »

Overseas Pakistanis remit record $4694.7 million, grow 19.52pc: SBP

ISLAMABAD: The overseas Pakistanis remitted record $4,694.69 million in the first three months of the current fiscal year, showing an impressive growth of 19.52 percent as compared with $3927.94 million received during the same period of the last fiscal year. According to State Bank of Pakistan (SBP) data, the inflow of remittances during September 2014 from Saudi Arabia, the UAE, ... Read More »

Gold price up Rs 300 per tola as marriage season kicks off

KARACHI: The gold price gained strength by rising Rs 257 to trade of Rs 41,657 per 10 grams in the Karachi gold market today amid festive/marriage season demand from jewellers and retailers. Moreover, gold price rose Rs 300 per tola in market to reach a level of Rs 48,600, as price of precious metal increased globally and traded at $1,233 ... Read More »

Tokyo markets close at 2-month low

TOKYO: Fears of global economic weakness Tuesday gripped the investors as Asian shares traded mixed, while Tokyo remained worst in the region, as a stronger currency weighed on the keyNikkei (Nihon Kenzai Shinbun: .N225) index. Japanese shares widened losses to finish at a new two-month low of 14,936, as the yen (Exchange:JPYUSD=) hovered near 107.1 against the greenback. The benchmark ... Read More »

Weekly review: Rupee sheds 25 paisas against dollar after Eid holidays

LAHORE: The Pakistani rupee weakened in the following two-trading-day week started after the weekend and Eidul Adha holidays as the US dollar gained 20 paisas in inter-bank and 25 paisas in open market against Pakistani rupee from Thursday to Friday. As per detail, the value of dollar in inter-bank market was 102.4 on Thursday and 102.6 on Friday against rupee, ... Read More »