Russia’s international reserves top $618 billion

Russian  international gold and foreign currency reserves rose to a record high of $618.1 billion as of September 1, according to monthly data published by the Central Bank of Russia (CBR). The amount increased by 2.9% or $17.1 billion, since August 1. The previous all-time high of $615.6 billion was recorded on Aug.27, CBR said. The state’s international reserves are highly liquid

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Indian rupee resilient but will it continue holding up well?

One of the most stable currencies in Asia-Pacific this year, the Indian rupee (INR), stood at 73 against the US dollar (USD) in early September, hovering around its strongest level since mid-June. Investors have dumped the greenback after US Federal Reserve Chair Jerome Powell last month laid out a slower-than-expected path to interest rate hikes and said the U.S. central bank is

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Central banks’ appetite for Chinese yuan grows

Central banks will accelerate rise of the renminbi, as they add the Chinese currency to their reserve assets, according to the 2021 Global Public Investor (GPI) survey produced by the Official Monetary and Financial Institutions Forum (OMFIF). The London-based think tank for central banking, economic policy and public investment, surveyed more than 100 GPIs – central bank reserve managers, sovereign funds and

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Mexican peso falls after Banxico’s interest rate hike

The Mexican peso dipped on Thursday (August 13) as the country’s central bank, known as Banxico, decided to raise its benchmark policy rate by 25 bps to 4.50%, after a surprise hike in June that did little to tame inflation. Voting in favor of the decision were Banxico Governor Alejandro Díaz de León, and board members Irene Espinosa, and Jonathan Heath. Members

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Russia completely removes US dollar from National Wealth Fund

Russia shared on Tuesday (July 6) it has completed necessary exchange operations for eliminating the US dollar currency from the National Wealth Fund (NWF) which holds part of the country’s oil revenues, according to plans previously announced. “As a result of these transactions, the dollar was excluded from the structure of the NWF, the stake of the British pound was reduced to

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Emerging market currencies to soon regain their record run vs dollar

Emerging-market currencies are well up this quarter and repeatedly ascended to record highs. The Brazilian real has been the top performer this month, followed by Russia’s ruble and Colombia’s peso. Last week, Brazil’s central bank announced its third interest rate hike in 2021, a 75-basis point increase to 4.25%. It also said it anticipated a similar rise in August. The aggressive tightening

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