India – Alton Drew

Interbank Market News Scan: Libor coming to an end. China’s RMB hopes to take out the dollar …

Posted by Alton Drewon July 9, 2021July 9, 2021in foreign exchange, interbank marketLeave a comment

9 July 2021

Foreign exchange rates of interest …

Currency pair	Exchange rate
USD/XCD	XCD 2.70
USD/MXN	MXN 20.0188
USD/JMD	JMD 148.6230
USD/DOP	DOP 56.6164
USD/HTG	HTG 92.0194
USD/NGN	NGN 411.2120
USD/GHS	GHS 5.9153

Source: OANDA

News links of interest …

Interbank. With the end near for the London Interbank Offered Rate (Libor), the Reserve Bank of India (RBI) on Thursday told banks and other financial institutions to stop using the benchmark as soon as possible and mandatorily by December 31 and move to any Alternative Reference Rates (ARR). https://www.business-standard.com/article/finance/rbi-to-banks-phase-out-libor-soon-move-to-alternative-reference-rates-121070900016_1.html

Interbank. The booming collateralized loan obligation market faces a chaotic end to 2021, when the benchmark London interbank offered rate is retired for new loan contracts. https://www.bloomberg.com/news/articles/2021-07-08/growing-clo-market-has-a-libor-transition-problem-on-horizon?sref=oriheOus Interbank. Sri Lanka’s central bank said it will dip into its foreign exchange reserves to partly repay $1 billion of bonds maturing later this month, seeking to allay investors’ concern about a possible default. https://www.bloomberg.com/news/articles/2021-07-08/sri-lanka-keeps-rate-on-hold-as-focus-shifts-to-debt-repayment?sref=oriheOus

Foreign exchange, China. The following are the central parity rates of the Chinese currency renminbi, or the yuan, against 24 major currencies announced on Friday by the China Foreign Exchange Trade System: Market exchange rates in China — July 9 – Xinhua | English.news.cn (xinhuanet.com)

Foreign exchange. Could the RMB dislodge the dollar as the world’s reserve currency. Could the RMB Dislodge the Dollar As a Reserve Currency? – BRINK – Conversations and Insights on Global Business (brinknews.com)

Cryptocurrency. Why China wants to undermine Bitcoin. Currency and control: why China wants to undermine bitcoin (msn.com)

Cryptocurrency. The future is far from stateless. Cryptocurrencies’ dream of escaping the global financial system is crumbling | Quinn Slobodian | The Guardian

Interbank market scan: China’s interbank market rate drops; Bitcoin sees a little deceleration …

Posted by Alton Drewon March 16, 2021in China, decentralized finance, India, interbank marketLeave a comment

Links to news you should be following …

India’s foreign-exchange reserves surpassed Russia’s to become the world’s fourth largest, as the South Asian nation’s central bank continues to hoard dollars to cushion the economy against any sudden outflows. India FX Reserves Cross Russia to Become World’s 4th Biggest – Bloomberg

Currency tensions and currency crises are a side effect of many countries failing to manage in the new round of economic globalization that has taken place through increasing flows of multilateral trade and investments that have created a world of currency trades causing economies to depend on global reserve currencies, mainly the US Dollar. Science against Myth (msn.com)

During the past month, the total value locked (TVL) in the Bancor Protocol has more than doubled, surpassing the $1.6 billion mark. Bancor, which serves as a liquidity protocol that enables automated, decentralized exchange, reveals that it managed to break into the top 10 projects in terms of TVL and now generates “the fifth highest revenue” of any protocol on Ethereum (as of March 13, 2021). decentralized finance – Bing News

To add more value to the network’s end-users and keep FinNexus at the industry’s cutting edge, its team has been working extremely hard to introduce new features. FinNexus has been developing its ecosystem on all fronts, expanding an established partnership with ChainLink, striving to add a new decentralized product, and introducing an algorithmic stablecoin-based liquidity pool to its platform. FinNexus developments take its decentralized options platform to the next level | KnowTechie

The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, fell 10.5 basis points to 2.14 percent Tuesday.China’s overnight Shibor interbank rate falls Tuesday – Xinhua | English.news.cn (xinhuanet.com)

Cryptocurrency exchange rates as of 8:35 am EST …

BTC/USD=57,494.80 ETH/USD=1,792.44

BTC/EUR=48,177.40 ETH/EUR=1,501.96

BTC/GBP=41,325.00 ETH/GBP=1,288.34

BTC/AUD=74,221.30 ETH/AUD=2,313.90

BTC/CAD=71,715.70 ETH/CAD=2,235.79

BTC/CHF=53,398.50 ETH/CHF=1,664.74

BTC/JPY=6,274,470.00 ETH/JPY=195,611.00

BTC/CNY=373,759.00 ETH/CNY=11,652.20

Source: OANDA

Interbank market news scan: Cryptocurrency exchange rates. India moves closer to banning crypto…

Posted by Alton Drewon March 15, 2021in cryptocurrency, IndiaLeave a comment

Crypto-foreign exchange rates …

BTC/USD=57,204.20 ETH/USD=1,771.42

BTC/EUR=47,844.90 ETH/EUR=1,481.59

BTC/GBP=41,071.20 ETH/GPB=1,271.84

BTC/AUD=73,643.60 ETH/AUD=2,280.49

BTC/CAD=71,357.70 ETH/CAD=2,209.70

BTC/CHF=53,141.60 ETH/CHF=1,645.61

BTC/JPY=6,236,150.00 ETH/JPY=193,112.00

BTC/CNY= 372,220.00 ETH/CNY=11,526.40

Source: OANDA

What are we following? Follow the links….

India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class. India to Propose Cryptocurrency Ban, Penalising Miners, Traders (fxempire.com)

With the introduction of the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, India has pivoted towards a complete ban on cryptocurrencies other than sovereign cryptocurrencies; a stark departure from the traditional laissez-faire stand towards regulating cryptocurrencies. Skipping Regulation & Banning Cryptocurrency: A Lackadaisical Legislation Without Legitimate Aim? (entrepreneur.com)

11:02 pm 15 November 2020, Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

Posted by Alton Drewon November 16, 2020in currency, foreign exchangeLeave a comment

As of 11:02 pm EST, 15 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76105 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.31301 CAD

CAD/USD=0.76105 USD/CAD=1.31301

CNH/USD= 0.15159 USD/CNH=6.59332

EUR/USD= 1.18326 USD/EUR=0.84472

DKK/USD =0.15884 USD/DKK=6.29161

NGN/USD= 0.00261 USD/NGN=377.495

JPY/USD=0.00955 USD/JPY=104.59

INR/USD=0.01340 USD/INR=74.3780

JMD/USD=0.00672 USD/JMD=145.859

GYD/USD=0.00469 USD/GYD= 204.822

GHS/USD=0.17046 USD/GHS= 5.81740

XCD/USD=0.37037 USD/XCD= 2.70

KES/USD = 0.00909 USD/KES= 108.341

Source: OANDA

Major political/legal event in the United States:

Reuters reporting that President Donald J. Trump has yet to concede the presidential election to presumptive president-elect Joseph R. Biden. Over the weekend President Trump appeared to conceded the election to the former vice-president but has since backtracked vowing to continue on with a number of state court challenges to the election.

Source: Reuters

12:59 pm 10 November 2020; Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia

Posted by Alton Drewon November 10, 2020in foreign exchangeLeave a comment

As of 12:59 pm EST, 10 November 2020:

How to read the chart:

CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76934 USD.

USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.29964 CAD

CAD/USD=0.76934 USD/CAD=1.29964

CNH/USD= 0.15178 USD/CNH=6.58714

EUR/USD= 1.18614 USD/EUR=0.84297

DKK/USD =0.15921 USD/DKK=6.27914

NGN/USD= 0.00261 USD/NGN=381.557

JPY/USD=0.00958 USD/JPY=104.36

INR/USD=0.01352 USD/INR=73.8335

JMD/USD=0.00674 USD/JMD=145.335

GYD/USD=0.00478 USD/GYD= 209.215

GHS/USD=0.17142 USD/GHS= 5.82570

XCD/USD=0.37037 USD/XCD= 2.70

KES/USD = 0.00910 USD/KES= 107.944

Source: OANDA

Major political/legal event in the United States:

Yesterday, the Federal Reserve Bank of New York’s Center for Microeconomic Data released the October 2020 Survey of Consumer Expectations, which shows a decline in income and spending growth expectations. Changes in labor market expectations were mixed showing declines in both average job loss and job finding expectations. Median inflation expectations declined at the short-term horizon, while remaining unchanged at the medium-term horizon. Uncertainty and disagreement about future inflation decreased slightly but remained at an elevated level.

Source: Federal Reserve Bank of New York