Sonia Gandhi should thank Finance Minister Chidambaram for resisting proposals to put part of India’s foreign exchange reserves into a Sovereign Wealth Fund, which would buy equity shares in top global companies. Many countries with surplus forex reserves?”mostly oil exporters, but also China and Singapore?”have set up SWFs that invest in equities. India has experienced a huge inflow of dollars in recent years, raising its reserves to $ 290 billion, vastly in excess of any balance of payments needs. In a seminal paper two years ago, economist Larry Summers, former US Treasury Secretary, made a strong case for developing countries to put excess reserves into stock markets. Even after that, he calculated, 121 developing countries would have excess forex reserves of $2 trillion, equal to 19% of their combined GDP in 2004. So, Summers proposed that all developing countries should put excess reserves into SWFs that would invest in shares. read more

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RTTNews – Currency Trading, Currency Market Update, Trading Opportunities, US Market Update . Currently, the franc is trading at multi-day lows of 2. Currently, the dollar is trading at 12-day highs of 1. Against the pound and the yen, the dollar is now trading at 4-day highs of 99. Feedback | Terms of Service | How To Use RTTNews. read more

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This is in comparison to other services that try to explain investing strategy in the foreign exchange market, yet try to sell a product or even demand money for their secrets to be revealed. Some subjects, such as foreign exchange day trading, are reserved for more experienced investors who have a firm grasp on the market and how to play it. But perhaps one of the most prized possessions the website holds is information pertaining to foreign exchange software. Indeed, over $3 trillion dollars are spent in the foreign exchange market each day and LatestForex. Email Form Your Name Your Email Your Recipient’s Name Your Recipient’s Email Comments Bookmark this Release Show all del. read more

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Korea??s central bank said yesterday it will allow a one-year rollover of foreign currency loans used as working funds to help ease borrowers?? financial burdens from the weakening of the local currency. Foreign currency loans were permitted only for capital investment by manufacturing companies or payments which should be done in foreign currencies. But the central bank said it will extend the repayment deadline for foreign currency loans, which were borrowed for conversion into the won before last year??s restriction, by one year starting tomorrow, but noted that the move is a one-time measure. As of the end of February, foreign currency loans extended by banks stood at an outstanding $47 billion, up $1. Terms of Use | Copyright Policy | Privacy Policy | E-mail address privacy All materials contained on this site are protected by Korean copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior consent of Joins. read more

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Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here . read more

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Authorities in the United Arab Emirates were on Wednesday investigating some of the country?s worst labour unrest, which ended with the arrest of at least 30 workers allegedly involved in a riot at a labour camp in Sharjah on Tuesday. Another outbreak of labour violence in the fast-growing UAE provides a stark warning that, in spite of government attempts to improve the lot of the hundreds of thousands of workers behind the construction boom, the dirham?s peg to the weakening dollar continues to eat into remittances. The authorities have made clear that violent protests will result in imprisonment and deportation. You have viewed your allowance of free articles. If you wish to view more, click the button below. read more

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Expectations of fresh capital inflows after overnight US rate cut and firm equity markets boosted the rupee sentiment and the local unit ended higher by 8 paise at 40. A forex dealer said, “Dollar generally becomes weak after rate cut and also dollar dominated assets, hence traders prefer to park their funds in the emerging markets like India. Forex dealers said some dollar buying by importers, mainly oil refiners, pushed the rupee down to 40. The global stock markets were bolstered by Fed rate cut and also by the good performance of top US investment banks, Goldman Sachs and Lehman Brothers. read more

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