12082016Thu
Last update: Thu, 08 Dec 2016 05am

Asia

Markets - FXMM - Asia

India pulls 500, 1,000 rupee notes from circulation NEW DELHI: Indian Prime Minister Narendra Modi announced Tuesday that 500 and 1,000 rupee notes would be withdrawn from circulation from midnight in a bid to tackle corruption."To break the grip of corruption and black money, we have decided that the 500 and 1,000 rupee currency notes presently in use will no longer be legal tender from midnight ie 8 November, 2016," Modi said in a shock announcement on television."This means that these notes will not be acceptable for transaction from midnight onwards."Modi said that although the existing notes would be "worthless", members of the public would be able to exchange them for new bills at banks until the end of the year.He said new 500 and 2,000 rupee denomination notes will be issued later by the Reserve Bank of India.Hospitals and transport operators would continue to accept old 500 and 1,000 rupee notes for payment for the next 72 ...

Markets - FXMM - Asia

China's yuan hovers at 1-week low, unfazed by bigger-than-expected FX reserves drop HONG KONG: China's yuan softened on Tuesday after the central bank set another weaker midpoint to reflect global dollar strength, but trade was cautious ahead of the US presidential election.Traders say a larger-than-expected drop in China's foreign exchange reserves last month did not have much impact on the market, despite pointing to further capital outlows.The People's Bank of China set the midpoint rate at 6.7817 per dollar prior to the market open, weaker than the ...

Markets - FXMM - Asia

Clinton victory hopes give Asia FX cautious support; yuan hits 1-week low SINGAPORE: Most emerging Asian currencies edged up in subdued trading hour ahead of the US presidential election on Tuesday, with risk sentiment supported by the growing prospect of a victory for Democratic candidate Hillary Clinton.Despite South Korean President Park Geun-hye's mounting political troubles, the won hit a near two-week high, leading regional gains. The won was bolstered by expected demand linked to Doosan Bobcat Inc's initial public offering.The Philippine peso turned firmer after a seven-year ...

Markets - FXMM - Asia

Dollar steady, markets bet on Clinton win in looming US presidential vote TOKYO: The dollar steadied in Asia on Tuesday, keeping previous session gains as markets wagered on a victory for Hillary Clinton in the US presidential election after the FBI cleared her of any wrongdoing in its latest probe of her use of a private email server.With hours to go before Americans vote, Democratic candidate Clinton has about a 90 percent chance of defeating Republican Donald Trump in the race for the White House, according to ...

Markets - FXMM - Asia

Sri Lankan rupee firmer on exporter dollar sales; stocks down COLOMBO: The Sri Lankan rupee edged up on Tuesday as dollar selling by exporters outpaced demand for the greenback from importers, dealers said.Rupee forwards were active with one-week forwards trading at 148.15/25 per dollar at 0610 GMT, compared with Monday's close of 148.20/30."Overall, trading was dull. We expect the downward pressure on rupee to ease off with the budget and a pickup in remittances," a currency dealer said, asking not to be named.The rupee has ...

Markets - FXMM - Asia

Indonesia forex reserves slip to $115bn at end-October JAKARTA: Indonesia's foreign exchange reserves slipped to $115.03 billion at the end of October, from $115.7 billion in the previous month, Bank Indonesia (BI) said on Monday. The reserves are equal to 8.8 months worth of imports, or 8.4 months of imports and payment of offshore public debt, BI said. Copyright Reuters, 2016 ...

Markets - FXMM - Asia

China Oct forex reserves fall most in 9 months, lowest since early 2011 BEIJING: China's foreign exchange reserves fell the most in nine months in October and by far more than expected to the lowest since March 2011, indicating further capital outflows despite recent signs the world's second-largest economy is stabilising.Reserves fell $45.7 billion last month to $3.121 trillion, the biggest monthly decline since January, compared with a near $19 billion fall in September, central bank data showed on Monday. The October drop was the fourth in a ...