India’s rupee slid to a record low against the dollar yesterday as dealers moved into the US currency following robust US jobs data and growing concern about the South Asian nation’s struggling economy.
Analysts believe the rupee will fall further, with Goenka forecasting that the currency will reach a 59-60 level against the greenback by the end of 2013.
The rupee’s fall is the latest blow to the stuttering growth story of Asia’s third largest economy, which has been beset by sharply slower growth, worsening public finances and political turmoil.
A scramble by oil, other importers and banks to buy dollars to pay for imports in the US currency also weakened the rupee, which depreciated 7% against the dollar in May alone, besides a weakening economic outlook.
3 Reasons to Be Optimistic About the Baht Right Now
Probably one of the most important factors for the rise of the Baht is the continued weakness of the US dollar, which most experts agree is going to continue declining throughout the rest of the year.
The Thai Baht, our beleaguered currency, has had something of a difficult few years. Successful debt and inflation crises have eroded the value of the Baht numerous times, not least the events of 2015-16, which saw the Baht plunge to some of the lowest levels against the Dollar in history.(more…)
BoT warns against illegal use of Thai Baht-denominated Stablecoins
It has come to the Bank of Thailand’s attention that a new stablecoin, THT, has been created abroad on the Terra Platform.
Mr. Pruettipong Srimachand, Assistant Governor of the Legal Group, Bank of Thailand (BOT), has revealed that recent developments have seen the private sector attempting to create cryptocurrencies utilizing underlying assets or fiat currencies as an anchor to minimize price volatility. Such cryptocurrencies are known as stablecoins.(more…)
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