Kuwait’s Central Bank allowed the dinar to appreciate against the dollar for the second time in a week, up 0. The dollar declined to a record low last month against the euro, the 13-nation European currency in which Kuwait pays for more than a third of its imports. Annual consumer price inflation in the Middle East’s fourth-largest oil exporter at the end of May was 5. Inflation rose above 5pc in March for the first time in at least a decade, and compares with an historical average of less than 2pc, according to Deutsche Bank AG. Kuwait’s All Items Consumer Price Index was 116. read more

[Tags]bank, consumer, dollar, inflation, kuwaits, price, forex news[/Tags]

The Bank of Korea (BOK) said Friday that it will place a restriction on the use of foreign currency loans by companies and individuals, beginning next week, in a move to curb the won’s appreciation and rising short-term foreign borrowings. The central bank plans to require local lenders dealing with foreign currencies not to extend foreign currency-denominated loans to those who convert foreign money into the won or use loans for purposes that are not stated previously. Such foreign currency loans are blamed for the increase in the supply of dollars in the local foreign exchange market and further hike the won’s value. Under the measure, banks and other financial services companies will only be able to extend foreign currency loans if borrowers use loans to meet financial needs abroad, such as payments for overseas projects and imports of goods. A BOK official said the central bank has asked banks to extend foreign currency loans only to those who use the money for business over the past year. read more

[Tags]foreign, loans, currency, banks, won, bank, forex news[/Tags]

Chinese Finance Minister Jin Renqing said his country would follow its own timetable for currency reform regardless of pressure from other countries. Jin said “we have been constantly increasing the flexibility of the yuan ever since July 2005” and outlined Beijing’s position that exchange reform must take into account its impact on the domestic and global economies. US Deputy Treasury Secretary Robert Kimmitt told reporters at the same meeting that he believed China was moving in the right direction but needed to pick up the pace of reform. The US Congress this week passed a bill that would enable Washington to punish China for its weak currency which US lawmakers claim gives its exporters an unfair trade advantage and is responsible for a massive and growing trade surplus with the United States. Copyright © MCN International Pte Ltd. Use of this Site is subject to our terms and conditions of use. read more

[Tags]reform, china, currency, jin, trade, , forex news[/Tags]

BUDAPEST (Thomson Financial) – Hungarian drug maker Egis, majority owned by France’s Servier, said net income in the third quarter of its fiscal year fell nearly 40 pct as the weak dollar eroded strong export growth and regulatory changes squeezed domestics sales. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Sitemap Help Contact Us Investment Newsletters Forbes Conferences Forbes Magazines Forbes Autos Ad Information Forbes. read more

[Tags]news, afx, content, forbes, , information, forex news[/Tags]

Forex – Dollar wobbles as ADP report suggests weak US non-farm payrolls – Forbes. LONDON (Thomson Financial) – The dollar had a wobble after indications that the crucial US jobs report due Friday will come in weak. The ADP report dented the dollar which had otherwise been enjoying a decent performance amid safe haven type bids against a backdrop of rising risk aversion across the board. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Sitemap Help Contact Us Investment Newsletters Forbes Conferences Forbes Magazines Forbes Autos Ad Information Forbes. read more

[Tags]news, report, , afx, content, forbes, forex news[/Tags]

read more

[Tags]forex news[/Tags]

read more

[Tags]forex news[/Tags]

The reserves had increased by $4. Foreign currency assets increased by $3. Foreign currency assets in dollars include the effect of revaluation of non-US currencies such as euro, sterling and yen held in reserves. Total income stood at Rs 27,350 crore against Rs 18,260 crore. The company has registered a net profit of $0. read more

[Tags], assets, crore, currency, foreign, increased, forex news[/Tags]

read more

[Tags]forex news[/Tags]

read more

[Tags]forex news[/Tags]