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BIZARRE: 68 - What They Never Told You

Pound falls to lowest level against US dollar since 1985

Warnings of recession rock sterling as investors spooked by Liz Truss’s energy bills plan

The Independent UK

Money Transfer Firms Replace Banks in Lebanon

Like many people in crisis-hit Lebanon, Elias Skaff used to wait for hours to withdraw cash at the bank but now prefers money transfer companies as trust in lenders has evaporated, AFP reported. Anyone who relies on traditional banks to receive their money "will die 100 times before cashing it",…

Asharq Al-Awsat

Internet Shutdowns Hit Cash-Strapped Lebanon Due to Strike

Internet shutdowns rippled through cash-strapped Lebanon on Tuesday after employees of the country's state-owned telecom company went on strike, demanding higher wages. It was the latest reflection of one of the world's worst economic disasters, which has pulled three quarters of Lebanon's 6 million people into poverty. The Lebanese pound…

Asharq Al-Awsat

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Oil Crawls Back Up on Signs of Firm US Fuel Demand, Weaker Dollar

Oil prices recovered slightly on Wednesday as data pointed to firm fuel demand in the United States, providing respite after a 5% drop a day earlier on fear of demand suffering from increased China COVID-19 curbs and central bank interest rate hikes. A slightly weaker US dollar also shored up…

Asharq Al-Awsat

Dow, Nasdaq Futures Lower Following Friday's Sell-Off; US Dollar Surges To 20-Year High

Pre-open movers U.S. stock futures traded lower in early pre-market trade after the Dow Jones tumbled more than 1,000 points in the previous session following speech from Federal Reserve Chairman Jerome Powell at the central bank’s Jackson Hole economic symposium. The US dollar index, meanwhile, jumped to its strongest level…

Benzinga

Magnificent Rory McIlroy secures historic FedEx Cup hat-trick and $18m prize

“What a week, what a day” said the Northern Irishman after pipping Scottie Scheffler.

The Independent UK

FTSE 100 Live: Sterling pressure continues, Wall Street markets fall 2%

Sterling weakness continued today after the currency reached its lowest level versus the US dollar since March 2020.

Evening Standard

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Factory slump drags UK near stagnation; US private sector shrinks; eurozone ‘heads into recession’ – as it happened

UK private sector growth hits 18-month low, while the US, Germany and France all suffer falls in activity this month, adding to recession fears

The Guardian - UK

Rupee falls 4 paise to 79.88 against US dollar in early trade

MUMBAI: The rupee depreciated 4 paise to 79.88 against the US dollar in opening trade on Tuesday tracking a strong American currency and risk aversion in domestic markets.

The Times of India

Global Stocks Mostly Fall amid Central Bank Concerns

European and US stocks mostly fell Friday, with investors focused firmly on central bank interest rate hikes as the US dollar rallied. After slumping through the first half of 2022 amid concerns over central bank tightening, stocks have done better since the end of June as investors bet on a…

Asharq Al-Awsat

Inflation in Sudan Declines despite Stagnation, Economic Concerns

The Central Bureau of Statistics in Sudan said on Tuesday that the annual inflation rate fell for the second month in a row to 125.41 percent in July, compared to 148.88 percent the previous month, after registering 192 percent in May. The country is facing record inflation rates, amid a…

Asharq Al-Awsat

Harry and Meghan banknote will feature in exhibition of defaced currencies

The work will also include a US dollar on which Donald Trump is depicted with his 'bae' Vladimir Putin

Wales Online

Taking a deep dive into the baht rebound

The currency of Southeast Asia's second-largest economy traded against the greenback at 36.08 on Monday, appreciating 1.4% compared to a week prior.

Bangkok Post

Rupee jumps 53 paise to breach 78 level, closes at 1-month high on FII inflows

MUMBAI: The rupee rallied 53 paise -- its best single-day gain in over 11 months -- to close at an over one-month high of 78.53 against the US dollar on Tuesday.

The Times of India

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Asharq Al-Awsat

Egypt Currency Near Record Low

The Egyptian pound plunged on Monday to a near all-time low of more than 19 to the dollar, in the world’s number one wheat importer where prices have soared. Egypt’s currency has not fallen so sharply since December 2016, when it hit 19.3 to the US dollar after a drastic…

Bangkok Post

Asia posts biggest 6-month drop in FX reserves since 2015-16

SINGAPORE: Foreign exchange reserves in Asia have recorded their biggest six-month decline in years, a testament to policymakers' determination to defend currencies facing persistent downward pressure from a strong US dollar.

The Conversation

Inflation is spiking in Zimbabwe (again). Why high interest rates aren't the answer

The central bank of Zimbabwe has raised its benchmark rate from 80% to a fresh record of 200%. This increase comes as Russia’s invasion of Ukraine is driving global commodity prices higher, exacerbating inflation in many countries around the world, including Zimbabwe.

The Times of India

Explainer: The worst of rupee's decline may be over

NEW DELHI: The worst of rupee's decline may be over as the US Federal Reserve may dial down the pace of monetary tightening in the second half of 2022, a report by SBI Research said. The Indian currency has depreciated almost 7% against the US dollar so far in this…

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Asharq Al-Awsat

Microsoft Earnings Fall Short as Computer Sales Sag

Microsoft on Tuesday said that its earnings in the recently ended quarter fell shy of expectations as personal computer sales suffered from production holdups in China and sagging demand. The US technology giant reported profit of $16.7 billion on revenue of $51.9 billion, topping the same quarter a year earlier…

The Times of India

You buy umbrella to use it when it rains: Shaktikanta Das on using forex reserves to tackle rupee volatility

MUMBAI: Amid the rupee falling against the US dollar, RBI governor Shaktikanta Das on Friday said "you buy an umbrella to use it when it rains!', indicating that the central bank is using foreign exchange reserves to deal with currency volatility.

Asharq Al-Awsat

Middle East Sovereign Funds Reposition Strategies as Inflation Bites

Surging inflation and the Russian invasion of Ukraine have prompted sovereign investors to reposition their asset allocation, according to the latest Invesco Global Sovereign Asset Management Study. Investors now favor private markets over fixed income and equities, and among geographies, prefer the US and the Asia Pacific over Europe. More…

Dynamite News

Business: Rupee hits all-time low of 80 against US dollar, subdues Indian stock indices

Indian stock indices declined marginally in early trade on Tuesday, weighed down by a consistent depreciation of the rupee. Read more on Dynamite News:

The Times of India

Rupee plunges to new record low; breaches 80-mark against US dollar: How it may impact you

NEW DELHI: The Indian currency depreciated for the eighth consecutive session on Tuesday to fall past 80-mark against the US dollar for the first-time ever.

The Times of India

Rupee at record low; touches 80-mark in intra-day trade: What it means for you

NEW DELHI: The Indian currency plunged to record low levels against the US dollar on Monday.

The Times of India

Rupee settles at record low of 79.98 against US dollar; briefly touches 80/$ mark

MUMBAI: The rupee slid to the psychologically low level of 80 in intra day trade before settling down by 15 paise at 79.97 (provisional) against the US currency on Monday due to a surge in crude oil prices and unrelenting foreign fund outflows.

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