The Indian rupee fell to a historic low on Monday, while bond yields surged as a sharp rise in global prices of crude oil stirred concern about domestic inflation, strengthening prospects for interest rate hikes by the central bank.
Sri Lanka’s central bank (CB) has devalued the rupee by up to 15 per cent, taking one of several steps analysts said are needed to obtain a International Monetary Fund loan programme that would boost currency reserves and help negotiate debt
The currency continued its downward slide against the US dollar, dropping to an all time low of 202.75 PKR in the interbank market during intraday trade on the rising demand for the greenback due to import payments, Geo News reported.
The fall of euro exchange rate below that of the American dollar tells a bigger story than that of competing currencies. Both the British pound and the euro have generally traded higher in comparison to the dollar, and it reflected that the European and the British economy were functioning at more efficient levels than the American.
This would not be a simple matter because chairman of the US Federal Reserve Jerome Powell admitted the previous week that the task would be “very challenging”. Still, Powell confirmed the Fed’s commitment to controlling inflation was “unconditional”.
Both pedestrians and vehicle occupants below were taken by total surprise and couldn't believe it when they saw currency notes of Rs10 denomination falling at their feet from both sides.
Inflation has risen to a 48-year high in crisis-hit Pakistan, according to government data released on Wednesday, as IMF officials visit for urgent talks on a stalled bailout package. Year-on-year inflation in January was recorded at 27.55 per cent, its highest since May 1975. Pakistan’s economy is in dire straits, stricken by a balance of payments
According to El Financiero, officials of the Central Bank are studying options for celebrating the historic coronation of the Tango team in the World Cup in Qatar, as happened after the winning the 1978 World Cup, where commemorative commercial coins were offered.
The virus that causes COVID-19 can survive on banknotes, glass and stainless steel for up to 28 days, much longer than the flu virus, Australian researchers said on Monday, highlighting the need for cleaning and handwashing to combat the virus.
Lebanon is facing an unprecedented crisis. The economy has sunk to its lowest. The Lebanese lira is going for 3,900 for a US dollar. In the black market it has reached the absurdly phenomenal level of 18,000 Lebanese lira for a US dollar. The World Bank has described it as one