Small Exchange: Settling currency manipulation cases, Trinidad’s forex woes and India breaks more records

Peter Terlato 1 August 2017 NEWS


This week's currency news rounded up.

More banks settle claims in global currency manipulation case

As of October 2015, US$2 billion had been paid in settlement claims by a number of the world's largest banks after regulators accused the financial institutions of rigging foreign exchange currency markets.

Now, five more banks have agreed to pay a total of US$111 million to settle these claims. This brings the total number of banks settled to 14 out of 16 accused, the Telegraph reports.

Morgan Stanley paid $50 million, Standard Chartered handed over $17.2 million, Societe Generale settled with $17.2 million, Royal Bank of Canada agreed to $15.5 million and Bank of Tokyo-Mitsubishi UFJ forked over $10.5 million.

Trinidad and Tobago's forex sales skyrocket

Trinidad and Tobago's foreign exchange market is buckling under the pressures of a continued rise in the demand for international currency, according to the latest Central Bank of Trinidad and Tobago Monetary Policy Report.

As a result of increased government spending on energy imports and a burgeoning services account deficit, the central bank "continued to support the market with bi-weekly sales of foreign exchange to authorised foreign exchange dealers".

During the first five months of 2017 the bank sold US$810 million to authorised dealers. This represents a rise of 41.6% compared to the same period in 2016. The weighted average selling rate of the local currency was $6.78 to US$1 in May 2017, according to the report.

India's foreign reserves break more records

The latest Reserve Bank of India (RBI) data reveals the country's forex reserves peaked at a new record high of US$391.33 billion in the final weeks of July.

Foreign exchange reserves jumped US$2.27 billion in the week to 21 July 2017, assisted by increases in foreign currency assets (FCAs). The RBI reports FCAs rose US$2.24 billion to US$367.15 billion during this period.

Previously, India's forex reserves rose $4 billion at the end of June, peaking at a record high $386.5 billion.

Each week Small Exchange sums up currency news from around the globe and looks into how it impacts exchange rates and options.

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