Local currencies around the world are losing value against a resurgent dollar. But the Russian Rouble has defied expectations to become the best-performing currency in the world. Palki Sharma tells you how Russia managed this feat.

Gravitas: Russian Rouble surges as Asian currencies slide

Won, the South Korean currency dropped to its lowest level in 13 years on Wednesday amid concerns about aggressive rate hikes in the US will cause damage the world's largest economy. That it will happen just when global growth is slow.

The won fell by 0.3 per cent to 1297.6 per dollar. This was the lowest since July 2009. The currency has been the worst performer in Asia with a loss of more than 8 per cent.

“It’s possible that purchases of the dollar may increase once the won crosses the 1,300 mark but FX authorities would also strengthen their response,” said Min Gyeong-won, an economist at Woori Bank in Seoul. Min was quoted by Bloomberg.

Federal Reserve Bank of Richmond President Thomas Barkin said on Tuesday that the US central bank should raise rates as fast as it can without causing undue harm to financial markets and thee economy.&nbsp;

In adddition to rate hike concerns, surging oil prices are also taking toll on the won. The surging prices are pushing up import costs. In April, South Korea posted its first current-account deficit in two years. The investor sentiment is also hurt by rising geopolitical risks. This is especially true given a series of missile launches this year by North Korea. As per Bloomberg tally, overseas investors have sold a net USD 4.2 billion of local shares this month.

Won, the South Korean currency dropped to its lowest level in 13 years on Wednesday amid concerns about aggressive rate hikes in the US will cause damage the world's largest economy.

Won, the South Korean currency dropped to its lowest level in 13 years on Wednesday amid concerns about aggressive rate hikes in the US will cause damage the world's largest economy. That it will happen just when global growth is slow. The won fell by 0.3 per cent to 1297.6 per dollar. This was the lowest since July 2009. The currency has been the worst performer in Asia with a loss of more than 8 per cent. “It’s possible that purchases of the dollar may increase once the won crosses the 1,300 mark but FX authorities would also strengthen their response,” said Min Gyeong-won, an economist at Woori Bank in Seoul. Min was quoted by Bloomberg. Federal Reserve Bank of Richmond President Thomas Barkin said on Tuesday that the US central bank should raise rates as fast as it can without causing undue harm to financial markets and thee economy. In adddition to rate hike concerns, surging oil prices are also taking toll on the won. The surging prices are pushing up import costs. In April, South Korea posted its first current-account deficit in two years. The investor sentiment is also hurt by rising geopolitical risks. This is especially true given a series of missile launches this year by North Korea. As per Bloomberg tally, overseas investors have sold a net USD 4.2 billion of local shares this month.

South Korean currency Won drops to 13-year low

Stock markets around the world plunged amid fears of an interest hike by the US Federal Reserve. Will fiscal tightening cripple the world's economic recovery? Is a recession inevitable in 2022? Palki Sharma tells you.

Gravitas: Is a global recession coming?

The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy.

Japan's currency has been weakening for months, accelerated by the US Federal Reserve's aggressive monetary tightening to tackle soaring inflation caused by the war in Ukraine and other factors.

But unlike the Fed, the Bank of Japan has said it will stick with its long-standing monetary easing programme which it hopes will lead to stable growth.

The increasingly polar policies have strengthened the greenback, and on Monday one dollar bought 135.19 yen.

Also read |&nbsp;<a href="https://www.wionews.com/world/why-japan-prefers-higher-inflation-481910">Why Japan prefers higher inflation</a>

It's a level not seen since October 1998 during the Asian currency crisis, and marks a dramatic drop from January rates of around 115 yen per dollar.

"The&nbsp;ongoing backdrop to the yen's fall is the growing gap between long-term interest rates in Japan and the United States," Takahide Kinouchi, executive economist at Nomura Research Institute, said in a recent commentary.

And as higher oil prices fuel US inflation, "expectations are growing stronger that aggressive US monetary tightening will continue for the time being, causing US yields to rise further."

US consumer prices for May hit a new four-decade high, rising 8.6 per cent and topping what economists thought was the peak in March.

Benefits for tourism, exporters

In Japan however, inflation has only just hit the central bank's long-term target of two percent.

And while the figure represents a seven-year high, the BoJ sees current inflationary pressures as temporary, and believes its monetary policy is necessary to produce more long-lasting growth.

As the war in Ukraine pressures global fuel and food prices, household brands from Uniqlo to 7-Eleven have anounced price hikes, with budget sushi chain Sushiro causing shock when it said it would no longer offer plates for 100 yen ($0.75).

But BoJ governor Haruhiko Kuroda said last week that "monetary tightening is not at all a suitable measure" for Japan, whose economy is still recovering from the pandemic, according to Kyodo News.

Watch |&nbsp;Asia stocks hit 3-week top, dollar near 5 weeks low

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/asia-stocks-hit-3-week-top-dollar-near-5-weeks-low-483408/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

He also pointed to the benefits of a weaker yen for&nbsp;Japanese&nbsp;exporters, whose overseas profits are inflated when they are repatriated and have seen their stock prices rise in recent months.

The weaker yen could also be a boon for the tourism sector, with Japan cautiously reopening to foreign visitors now allowed in on group tours.

"The weak yen helps to support Japan's export sector directly, and a weaker exchange rate also contributes to looser monetary conditions domestically," said Alvin Tan, head of Asia forex strategy at RBC Capital Markets in Singapore.

"These will help drive the economic recovery further," he told AFP.

Although "higher import prices will negatively affect consumers" and the weaker yen will contribute to inflation, particularly given Japan's reliance on energy imports, this could also be "seen as a positive", he said.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-as-us-stocks-fall-ecb-decision-on-tap-486375">Dollar gains as US stocks fall, ECB decision on tap</a>

"It could help to deepen more persistent inflation expectations in a country that has suffered under deflation for so many years."

The yen's trajectory may depend on how the US Fed acts in its September meeting, with worse-than-expected inflation figures for May raising expectations of further rate hikes.

But "there is still a lot of time left until then," said Kinouchi, and other factors may also be at play including energy prices rising further after a European Union ban on most Russian oil imports.

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The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy.

The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy. Japan's currency has been weakening for months, accelerated by the US Federal Reserve's aggressive monetary tightening to tackle soaring inflation caused by the war in Ukraine and other factors. But unlike the Fed, the Bank of Japan has said it will stick with its long-standing monetary easing programme which it hopes will lead to stable growth. The increasingly polar policies have strengthened the greenback, and on Monday one dollar bought 135.19 yen. Also read | Why Japan prefers higher inflation It's a level not seen since October 1998 during the Asian currency crisis, and marks a dramatic drop from January rates of around 115 yen per dollar. "The ongoing backdrop to the yen's fall is the growing gap between long-term interest rates in Japan and the United States," Takahide Kinouchi, executive economist at Nomura Research Institute, said in a recent commentary. And as higher oil prices fuel US inflation, "expectations are growing stronger that aggressive US monetary tightening will continue for the time being, causing US yields to rise further." US consumer prices for May hit a new four-decade high, rising 8.6 per cent and topping what economists thought was the peak in March. Benefits for tourism, exporters In Japan however, inflation has only just hit the central bank's long-term target of two percent. And while the figure represents a seven-year high, the BoJ sees current inflationary pressures as temporary, and believes its monetary policy is necessary to produce more long-lasting growth. As the war in Ukraine pressures global fuel and food prices, household brands from Uniqlo to 7-Eleven have anounced price hikes, with budget sushi chain Sushiro causing shock when it said it would no longer offer plates for 100 yen ($0.75). But BoJ governor Haruhiko Kuroda said last week that "monetary tightening is not at all a suitable measure" for Japan, whose economy is still recovering from the pandemic, according to Kyodo News. Watch | Asia stocks hit 3-week top, dollar near 5 weeks low He also pointed to the benefits of a weaker yen for Japanese exporters, whose overseas profits are inflated when they are repatriated and have seen their stock prices rise in recent months. The weaker yen could also be a boon for the tourism sector, with Japan cautiously reopening to foreign visitors now allowed in on group tours. "The weak yen helps to support Japan's export sector directly, and a weaker exchange rate also contributes to looser monetary conditions domestically," said Alvin Tan, head of Asia forex strategy at RBC Capital Markets in Singapore. "These will help drive the economic recovery further," he told AFP. Although "higher import prices will negatively affect consumers" and the weaker yen will contribute to inflation, particularly given Japan's reliance on energy imports, this could also be "seen as a positive", he said. Also read | Dollar gains as US stocks fall, ECB decision on tap "It could help to deepen more persistent inflation expectations in a country that has suffered under deflation for so many years." The yen's trajectory may depend on how the US Fed acts in its September meeting, with worse-than-expected inflation figures for May raising expectations of further rate hikes. But "there is still a lot of time left until then," said Kinouchi, and other factors may also be at play including energy prices rising further after a European Union ban on most Russian oil imports. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Yen slides to 24-year low against dollar

The US dollar has ruled as the world's primary reserve currency for nearly 80 years But some analysts believe its supremacy is in jeopardy. Watch to know why.

Is the world's most powerful currency, the US dollar, in danger?

The Russian Rouble firmed past 64 per dollar briefly jumping to 62.71 to the greenback, and climbed towards its highest in nearly five years against the euro, supported by continuing restrictions on currency trading.

Russian Rouble inches closer to 5-year highs

Zimbabwe's government on Saturday ordered banks to stop lending with immediate effect in a move Harare said was designed to stop speculation against the Zimbabwean dollar and was part of a raft of measures to arrest its rapid devaluation on the black market.

Zimbabwe suspends bank lending in bid to arrest currency decline

The Japanese yen hit a 20-year low against the dollar on Tuesday, supported by high US Treasury yields and likely comparatively good US economic data this week.

Japanese Yen falls to fresh 20-year-low

Stressing on the need for currency stability, Japanese Finance Minister Shunichi Suzuki said that he was watching market moves "carefully."&nbsp;

This comes at a time when the Japanese currency Yen has been drastically declining against the dollar. Speaking to reporters, he said, "I won't comment on the currency market itself, but stability is important above all. From that standpoint, we'll closely watch currency market moves and their impact on the Japanese economy."

It is feared that the decreasing value of the yen may push up import prices and households' cost of living at a time when the economy is already fighting against the ongoing pandemic.&nbsp;

<a href="https://www.wionews.com/world/global-food-prices-rose-sharply-during-2021-hitting-a-10-year-high-un-442881">Also read |&nbsp;Global food prices rose ‘sharply’ during 2021, hitting a 10-year high: UN</a>

However, there are a few Japanese policymakers who have favour a weak yen as it provides exporters with a competitive advantage.

As per BOJ governor, Haruhiko Kuroda, the boost to export volume from a weak yen may have declined when compared to the past. This is because more Japanese companies have shifted their production abroad.

Kuroda also highlighted that the hit to households may have increased due to Japan's dependency on imports of raw materials.

This could also politically affect Prime Minister Fumio Kishida as wholesale inflation is already hitting a record high. As per JP Morgan analysts, the yen's real effective rate has gone down to its lowest level in 50 years.

"In a way, a weak yen reflects Japan's fundamentals," one ministry said on condition of anonymity. However, it further added that Tokyo was ready to step in if yen declines become too sharp.

(With inputs from agencies)

Stressing on the need for currency stability, Japanese Finance Minister Shunichi Suzuki said that he was watching market moves "carefully." This comes at a time when the Japanese currency Yen has been drastically declining against the dollar.

Stressing on the need for currency stability, Japanese Finance Minister Shunichi Suzuki said that he was watching market moves "carefully." This comes at a time when the Japanese currency Yen has been drastically declining against the dollar. Speaking to reporters, he said, "I won't comment on the currency market itself, but stability is important above all. From that standpoint, we'll closely watch currency market moves and their impact on the Japanese economy." It is feared that the decreasing value of the yen may push up import prices and households' cost of living at a time when the economy is already fighting against the ongoing pandemic. Also read | Global food prices rose ‘sharply’ during 2021, hitting a 10-year high: UN However, there are a few Japanese policymakers who have favour a weak yen as it provides exporters with a competitive advantage. As per BOJ governor, Haruhiko Kuroda, the boost to export volume from a weak yen may have declined when compared to the past. This is because more Japanese companies have shifted their production abroad. Kuroda also highlighted that the hit to households may have increased due to Japan's dependency on imports of raw materials. This could also politically affect Prime Minister Fumio Kishida as wholesale inflation is already hitting a record high. As per JP Morgan analysts, the yen's real effective rate has gone down to its lowest level in 50 years. "In a way, a weak yen reflects Japan's fundamentals," one ministry said on condition of anonymity. However, it further added that Tokyo was ready to step in if yen declines become too sharp. (With inputs from agencies)

Japan highlights need for currency stability as value of yen decreases

Governor of Afghanistan's Paktika province on Saturday asked shopkeepers to use only Afghan currency in their daily transactions. Governor Maulvi Abdullah Mukhtar visited Sharana, capital of Paktika province on Saturday. As per Pajhwok Afghan News, Mukhtar said that Islamic Emirate had drawn up a plan to control prices and transact in national currency.

He said that the plan would be implemented soon. He claimed that with the implementation of the plan, the prices will be controlled soon. He also said that transactions will be in Afghanis only.

As per the report, the governor urged shopkeepers to co-operate with the government in controlling the pricesl. Haji Akbar, a money changer in Sharana, was quoted that they agreed with the ban on foreign currency transactions and welcomed the government`s move. It is worth mentioning that a demonstration was held in Sharana to promote the afghani. Earlier in September, Afghan businessmen had rejected Pakistan`s demand to conduct bilateral trade in the Pakistani rupee in the future.

Also Read | <a href="https://www.wionews.com/south-asia/taliban-dismiss-afghan-election-commission-in-decision-seen-as-hurried-440002">Taliban dismiss Afghan election commission in decision seen as hurried</a>

Paktika province of Afghanistan borders Pakistan.

Afghan economy has been in dire straits after international forces departed and the Taliban took control. Banking sector has collapsed. Inflation is skt high, and locals are having to part with a lot of money to buy very little of their daily needs.

Also Read | <a href="https://www.wionews.com/south-asia/what-does-the-issuance-of-additional-general-licenses-mean-for-afghanistan-439885">What does the issuance of additional general licenses mean for Afghanistan?</a>

Taliban government does not have global recognition. Its situation has become more difficult as the US has frozen Afghan funds in US banks. The International Monetary Fund (IMF) has also severed ties with Taliban government on the issue of recognition.

(With inputs from agencies)

Governor of Afghanistan's Paktika province on Saturday asked shopkeepers to use only Afghan currency in their daily transactions. Governor Maulvi Abdullah Mukhtar visited Sharana, capital of Paktika province on Saturday.

Governor of Afghanistan's Paktika province on Saturday asked shopkeepers to use only Afghan currency in their daily transactions. Governor Maulvi Abdullah Mukhtar visited Sharana, capital of Paktika province on Saturday. As per Pajhwok Afghan News, Mukhtar said that Islamic Emirate had drawn up a plan to control prices and transact in national currency. He said that the plan would be implemented soon. He claimed that with the implementation of the plan, the prices will be controlled soon. He also said that transactions will be in Afghanis only. As per the report, the governor urged shopkeepers to co-operate with the government in controlling the pricesl. Haji Akbar, a money changer in Sharana, was quoted that they agreed with the ban on foreign currency transactions and welcomed the government`s move. It is worth mentioning that a demonstration was held in Sharana to promote the afghani. Earlier in September, Afghan businessmen had rejected Pakistan`s demand to conduct bilateral trade in the Pakistani rupee in the future. Also Read | Taliban dismiss Afghan election commission in decision seen as hurried Paktika province of Afghanistan borders Pakistan. Afghan economy has been in dire straits after international forces departed and the Taliban took control. Banking sector has collapsed. Inflation is skt high, and locals are having to part with a lot of money to buy very little of their daily needs. Also Read | What does the issuance of additional general licenses mean for Afghanistan? Taliban government does not have global recognition. Its situation has become more difficult as the US has frozen Afghan funds in US banks. The International Monetary Fund (IMF) has also severed ties with Taliban government on the issue of recognition. (With inputs from agencies)

Afghanistan: Governor of region bordering Pakistan asks people to use Afghan currency

Turkish currency remains volatile. Turkey's Finance Ministry said on Tuesday a new protection scheme meant to boost confidence in the currency will be applied to lira deposits with maturities of three to 12 months.

Turkey introduces new measures to guard local currency

These are challenging times for the Indian Rupee. A study claims the Rupee is set to end the year as Asia's worst-performing emerging market currency. What are the challenges? Palki Sharma tells you.

Gravitas: Is Indian Rupee 'Asia's worst-performing currency'?

A relatively lesser-known cryptocurrency had been witnessing a massive surge in the crypto market. In two days, the value of the digital token shot up by a massive 900 per cent.

The unprecedented rise in value is due to the fact that the crypto shares the same name with the new Covid variant—Omicron.

Omicron crypto shot up by 900 per cent in just two days after the WHO christened the new COVID-19 variant after a Greek word.

According to data byCoinMarketCap, the crypto was trading at $692.45 on November 29, from $64.94 on November 27.

However, its value has been halved since then. On Thursday, till 4.30 pm (IST), Omicron, which was launched at the start of November, was trading at $293.09, with a fully diluted market cap of $324.73 million, as per the platform.

Omicron operates on the Ethereum layer two network Arbitrum. The token is backed by several other cryptocurrencies including the USD Coin (USDC) stablecoin and liquidity provider tokens.

CoinMarketCap cautioned investors against getting blown by the rapid rise of the Omicron crypto coin, saying though it has outperformed popular coins like Bitcoin and Ethereum, this does not mean it's a worthwhile investment. "Little is known about this decentralised finance project, and robust data surrounding the project is proving hard to come by," it added.

The sudden rise of Omicron crypto bore parallels to the ‘Squid Game’ crypto, named after the hit Netflix show series, that initially skyrocketed for a few days, after which it crashed massively.

The Squid coin surged to a high of over $2,800 and then immediately crashed to $0.01.

(With inputs from agencies)

A relatively lesser-known cryptocurrency had been witnessing a massive surge in the crypto market. In two days, the value of the digital token shot up by a massive 900 per cent.

A relatively lesser-known cryptocurrency had been witnessing a massive surge in the crypto market. In two days, the value of the digital token shot up by a massive 900 per cent. The unprecedented rise in value is due to the fact that the crypto shares the same name with the new Covid variant—Omicron. Omicron crypto shot up by 900 per cent in just two days after the WHO christened the new COVID-19 variant after a Greek word. According to data byCoinMarketCap, the crypto was trading at $692.45 on November 29, from $64.94 on November 27. However, its value has been halved since then. On Thursday, till 4.30 pm (IST), Omicron, which was launched at the start of November, was trading at $293.09, with a fully diluted market cap of $324.73 million, as per the platform. Omicron operates on the Ethereum layer two network Arbitrum. The token is backed by several other cryptocurrencies including the USD Coin (USDC) stablecoin and liquidity provider tokens. CoinMarketCap cautioned investors against getting blown by the rapid rise of the Omicron crypto coin, saying though it has outperformed popular coins like Bitcoin and Ethereum, this does not mean it's a worthwhile investment. "Little is known about this decentralised finance project, and robust data surrounding the project is proving hard to come by," it added. The sudden rise of Omicron crypto bore parallels to the ‘Squid Game’ crypto, named after the hit Netflix show series, that initially skyrocketed for a few days, after which it crashed massively. The Squid coin surged to a high of over $2,800 and then immediately crashed to $0.01. (With inputs from agencies)

After WHO names new Covid variant, Omicron crypto’s value skyrockets by 900 per cent, then nose-dives

Apple has halted all sales in Turkey as the Lira continues to sink further. How did Turkey, which was once the fastest-growing G20 economy come to such a pass? Palki Sharma tells you why Recep Tayyip Erdogan's 'economic experiments' are to blame.

Gravitas: Turkish Lira sinks, investors lose confidence | How has Erdogan's experiment backfired?

Turkish Lira has continued to slide and reach a record-low in three years against the dollar; the lira fell as much as 6 per cent to 11.3118 against the dollar, the biggest decline in eight months.

Turkey currency hits record low level, Lira has lost a third of its value

Amid waves of coronavirus pandemic and crippling US sanctions, Iran’s economy is shrinking and witnessing losses just before the country is set to resume the nuclear deal talks. Iran's currency Rial has declined by nearly 2.8% in the past week.

US sanctions cripple Iranian economy, more than 31% decline in last six months

As Myanmar`s economic slump deepens after February`s military coup and parts of its financial system freeze up, many in the strife-torn country are turning to online groups to bypass official channels to trade currencies.

The fragility of the financial system was further exposed this week when the kyat currency sank to new lows after the central bank gave up on attempts to prop it up. Many licensed money exchanges and gold shops shut their doors in the turmoil that followed.

The online groups, which run mainly on Facebook, have become a way for buyers and sellers of currencies to connect, often relying on trust when arranging physical exchanges of notes.

"I posted to sell some old notes yesterday in the group," said May Lay, a Yangon resident, referring to what she said was the sale of about $190 into kyat on a Facebook group.

"I lost my job and have had no income recently. Life is difficult with a one-year-old child," she said, noting how her household spending on food had doubled.

In the immediate months after the February 1 coup, long lines of people queued up to withdraw cash from banks, though recently kyat savings have taken an ever bigger hit with the currency losing 60 per cent&nbsp;of its value against the dollar in September.

Speaking after the World Bank warned this week the economy could slump 18 per cent&nbsp;this year, the ruling military council`s spokesman Zaw Min Tun said on Thursday the central bank had been unable to meet local demand for dollars.

One of the biggest of the groups set up on Facebook called "Dollar Buyer Seller Direct" had about 170,000 members, with the group`s administrator warning users to be careful before making a deal.

"The seller, the buyer, both take responsibility," it warned. 
The group appears to have been taken down in recent days, though at least one other site has emerged to fill its place.

In Myanmar, money traders are supposed to get a licence to operate. Central bank officials did not respond to requests for comment.

Asked about such sites using its platform, Rafael Frankel, director of public policy emerging countries, Facebook Asia Pacific, said: "Our dedicated team, including regional experts, continues to monitor the situation in Myanmar in real time and we will take action on anything that violates our policies as soon as we become aware of it."

"Our thoughts are with the people of Myanmar at this difficult time," Frankel said.

Smuggling Dollars

Still, with some money changers halting operations and official exchange rates now well out of line with market rates, more people have been drawn to the online sites to do their own deals, which are concluded in person.

"It`s like a black market. Both parties have to worry until the deal is done," said Ye Yint Tun, 33, who turned to becoming an unofficial currency broker after losing his job as a real estate agent for expatriates.

While initially asking for a 20 per cent fee, he has now slashed that to 2per cent&nbsp;to make it more attractive and reckons he earns about 10,000 to 20,000 kyat per day, or about $4 to just over $8, based on recent exchange rates.

"There are risks that you will be robbed while you doing exchange. So, we have to be very careful."

The online groups also tap into the flows of money remitted by overseas workers in neighbouring countries like Thailand.

"Millions of dollars are being smuggled into Myanmar from Thailand daily," an unlicensed money trader based in Thailand said, noting how the roughly four million Myanmar workers in Thailand needed to send money back to family members.

"We use Facebook as our platform for selling money," said the trader, who declined to be named.

Workers from Myanmar in Thailand pay traders with their Thai baht earnings, who in turn give kyat to family members in Myanmar and use the baht to buy U.S. dollars.

Another Thai-based trader described how U.S. dollars were smuggled into Myanmar overland, sometimes hidden in clothes or household items.

"In September alone, I traded about 30 million baht ($890,000). The trade is much higher compared with previous months," said the trader.

As Myanmar`s economic slump deepens after February`s military coup and parts of its financial system freeze up, many in the strife-torn country are turning to online groups to bypass official channels to trade currencies.

As Myanmar`s economic slump deepens after February`s military coup and parts of its financial system freeze up, many in the strife-torn country are turning to online groups to bypass official channels to trade currencies. The fragility of the financial system was further exposed this week when the kyat currency sank to new lows after the central bank gave up on attempts to prop it up. Many licensed money exchanges and gold shops shut their doors in the turmoil that followed. The online groups, which run mainly on Facebook, have become a way for buyers and sellers of currencies to connect, often relying on trust when arranging physical exchanges of notes. "I posted to sell some old notes yesterday in the group," said May Lay, a Yangon resident, referring to what she said was the sale of about $190 into kyat on a Facebook group. "I lost my job and have had no income recently. Life is difficult with a one-year-old child," she said, noting how her household spending on food had doubled. In the immediate months after the February 1 coup, long lines of people queued up to withdraw cash from banks, though recently kyat savings have taken an ever bigger hit with the currency losing 60 per cent of its value against the dollar in September. Speaking after the World Bank warned this week the economy could slump 18 per cent this year, the ruling military council`s spokesman Zaw Min Tun said on Thursday the central bank had been unable to meet local demand for dollars. One of the biggest of the groups set up on Facebook called "Dollar Buyer Seller Direct" had about 170,000 members, with the group`s administrator warning users to be careful before making a deal. "The seller, the buyer, both take responsibility," it warned. The group appears to have been taken down in recent days, though at least one other site has emerged to fill its place. In Myanmar, money traders are supposed to get a licence to operate. Central bank officials did not respond to requests for comment. Asked about such sites using its platform, Rafael Frankel, director of public policy emerging countries, Facebook Asia Pacific, said: "Our dedicated team, including regional experts, continues to monitor the situation in Myanmar in real time and we will take action on anything that violates our policies as soon as we become aware of it." "Our thoughts are with the people of Myanmar at this difficult time," Frankel said. Smuggling Dollars Still, with some money changers halting operations and official exchange rates now well out of line with market rates, more people have been drawn to the online sites to do their own deals, which are concluded in person. "It`s like a black market. Both parties have to worry until the deal is done," said Ye Yint Tun, 33, who turned to becoming an unofficial currency broker after losing his job as a real estate agent for expatriates. While initially asking for a 20 per cent fee, he has now slashed that to 2per cent to make it more attractive and reckons he earns about 10,000 to 20,000 kyat per day, or about $4 to just over $8, based on recent exchange rates. "There are risks that you will be robbed while you doing exchange. So, we have to be very careful." The online groups also tap into the flows of money remitted by overseas workers in neighbouring countries like Thailand. "Millions of dollars are being smuggled into Myanmar from Thailand daily," an unlicensed money trader based in Thailand said, noting how the roughly four million Myanmar workers in Thailand needed to send money back to family members. "We use Facebook as our platform for selling money," said the trader, who declined to be named. Workers from Myanmar in Thailand pay traders with their Thai baht earnings, who in turn give kyat to family members in Myanmar and use the baht to buy U.S. dollars. Another Thai-based trader described how U.S. dollars were smuggled into Myanmar overland, sometimes hidden in clothes or household items. "In September alone, I traded about 30 million baht ($890,000). The trade is much higher compared with previous months," said the trader.

Myanmar's economic crisis fuels underground currency trading

For the third time in 13 years,&nbsp;Venezuela&nbsp;on Friday will slash&nbsp;zeroes off its inflation-battered currency, the bolivar. This time, it will shed six zeroes, for a total of 14&nbsp;since 2008.

With that, a million bolivars will overnight become one&nbsp;still the equivalent of about 25 US dollar cents.

Venezuela's central bank announced the move last month to simplify transactions, with consumers scrambling to make payment for even the most basic goods or services.

Seven one-million bolivar notes the highest denomination and very hard to come by -- are required to pay in cash for one loaf of bread in the once-rich oil-producing nation now battling the highest inflation in the world.

Venezuela's GDP has plummeted by 80 percent since 2013 as the oil price crashed and output dwindled during decades of under-investment and mismanagement by successive socialist governments.

Teacher Marelys Guerrero, 43, is one of the many Venezuelans who receives a salary in the millions of bolivars that are worth nothing.

<a href="https://www.wionews.com/world/venezuela-economic-crisis-over-three-quarters-live-in-extreme-poverty-417155">Also read |&nbsp;Venezuela economic crisis: Over three-quarters live in extreme poverty</a>

"We earn, fortnightly, less than $3," she told AFP in Caracas.&nbsp;

Rent for an apartment in a modest suburb of the capital starts from about $150, while a basket of basic groceries for a family of five costs about $220.

Most payments in bolivars are done by debit card or bank transfer, but seventy percent of transactions are now conducted in dollars, according to private sector estimates, and prices on many shop shelves are displayed in the US currency, to keep things simpler.

'I'll buy your dollar!'

On Friday,&nbsp;Venezuela&nbsp;becomes the South American country to have removed the most zeroes from its currency. It lost three in 2008 under now-deceased President Hugo Chavez, whose successor Nicolas Maduro eliminated five more in 2018.

The bolivar is now worth so little that children use it for play money.

In&nbsp;Venezuela's border regions, besides the dollar, it is common to also pay for goods in Colombian pesos or Brazilian reais, and even grams of gold.

In the rest of the country, cash is used almost exclusively for purchasing public transport tickets, but even this presents a headache as notes are scarce and can only be obtained by standing in long queues at the bank.

"I'll buy your dollar!" -- children with thick wads of bolivar bills yell at buses that, along with bus stops, have become informal currency exchange offices.&nbsp;

"We pay one dollar for four million bolivars. The fare costs two million," said William Hernandez, a 56-year-old bus driver.

The government will issue new banknotes in denominations of five, 10, 20, 50 and 100 bolivars, as well as a one-bolivar coin after Friday's change.

But the government has also said that it wants the economy to become entirely digital, a move, experts say, is meant to avoid printing money that will just continue devaluing.

"If inflation behaves as it has in recent months, it is very likely that in about three or four years the government will have to reconvert again," Luis Arturo Barcenas of economic consultancy Ecoanalitica told AFP.

'It's a relief'

The bolivar has lost nearly all its value in just over a decade,&nbsp;shedding almost 73 percent in 2021 alone.

The country's annual budget of 115 billion bolivars in 2007, then the equivalent of $50 billion,&nbsp;if held in bolivars, would be worth less than a dollar today.

Venezuela&nbsp;is battling its eight year of recession as well as hyperinflation that reached nearly 3,000 percent in 2020 and more than 9,500 percent the year before, according to central bank figures.

Ecoanalitica expects the number to hit 1,600 for 2021.

In May, the government tripled the minimum monthly wage but the new amount was not enough even to buy a kilogram of meat.

Three in four Venezuelans today live in extreme poverty, according to an academic study published Wednesday, with the economic collapse was worsened by the coronavirus pandemic.

Millions have left the country in recent years to try their luck elsewhere, but many have ended up as refugees.

While consumers like Guerrero fear Friday's readjustment of the bolivar could further squash their pocket with shopkeepers rounding up prices, others like Caracas accountant Rodrigo Bermudez welcome the change.

"It’s a relief... The number of digits was making everything very cumbersome," he told AFP, showing an invoice with too many zeroes to make any sense of.

For the third time in 13 years, Venezuela on Friday will slash zeroes off its inflation-battered currency, the bolivar. This time, it will shed six zeroes, for a total of 14 since 2008.

For the third time in 13 years, Venezuela on Friday will slash zeroes off its inflation-battered currency, the bolivar. This time, it will shed six zeroes, for a total of 14 since 2008. With that, a million bolivars will overnight become one still the equivalent of about 25 US dollar cents. Venezuela's central bank announced the move last month to simplify transactions, with consumers scrambling to make payment for even the most basic goods or services. Seven one-million bolivar notes the highest denomination and very hard to come by -- are required to pay in cash for one loaf of bread in the once-rich oil-producing nation now battling the highest inflation in the world. Venezuela's GDP has plummeted by 80 percent since 2013 as the oil price crashed and output dwindled during decades of under-investment and mismanagement by successive socialist governments. Teacher Marelys Guerrero, 43, is one of the many Venezuelans who receives a salary in the millions of bolivars that are worth nothing. Also read | Venezuela economic crisis: Over three-quarters live in extreme poverty "We earn, fortnightly, less than $3," she told AFP in Caracas. Rent for an apartment in a modest suburb of the capital starts from about $150, while a basket of basic groceries for a family of five costs about $220. Most payments in bolivars are done by debit card or bank transfer, but seventy percent of transactions are now conducted in dollars, according to private sector estimates, and prices on many shop shelves are displayed in the US currency, to keep things simpler. 'I'll buy your dollar!' On Friday, Venezuela becomes the South American country to have removed the most zeroes from its currency. It lost three in 2008 under now-deceased President Hugo Chavez, whose successor Nicolas Maduro eliminated five more in 2018. The bolivar is now worth so little that children use it for play money. In Venezuela's border regions, besides the dollar, it is common to also pay for goods in Colombian pesos or Brazilian reais, and even grams of gold. In the rest of the country, cash is used almost exclusively for purchasing public transport tickets, but even this presents a headache as notes are scarce and can only be obtained by standing in long queues at the bank. "I'll buy your dollar!" -- children with thick wads of bolivar bills yell at buses that, along with bus stops, have become informal currency exchange offices. "We pay one dollar for four million bolivars. The fare costs two million," said William Hernandez, a 56-year-old bus driver. The government will issue new banknotes in denominations of five, 10, 20, 50 and 100 bolivars, as well as a one-bolivar coin after Friday's change. But the government has also said that it wants the economy to become entirely digital, a move, experts say, is meant to avoid printing money that will just continue devaluing. "If inflation behaves as it has in recent months, it is very likely that in about three or four years the government will have to reconvert again," Luis Arturo Barcenas of economic consultancy Ecoanalitica told AFP. 'It's a relief' The bolivar has lost nearly all its value in just over a decade, shedding almost 73 percent in 2021 alone. The country's annual budget of 115 billion bolivars in 2007, then the equivalent of $50 billion, if held in bolivars, would be worth less than a dollar today. Venezuela is battling its eight year of recession as well as hyperinflation that reached nearly 3,000 percent in 2020 and more than 9,500 percent the year before, according to central bank figures. Ecoanalitica expects the number to hit 1,600 for 2021. In May, the government tripled the minimum monthly wage but the new amount was not enough even to buy a kilogram of meat. Three in four Venezuelans today live in extreme poverty, according to an academic study published Wednesday, with the economic collapse was worsened by the coronavirus pandemic. Millions have left the country in recent years to try their luck elsewhere, but many have ended up as refugees. While consumers like Guerrero fear Friday's readjustment of the bolivar could further squash their pocket with shopkeepers rounding up prices, others like Caracas accountant Rodrigo Bermudez welcome the change. "It’s a relief... The number of digits was making everything very cumbersome," he told AFP, showing an invoice with too many zeroes to make any sense of.

A million bolivars become one as Venezuela recalibrates battered currency

Myanmar's currency has lost more than 60% of its value since the beginning of September in a collapse that has driven up food and fuel prices in an economy that has tanked since a military coup eight months ago.

"This will rattle the generals as they are quite obsessed with the kyat rate as a broader barometer of the economy, and therefore a reflection on them," Richard Horsey, a Myanmar expert at the International Crisis Group, said.

In August, the Central Bank of Myanmar tried tethering the kyat 0.8% either side of its reference rate against the dollar, but gave up on Sept. 10 as pressure on the exchange rate mounted.

The shortage of dollars has become so bad that some money changers have pulled down their shutters.

"Due to the currency price instability at the moment...all Northern Breeze Exchange Service branches are temporarily closed," the money changer said on Facebook.

Those still operating were quoting a rate of 2,700 kyat per dollar on Tuesday, compared to 1,695 on Sept. 1 and 1,395 back on Feb.1 when the military overthrew a democratically elected government led by Nobel Laureate Aung San Suu Kyi.

In a report published on Monday, the World Bank predicted the economy would slump by 18% this year, partly due to the pandemic, and said Myanmar would see the biggest contraction in employment in the region and the number of poor in the country would rise.

The increasing economic pressures come amid signs of an upsurge in bloodshed, as armed militias have become bolder in clashes with the army after months of protests and strikes by opponents of the junta.

"The worse the political situation is, the worse the currency rate will be," said a senior executive at a Myanmar bank, who declined to be named.

Myanmar is also struggling to deal with a second wave of coronavirus cases that started in June with the response by authorities crippled after many health workers joined protests. Reported cases have comes off their highs though the true extent of the outbreak remains unclear.

Stay at home orders in some townships have been withdrawn, but are still in effect in some areas.

In the immediate months after the Feb. 1 coup, many people queued up to withdraw savings from banks and some bought gold, but a jewellery merchant in Yangon said many desperate people were now trying to sell their gold back.

The central bank gave no reason to why it abandoned its managed float strategy earlier this month, but analysts believe its foreign currency reserves must be seriously depleted.

Central bank officials did not answer calls seeking comment on how much foreign currency was left, but World Bank data shows it had just $7.67 billion in reserves at the end of 2020.

After coming off its managed float, the central bank still spent $65 million, buying kyat at a rate of 1,750 to 1,755 per dollar between Sept. 13-27.

The bank executive said the central bank's efforts had limited impact in a currency market shorn of confidence.

The economic crisis has driven up the price of staples, and the United Nations Office for the Coordination of Humanitarian Affairs said this week that around three million people now require humanitarian assistance in Myanmar, up from one million before the coup.

A 48-kilogram bag of rice costs 48,000 kyat, up nearly 40% since the coup, while gasoline prices have nearly doubled to 1,445 kyat per litre.

The crisis is also hurting businesses, particularly those needing to import raw materials. A plastic bag manufacturer in Yangon said he had been forced to increase prices and sales had dropped about 30%.

Per capita gross domestic product was just $1,400 last year, and Zaw, a resident in Yangon who asked to use only part of his name, was under no illusion about where Myanmar was heading.

"People will become poorer."

Myanmar's currency has lost more than 60% of its value since the beginning of September in a collapse that has driven up food and fuel prices in an economy that has tanked since a military coup eight months ago.

Myanmar's currency has lost more than 60% of its value since the beginning of September in a collapse that has driven up food and fuel prices in an economy that has tanked since a military coup eight months ago. "This will rattle the generals as they are quite obsessed with the kyat rate as a broader barometer of the economy, and therefore a reflection on them," Richard Horsey, a Myanmar expert at the International Crisis Group, said. In August, the Central Bank of Myanmar tried tethering the kyat 0.8% either side of its reference rate against the dollar, but gave up on Sept. 10 as pressure on the exchange rate mounted. The shortage of dollars has become so bad that some money changers have pulled down their shutters. "Due to the currency price instability at the moment...all Northern Breeze Exchange Service branches are temporarily closed," the money changer said on Facebook. Those still operating were quoting a rate of 2,700 kyat per dollar on Tuesday, compared to 1,695 on Sept. 1 and 1,395 back on Feb.1 when the military overthrew a democratically elected government led by Nobel Laureate Aung San Suu Kyi. In a report published on Monday, the World Bank predicted the economy would slump by 18% this year, partly due to the pandemic, and said Myanmar would see the biggest contraction in employment in the region and the number of poor in the country would rise. The increasing economic pressures come amid signs of an upsurge in bloodshed, as armed militias have become bolder in clashes with the army after months of protests and strikes by opponents of the junta. "The worse the political situation is, the worse the currency rate will be," said a senior executive at a Myanmar bank, who declined to be named. Myanmar is also struggling to deal with a second wave of coronavirus cases that started in June with the response by authorities crippled after many health workers joined protests. Reported cases have comes off their highs though the true extent of the outbreak remains unclear. Stay at home orders in some townships have been withdrawn, but are still in effect in some areas. In the immediate months after the Feb. 1 coup, many people queued up to withdraw savings from banks and some bought gold, but a jewellery merchant in Yangon said many desperate people were now trying to sell their gold back. The central bank gave no reason to why it abandoned its managed float strategy earlier this month, but analysts believe its foreign currency reserves must be seriously depleted. Central bank officials did not answer calls seeking comment on how much foreign currency was left, but World Bank data shows it had just $7.67 billion in reserves at the end of 2020. After coming off its managed float, the central bank still spent $65 million, buying kyat at a rate of 1,750 to 1,755 per dollar between Sept. 13-27. The bank executive said the central bank's efforts had limited impact in a currency market shorn of confidence. The economic crisis has driven up the price of staples, and the United Nations Office for the Coordination of Humanitarian Affairs said this week that around three million people now require humanitarian assistance in Myanmar, up from one million before the coup. A 48-kilogram bag of rice costs 48,000 kyat, up nearly 40% since the coup, while gasoline prices have nearly doubled to 1,445 kyat per litre. The crisis is also hurting businesses, particularly those needing to import raw materials. A plastic bag manufacturer in Yangon said he had been forced to increase prices and sales had dropped about 30%. Per capita gross domestic product was just $1,400 last year, and Zaw, a resident in Yangon who asked to use only part of his name, was under no illusion about where Myanmar was heading. "People will become poorer."

Myanmar's junta powerless as currency drops 60% in four weeks, economy tanks

India's envoy to Japan Sanjay Verma has said that Indo Pacific vision is the 'new currency' even as he listed out how Quad is a grouping of 'convergence of principles'. Japan, along with India, US and Australia are members of the Quad grouping and back the Indo Pacific vision that geographically sees Indian and Pacific oceans as one unit.&nbsp;&nbsp;

In response to a question, Sanjay Verma speaking at Foreign&nbsp;Correspondents&nbsp;Club of Japan, said, "There is no conflict between the concept of Indo Pacific and Asia Pacific, which is an old concept. In fact, Indo Pacific has become the new currency, as compared to the old currency, which used to be Asia Pacific. Indo Pacific replaces Asia Pacific."&nbsp;&nbsp;

He explained that the Indo Pacific vision is shared by 'many countries' and groupings like ASEAN and 'many countries beyond Asia, which also share' the vision like the US and Australia. Indo Pacific is a region seen from eastern shores of Africa to the western coast of the US and a region driving the world's economy and hosting a large portion of world's population.&nbsp;&nbsp;

Asked about Quad, and India aligning itself to specific groups, Verma highlighted that, "Quad doesn't force us to leave or give up our independent foreign policy. It is autonomous and completely independent. It doesn't preclude the convergence of principles."&nbsp;&nbsp;

Adding, "Quad has certain principles, which have convergence and&nbsp;reverbrance&nbsp;with the Indian foreign policy ethos and that is very much there."&nbsp;&nbsp;

Earlier, this year saw the first-ever Quad leadership summit virtually in which leaders of all four member countries participated. Later, this year could see, first-ever in-person summit. While the Quad's history goes back to the aftermath of the 2004 Indian ocean Tsunami when these four countries worked together, but it is only in the last few years that the pace of regular engagement has increased.&nbsp;&nbsp;

"In Quad, the countries, which have come together, follow principles like democracy”, envoy pointed out, saying "there is dialogue and deliverables coming out of quad and I don't see quad going against the philosophy and principle of having an independent foreign policy by a country."&nbsp;&nbsp;

The emergence of groupings like Quad and Indo Pacific vision come at a time when world and Asia has seen an increase in Chinese aggressiveness. China has been aggressive with all four Quad countries, with India it has been creating troubles at LAC in Eastern Ladakh, with Japan over Senkaku islands, with Australia there have been trade issues and with US, from trade to Taiwan.&nbsp;&nbsp;&nbsp;

The Indian envoy also spoke on Tokyo Olympics which Japan will be hosting next month, saying "our athletes are early waiting to come and join the event and try to do the best they can in the sporting event."&nbsp;&nbsp;&nbsp;

The Olympics were to take place last year but got postponed due to the Covid crisis. This year, the Olympics are taking place amid heightened protocols to deal with the Covid virus.&nbsp;&nbsp;

Verma said, "The Olympics should generally be held on time so that athletes, who would participate, do not get disappointed", elaborating that "It is a global event, for which the world waits for four years and therefore, our view is that, with safety is of paramount importance. There cannot be a compromise with health issues. Neither for the athletes, nor for visitors or Japanese residents."&nbsp;&nbsp;

So far, 140 Indian athletes are confirmed to go to Japan for the Olympics. The number can increase as many qualifying events remain.&nbsp;&nbsp;&nbsp;

Expressing confidence on smooth Olympics, the envoy said, "Olympics should go ahead and I am sure, given the precautions taken by the Japanese govt and Japanese Olympic committee, we do not foresee any difficulty in going ahead with the event."&nbsp;

India's envoy to Japan Sanjay Verma has said that Indo Pacific vision is the 'new currency' even as he listed out how Quad is a grouping of 'convergence of principles'.

India's envoy to Japan Sanjay Verma has said that Indo Pacific vision is the 'new currency' even as he listed out how Quad is a grouping of 'convergence of principles'. Japan, along with India, US and Australia are members of the Quad grouping and back the Indo Pacific vision that geographically sees Indian and Pacific oceans as one unit. In response to a question, Sanjay Verma speaking at Foreign Correspondents Club of Japan, said, "There is no conflict between the concept of Indo Pacific and Asia Pacific, which is an old concept. In fact, Indo Pacific has become the new currency, as compared to the old currency, which used to be Asia Pacific. Indo Pacific replaces Asia Pacific." He explained that the Indo Pacific vision is shared by 'many countries' and groupings like ASEAN and 'many countries beyond Asia, which also share' the vision like the US and Australia. Indo Pacific is a region seen from eastern shores of Africa to the western coast of the US and a region driving the world's economy and hosting a large portion of world's population. Asked about Quad, and India aligning itself to specific groups, Verma highlighted that, "Quad doesn't force us to leave or give up our independent foreign policy. It is autonomous and completely independent. It doesn't preclude the convergence of principles." Adding, "Quad has certain principles, which have convergence and reverbrance with the Indian foreign policy ethos and that is very much there." Earlier, this year saw the first-ever Quad leadership summit virtually in which leaders of all four member countries participated. Later, this year could see, first-ever in-person summit. While the Quad's history goes back to the aftermath of the 2004 Indian ocean Tsunami when these four countries worked together, but it is only in the last few years that the pace of regular engagement has increased. "In Quad, the countries, which have come together, follow principles like democracy”, envoy pointed out, saying "there is dialogue and deliverables coming out of quad and I don't see quad going against the philosophy and principle of having an independent foreign policy by a country." The emergence of groupings like Quad and Indo Pacific vision come at a time when world and Asia has seen an increase in Chinese aggressiveness. China has been aggressive with all four Quad countries, with India it has been creating troubles at LAC in Eastern Ladakh, with Japan over Senkaku islands, with Australia there have been trade issues and with US, from trade to Taiwan. The Indian envoy also spoke on Tokyo Olympics which Japan will be hosting next month, saying "our athletes are early waiting to come and join the event and try to do the best they can in the sporting event." The Olympics were to take place last year but got postponed due to the Covid crisis. This year, the Olympics are taking place amid heightened protocols to deal with the Covid virus. Verma said, "The Olympics should generally be held on time so that athletes, who would participate, do not get disappointed", elaborating that "It is a global event, for which the world waits for four years and therefore, our view is that, with safety is of paramount importance. There cannot be a compromise with health issues. Neither for the athletes, nor for visitors or Japanese residents." So far, 140 Indian athletes are confirmed to go to Japan for the Olympics. The number can increase as many qualifying events remain. Expressing confidence on smooth Olympics, the envoy said, "Olympics should go ahead and I am sure, given the precautions taken by the Japanese govt and Japanese Olympic committee, we do not foresee any difficulty in going ahead with the event."

Indo Pacific is new currency, says Indian envoy to Japan Sanjay Verma; Backs Tokyo Olympics 

The Chinese commerce ministry has said that it will launch a digital currency pilot program in some cities including those in the northern Chinese region of Beijing.

Sovereign digital currency arms race: Chinese home-grown digital currency to be out soon

President Emmerson Mnangagwa said on Wednesday that Zimbabwe's currency was under attack from businesses that were constantly hiking prices and this was part of a wider political plot against his government.

A year after the southern African nation ended a decade of dollarisation and reintroduced the Zimbabwe dollar, the local currency has tumbled on the black market, fuelling price increases and pushing inflation to 765%.

When Mnangagwa took over from Robert Mugabe in 2017 after an army coup, he promised to revive the economy, but life has become harder as people grapple with acute shortages of foreign currency, medicines and food, and unemployment above 80%.

"We are witnessing a relentless attack on our currency and the economy in general through exorbitant pricing models by the private sector," Mnangagwa told a meeting of his ruling ZANU-PF party's politburo in Harare.

"We are fully cognisant that this is a battle being fuelled by our political detractors, elite opportunists and malcontents who are bent on pushing a nefarious agenda they will never win."

Economic analysts say the government's budget is under pressure from spending to combat the coronavirus outbreak, which will force authorities to resort to printing money, stoking inflation further.

Inflation is seen ending this year way above the central bank and treasury's target of 50% due to a weak exchange rate and shortages of food following a drought.

Mnangagwa said reports last month of three opposition activists who were allegedly abducted and tortured by state security agents were part of coordinated plan to cause unrest.

The activists are receiving treatment in hospital and have been charged with taking part in an illegal protest and breaking coronavirus lockdown rules.

On Wednesday, United Nations human rights experts urged Zimbabwean authorities to "urgently prosecute and punish the perpetrators of this outrageous crime".

President Emmerson Mnangagwa said on Wednesday that Zimbabwe's currency was under attack from businesses that were constantly hiking prices and this was part of a wider political plot against his government.

President Emmerson Mnangagwa said on Wednesday that Zimbabwe's currency was under attack from businesses that were constantly hiking prices and this was part of a wider political plot against his government. A year after the southern African nation ended a decade of dollarisation and reintroduced the Zimbabwe dollar, the local currency has tumbled on the black market, fuelling price increases and pushing inflation to 765%. When Mnangagwa took over from Robert Mugabe in 2017 after an army coup, he promised to revive the economy, but life has become harder as people grapple with acute shortages of foreign currency, medicines and food, and unemployment above 80%. "We are witnessing a relentless attack on our currency and the economy in general through exorbitant pricing models by the private sector," Mnangagwa told a meeting of his ruling ZANU-PF party's politburo in Harare. "We are fully cognisant that this is a battle being fuelled by our political detractors, elite opportunists and malcontents who are bent on pushing a nefarious agenda they will never win." Economic analysts say the government's budget is under pressure from spending to combat the coronavirus outbreak, which will force authorities to resort to printing money, stoking inflation further. Inflation is seen ending this year way above the central bank and treasury's target of 50% due to a weak exchange rate and shortages of food following a drought. Mnangagwa said reports last month of three opposition activists who were allegedly abducted and tortured by state security agents were part of coordinated plan to cause unrest. The activists are receiving treatment in hospital and have been charged with taking part in an illegal protest and breaking coronavirus lockdown rules. On Wednesday, United Nations human rights experts urged Zimbabwean authorities to "urgently prosecute and punish the perpetrators of this outrageous crime".

Zimbabwe president says currency under attack as prices spiral

As the coronavirus continues to unleash its wrath over the world with more than 1700 dead and 71,000 infected, China is trying something unconventional to counter the spread.

As reported by CNN, the country intends to ''deep clean'' infected cash, which could indeed be a valid carrier of the virus. Additionally, most of the infected cash will be destroyed.

The People's Bank of China announced the measure on Saturday, with the aim to contain the virus, which recently received an official name - Covid-19, pegged by the WHO.

Also read: <a href="https://www.wionews.com/world/latest-99-more-coronavirus-cases-confirmed-in-diamond-princess-japanese-cruise-281124">99 more confirmed with coronavirus on Japanese cruise; total cases jump to 454</a>

Many people believed that receiving packages hailing from China could spread the virus further. But as per the directions of the WHO, the virus only survives for a few hours on surfaces.

The health bodies in deeply infected regions are cleaning elevator buttons, door handles, and other surfaces that may be more often touched by people.

There is where cash currency comes into play, for it is exchanged among people multiple times a day.

As per the guidelines, all banks have to disinfect their cash with ultraviolet light combined with high temperatures. This is followed by storing the cash for 14 days before it is released to the customers, as announced by a press release by the central Chinese government.

<img alt="ppppp" data-entity-type="file" data-entity-uuid="9da0d954-9669-461b-bdeb-5bbc95c2835e" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%281%29_1.jpg" />

The government has identified high-risk infection areas, especially hospitals, schools, and markets (with focus on wet markets). Currency emanating from any of these places will be treated, and then returned to the Chinese Central Bank before being put into circulation again.

However, in the Guangzhou branch of the Central Bank, these notes may be completely destroyed, a local tabloid Global Times reported.

Also read: <a href="https://www.wionews.com/world/japan-records-slowest-economy-in-over-five-years-as-coronavirus-halts-trade-with-its-biggest-partner-china-281107">Japan records slowest economy in over five years as coronavirus halts trade with its biggest partner, China</a>

This does not imply that the cash will not be recirculated. According to the statement, the bank intends to issue fresh currency to make up for the recall.

Additionally, in Wuhan, the epicentre of the coronavirus outbreak, over 4 billion yuan worth of new bank notes are being circulated.

Another route to limit the infection from spreading includes suspending cash transactions, especially in the hardest-hit provinces.

As the coronavirus continues to unleash its wrath over the world with more than 1700 dead and 71,000 infected, China is trying something unconventional to counter the spread.

As the coronavirus continues to unleash its wrath over the world with more than 1700 dead and 71,000 infected, China is trying something unconventional to counter the spread. As reported by CNN, the country intends to ''deep clean'' infected cash, which could indeed be a valid carrier of the virus. Additionally, most of the infected cash will be destroyed. The People's Bank of China announced the measure on Saturday, with the aim to contain the virus, which recently received an official name - Covid-19, pegged by the WHO. Also read: 99 more confirmed with coronavirus on Japanese cruise; total cases jump to 454 Many people believed that receiving packages hailing from China could spread the virus further. But as per the directions of the WHO, the virus only survives for a few hours on surfaces. The health bodies in deeply infected regions are cleaning elevator buttons, door handles, and other surfaces that may be more often touched by people. There is where cash currency comes into play, for it is exchanged among people multiple times a day. As per the guidelines, all banks have to disinfect their cash with ultraviolet light combined with high temperatures. This is followed by storing the cash for 14 days before it is released to the customers, as announced by a press release by the central Chinese government. The government has identified high-risk infection areas, especially hospitals, schools, and markets (with focus on wet markets). Currency emanating from any of these places will be treated, and then returned to the Chinese Central Bank before being put into circulation again. However, in the Guangzhou branch of the Central Bank, these notes may be completely destroyed, a local tabloid Global Times reported. Also read: Japan records slowest economy in over five years as coronavirus halts trade with its biggest partner, China This does not imply that the cash will not be recirculated. According to the statement, the bank intends to issue fresh currency to make up for the recall. Additionally, in Wuhan, the epicentre of the coronavirus outbreak, over 4 billion yuan worth of new bank notes are being circulated. Another route to limit the infection from spreading includes suspending cash transactions, especially in the hardest-hit provinces.

China intends to destroy 'infected currency' in a bid to contain coronavirus

Trial runs for the Chinese <a href="https://www.wionews.com/world/paypal-abandons-facebook-backed-libra-cryptocurrency-group-253843">digital currently</a> are underway in two cities, Shenzhen and Suzhou.

Once the trial period ends, the currency will be available through banks and consumers shall have access to it.&nbsp;

What made China go digital?

China recently banned BitCoins, a global cryptocurrency. The trade within the dictates of digital currency is anonymous and untraceable, effectively out of the State's control. China intends to prevent this by curating a digital currency of its own.&nbsp;

Digital currencies will reduce cost, boost productivity, and be more reliable.

For the Chinese government, the biggest advantage is the ability to track it. The authorities will know who's evading tax and whether any laundering is taking place.

The hidden dangers

Many critics of <a href="https://www.wionews.com/world/g7-worried-over-facebooks-libra-cryptocurrency-french-official-236753">cryptocurrency</a> believe that individual privacy and financial autonomy will be compromised and might open more appendages of control for China, which has a poor record on this front.

However, the digital currency module could also make China a global leader in economic trade, further accentuating its position in the global hierarchy.

In 2014, China overtook the United States as the biggest global goods trader.

To top it all off, China is the leading exporter in the world and has remained in that spot for the last ten years. Even then, international trade is dictated by Americans, for all transactions are recorded in USD.

China's digital currency will rid the Chinese trade ecosystem of the Dollar monopoly.

There is a huge market for digital currency. For instance, the Chinese currency share in terms of foreign trade was one per cent in 2010. In the four years that followed, it jumped by 28 per cent.

In 2016, the International Monetary Fund included the Chinese Renminbi or RMB as an international reserve.

Last year, Germany dismissed <a href="https://www.wionews.com/world/facebook-should-not-be-trusted-with-crazy-cryptocurrency-plan-us-senators-236538">digital currency</a> as "too risky" an idea.

Trial runs for the Chinese digital currently are underway in two cities, Shenzhen and Suzhou. Once the trial period ends, the currency will be available through banks and consumers shall have access to it.

Trial runs for the Chinese digital currently are underway in two cities, Shenzhen and Suzhou. Once the trial period ends, the currency will be available through banks and consumers shall have access to it. What made China go digital? China recently banned BitCoins, a global cryptocurrency. The trade within the dictates of digital currency is anonymous and untraceable, effectively out of the State's control. China intends to prevent this by curating a digital currency of its own. Digital currencies will reduce cost, boost productivity, and be more reliable. For the Chinese government, the biggest advantage is the ability to track it. The authorities will know who's evading tax and whether any laundering is taking place. The hidden dangers Many critics of cryptocurrency believe that individual privacy and financial autonomy will be compromised and might open more appendages of control for China, which has a poor record on this front. However, the digital currency module could also make China a global leader in economic trade, further accentuating its position in the global hierarchy. In 2014, China overtook the United States as the biggest global goods trader. To top it all off, China is the leading exporter in the world and has remained in that spot for the last ten years. Even then, international trade is dictated by Americans, for all transactions are recorded in USD. China's digital currency will rid the Chinese trade ecosystem of the Dollar monopoly. There is a huge market for digital currency. For instance, the Chinese currency share in terms of foreign trade was one per cent in 2010. In the four years that followed, it jumped by 28 per cent. In 2016, the International Monetary Fund included the Chinese Renminbi or RMB as an international reserve. Last year, Germany dismissed digital currency as "too risky" an idea.

Trial run for Chinese cryptocurrency underway in two cities

The Central Bureau of Investigation (CBI) on Tuesday conducted searches at around 187 places in various states and Union Territories and has registered around 42 cases of bank frauds involving approximately Rs 7,200 crore. Searches are still in progress. 
 
The searches are being conducted in Andhra Pradesh, Chandigarh, Delhi, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, Dadra and Nagar Haveli related to bank fraud cases. 
 
The banks involved (including consortium members) are Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, State Bank of India, Allahabad Bank, Canara Bank, Dena Bank, Punjab and Sind Bank, Punjab National Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India, read a statement from the CBI. 
 
The places being searched were in Delhi, Gurugram, Chandigarh, Ludhiana, Dehradun, Noida, Baramati, Mumbai, Thane, Silvassa, Kalyan, Amritsar, Faridabad, Bengaluru, Tirupur, Chennai, Madurai, Quilon, Cochin, Bhavnagar, Surat, Ahmedabad, Kanpur, Ghaziabad, Varanasi, Chandauli, Bhatinda, Gurdaspur, Morena, Kolkata, Patna, Krishna, Hyderabad and Bhopal. 
 
Out of these 42 cases, there are four cases of more than Rs 1000 crore (approximately) and 11 cases of fraud amount of Rs 100 crore (approximately) to Rs 1000 crore (approximately), CBI statement added. 
 
Among the prominent cases registered include - a case against a Malad (East) Mumbai/Bhopal based private company; its five Directors/Additional Director/Guarantors and unknown public servants on the allegations that the accused Directors and Guarantors of the company engaged in bulk trading of agro commodities, in connivance with unknown bank officials and others fraudulently availed credit facilities of Rs. 6000 crore (approximately) from SBI, Bhopal by resorting to falsification of accounts and forgery of documents, such as the bill of lading, falsely showing the movement of goods etc. 
 
During searches, incriminating documents have been recovered so far.

The Central Bureau of Investigation (CBI) on Tuesday conducted searches at around 187 places in various states and Union Territories and has registered around 42 cases of bank frauds involving approximately Rs 7,200 crore.

The Central Bureau of Investigation (CBI) on Tuesday conducted searches at around 187 places in various states and Union Territories and has registered around 42 cases of bank frauds involving approximately Rs 7,200 crore. Searches are still in progress. The searches are being conducted in Andhra Pradesh, Chandigarh, Delhi, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, Dadra and Nagar Haveli related to bank fraud cases. The banks involved (including consortium members) are Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, State Bank of India, Allahabad Bank, Canara Bank, Dena Bank, Punjab and Sind Bank, Punjab National Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India, read a statement from the CBI. The places being searched were in Delhi, Gurugram, Chandigarh, Ludhiana, Dehradun, Noida, Baramati, Mumbai, Thane, Silvassa, Kalyan, Amritsar, Faridabad, Bengaluru, Tirupur, Chennai, Madurai, Quilon, Cochin, Bhavnagar, Surat, Ahmedabad, Kanpur, Ghaziabad, Varanasi, Chandauli, Bhatinda, Gurdaspur, Morena, Kolkata, Patna, Krishna, Hyderabad and Bhopal. Out of these 42 cases, there are four cases of more than Rs 1000 crore (approximately) and 11 cases of fraud amount of Rs 100 crore (approximately) to Rs 1000 crore (approximately), CBI statement added. Among the prominent cases registered include - a case against a Malad (East) Mumbai/Bhopal based private company; its five Directors/Additional Director/Guarantors and unknown public servants on the allegations that the accused Directors and Guarantors of the company engaged in bulk trading of agro commodities, in connivance with unknown bank officials and others fraudulently availed credit facilities of Rs. 6000 crore (approximately) from SBI, Bhopal by resorting to falsification of accounts and forgery of documents, such as the bill of lading, falsely showing the movement of goods etc. During searches, incriminating documents have been recovered so far.

CBI unearths 42 cases of bank fraud after raids at 172 locations

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream.

Market watchdogs globally are debating how and whether they should regulate the cryptocurrency industry and have mostly focussed on protecting investors from the scams based on digital assets.

The licences introduced by Hong Kong's Securities and Futures Commission (SFC) late last year were among the first of their kind globally and grant fund managers of so-called virtual assets and related intermediaries permission to sell products to investors.

However, a year later, industry players say very few fund managers have been approved to invest in crypto-currencies.

Reuters could only identify one: Hong Kong-based Diginex, which operates a cryptocurrency "fund of funds". Lawyers and consultants are unable to identify any other applications that have been approved, though dozens of smaller funds looked into applying hoping that approval would help attract investors.

The SFC does not publicly announce information about licence approvals and declined Reuters' request for comment.

"We believe it is vital to be regulated to build trust with our clients but also in the industry," said Richard Byworth, CEO of Diginex, which won approval in June.

Larger investors, who might otherwise have been able to clear the licensing hurdles, have tended to stay away.

"We have seen lot more interest from smaller funds or crypto-dedicated funds," said Henri Arslanian, Hong Kong-based global crypto leader at PwC.

Gaven Cheong, a partner at law firm Simmons &amp; Simmons, who advised on their application, said the regulator essentially expected licensees to set up as a full-blown traditional fund manager.

"Last year there was a lot of excitement but since then we haven't seen much activity," he said. "Not many new managers in this area have the background, experience or support to mount such an undertaking, and this has meant that many applications never even get started."

Several market participants said the rigours of the Hong Kong regime had, in fact, forced some funds to domicile in offshore jurisdictions to skirt SFC requirements for funds based in the city that sell to local investors directly.

Advisers say the industry's relative infancy is also a factor, with crypto funds still developing systems for custody, audit, cybersecurity and other operational necessities.

"My take is it is more an operational and infrastructure issue than the regulator being obstructive," said Rocky Mui, a partner at Clifford Chance in Hong Kong.

Last year's "crypto winter" also chilled applications. One bitcoin, worth nearly $20,000 in December 2017, fell to below $4,000 by December 2018. It traded around $9,400 on Tuesday.

"The volatility and poor returns in 2018 scared large institutions away from allocating to crypto funds, causing those who survived to shelve their licensing plans," said Jehan Chu, a partner at Kenetic Capital, which takes equity stakes in blockchain companies.

"As institutional investors step into the market, crypto funds will dust off their licensing applications and take a fully regulated approach," he said.

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream.

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream. Market watchdogs globally are debating how and whether they should regulate the cryptocurrency industry and have mostly focussed on protecting investors from the scams based on digital assets. The licences introduced by Hong Kong's Securities and Futures Commission (SFC) late last year were among the first of their kind globally and grant fund managers of so-called virtual assets and related intermediaries permission to sell products to investors. However, a year later, industry players say very few fund managers have been approved to invest in crypto-currencies. Reuters could only identify one: Hong Kong-based Diginex, which operates a cryptocurrency "fund of funds". Lawyers and consultants are unable to identify any other applications that have been approved, though dozens of smaller funds looked into applying hoping that approval would help attract investors. The SFC does not publicly announce information about licence approvals and declined Reuters' request for comment. "We believe it is vital to be regulated to build trust with our clients but also in the industry," said Richard Byworth, CEO of Diginex, which won approval in June. Larger investors, who might otherwise have been able to clear the licensing hurdles, have tended to stay away. "We have seen lot more interest from smaller funds or crypto-dedicated funds," said Henri Arslanian, Hong Kong-based global crypto leader at PwC. Gaven Cheong, a partner at law firm Simmons & Simmons, who advised on their application, said the regulator essentially expected licensees to set up as a full-blown traditional fund manager. "Last year there was a lot of excitement but since then we haven't seen much activity," he said. "Not many new managers in this area have the background, experience or support to mount such an undertaking, and this has meant that many applications never even get started." Several market participants said the rigours of the Hong Kong regime had, in fact, forced some funds to domicile in offshore jurisdictions to skirt SFC requirements for funds based in the city that sell to local investors directly. Advisers say the industry's relative infancy is also a factor, with crypto funds still developing systems for custody, audit, cybersecurity and other operational necessities. "My take is it is more an operational and infrastructure issue than the regulator being obstructive," said Rocky Mui, a partner at Clifford Chance in Hong Kong. Last year's "crypto winter" also chilled applications. One bitcoin, worth nearly $20,000 in December 2017, fell to below $4,000 by December 2018. It traded around $9,400 on Tuesday. "The volatility and poor returns in 2018 scared large institutions away from allocating to crypto funds, causing those who survived to shelve their licensing plans," said Jehan Chu, a partner at Kenetic Capital, which takes equity stakes in blockchain companies. "As institutional investors step into the market, crypto funds will dust off their licensing applications and take a fully regulated approach," he said.

Hong Kong's new crypto funds struggle to clear licensing hurdles

China's largely rubber-stamp parliament has passed a new law on cryptography as the country gears up to launch its own digital currency, state media reported late on Saturday.

China's central bank set up a research team in 2014 to explore launching its own digital currency to cut the costs of circulating traditional paper money and boost policymakers' control of money supply.

China's proposed new digital currency would bear some similarities to Facebook Inc's&nbsp;Libra coin and would be able to be used across major payment platforms such as WeChat and Alipay, a senior central bank official said last month.

China's cryptography law, which takes effect on January&nbsp;1, is aimed at "facilitating the development of the cryptography business and ensuring the security of cyberspace and information", the official Xinhua news agency said, citing parliament. The law states that the state encourages and supports the research and application of science and technology in cryptography and ensures confidentiality.

<a href="https://www.wionews.com/world/bitcoin-surges-above-11000-thanks-to-facebooks-currency-plans-230055">Facebook's proposed cryptocurrency</a> has sparked concerns among global regulators that it could quickly become a dominant form of digital payment and a channel for money laundering given the social network's massive cross-border reach.

Libra will be a digital currency backed by a reserve of real-world assets, including bank deposits and short-term government securities, and held by a network of custodians. Its structure is intended to foster trust and stabilise the price.

Like other cryptocurrencies, Libra transactions will be powered and recorded by a blockchain, which is a shared ledger of transactions maintained by a network of computers.

Chinese President Xi Jinping said last week that the country should accelerate the development of blockchain technology as a core for innovation.

China's largely rubber-stamp parliament has passed a new law on cryptography as the country gears up to launch its own digital currency, state media reported late on Saturday.

China's largely rubber-stamp parliament has passed a new law on cryptography as the country gears up to launch its own digital currency, state media reported late on Saturday. China's central bank set up a research team in 2014 to explore launching its own digital currency to cut the costs of circulating traditional paper money and boost policymakers' control of money supply. China's proposed new digital currency would bear some similarities to Facebook Inc's Libra coin and would be able to be used across major payment platforms such as WeChat and Alipay, a senior central bank official said last month. China's cryptography law, which takes effect on January 1, is aimed at "facilitating the development of the cryptography business and ensuring the security of cyberspace and information", the official Xinhua news agency said, citing parliament. The law states that the state encourages and supports the research and application of science and technology in cryptography and ensures confidentiality. Facebook's proposed cryptocurrency has sparked concerns among global regulators that it could quickly become a dominant form of digital payment and a channel for money laundering given the social network's massive cross-border reach. Libra will be a digital currency backed by a reserve of real-world assets, including bank deposits and short-term government securities, and held by a network of custodians. Its structure is intended to foster trust and stabilise the price. Like other cryptocurrencies, Libra transactions will be powered and recorded by a blockchain, which is a shared ledger of transactions maintained by a network of computers. Chinese President Xi Jinping said last week that the country should accelerate the development of blockchain technology as a core for innovation.

China passes cryptography law to gear up for digital currency

Police on Sunday busted a <a href="https://www.wionews.com/india-news/fake-currency-notes-printing-unit-busted-one-held-in-tamil-nadu-141749">fake currency printing unit</a> in Idigarai in Coimbatore. Five persons including a woman have been arrested.

The accused have been identified as Boopathy, Dhanraj, Praveen Kumar and Ranjith. The&nbsp;arrested woman is Ranjith's wife. 
 
Fake currency amounting to Rs 14 lakh in Rs 100, 200, 500 and 2000 denominations have been seized by police from the accused. 
 
Further investigation is underway.

Police on Sunday busted a fake currency printing unit in Idigarai in Coimbatore. Five persons including a woman have been arrested. The accused have been identified as Boopathy, Dhanraj, Praveen Kumar and Ranjith.

Police on Sunday busted a fake currency printing unit in Idigarai in Coimbatore. Five persons including a woman have been arrested. The accused have been identified as Boopathy, Dhanraj, Praveen Kumar and Ranjith. The arrested woman is Ranjith's wife. Fake currency amounting to Rs 14 lakh in Rs 100, 200, 500 and 2000 denominations have been seized by police from the accused. Further investigation is underway.

Counterfeit currency unit busted in Coimbatore, five held

<a href="https://www.wionews.com/business-economy/global-markets-asian-shares-yuan-off-to-calm-start-focus-on-china-252723">Asian currencies strengthened</a> against the dollar on Friday, with South Korea's won leading the pack, as bets increased that the US Federal Reserve would cut rates further after a host of weak data deepened fears of a slowdown.

The market's focus now shifts to a key US&nbsp;jobs report due later in the day, and any signs of weakness in the print will boost rate-cut expectations and pressure the greenback.

"Slightly lower dollar, some adjustments in market positioning ahead of the weekend and expectations of Fed rate cuts are supporting Asian currencies," said Irene Cheung, a senior strategist for Asia at ANZ Banking Group (Singapore).

"With markets already fully loaded for an October FOMC (Federal Open Market Committee) rate cut, it may require an outsized positive surprise from the NFP (non-farm payroll) numbers to shake out the very short-term dollar bears," OCBC said in a note.

Thailand's baht, Asia's best-performing currency so far this year, added 0.3 per cent&nbsp;for the day and was set to close the week 0.5 per cent&nbsp;higher.

The Philippine peso&nbsp;was 0.2 per cent&nbsp;higher as investors shrugged off data showing September inflation came in at its slowest in more than 3 years.

Malaysia's ringgit&nbsp;cut earlier gains to trade slightly higher after a surprise fall in August exports.

India's rupee&nbsp;gained marginally, showing little reaction to a 25 basis point rate cut that was in line with expectations.

The Korean won outperformed Asian peers to notch up a 0.8 per cent&nbsp;gain, after having declined for three out of four sessions this week.

Japanese Prime Minister Shinzo Abe on Friday maintained an offer to talk to North Korea's leader even though <a href="https://www.wionews.com/world/north-korea-launches-missiles-ahead-of-nuclear-talks-253157">missile launches by the country</a> earlier this week had upped the risk ante in the region and pressured the won.

A bitter feud with Japan over history, trade and territory has added to the fallout from the US-Sino trade war to pull down the trade-sensitive won, making it Asia's worst-performing currency so far this year.

The unit was set to close the week 0.5 per cent&nbsp;stronger.

Asian currencies strengthened against the dollar on Friday, with South Korea's won leading the pack, as bets increased that the US Federal Reserve would cut rates further after a host of weak data deepened fears of a slowdown.

Asian currencies strengthened against the dollar on Friday, with South Korea's won leading the pack, as bets increased that the US Federal Reserve would cut rates further after a host of weak data deepened fears of a slowdown. The market's focus now shifts to a key US jobs report due later in the day, and any signs of weakness in the print will boost rate-cut expectations and pressure the greenback. "Slightly lower dollar, some adjustments in market positioning ahead of the weekend and expectations of Fed rate cuts are supporting Asian currencies," said Irene Cheung, a senior strategist for Asia at ANZ Banking Group (Singapore). "With markets already fully loaded for an October FOMC (Federal Open Market Committee) rate cut, it may require an outsized positive surprise from the NFP (non-farm payroll) numbers to shake out the very short-term dollar bears," OCBC said in a note. Thailand's baht, Asia's best-performing currency so far this year, added 0.3 per cent for the day and was set to close the week 0.5 per cent higher. The Philippine peso was 0.2 per cent higher as investors shrugged off data showing September inflation came in at its slowest in more than 3 years. Malaysia's ringgit cut earlier gains to trade slightly higher after a surprise fall in August exports. India's rupee gained marginally, showing little reaction to a 25 basis point rate cut that was in line with expectations. The Korean won outperformed Asian peers to notch up a 0.8 per cent gain, after having declined for three out of four sessions this week. Japanese Prime Minister Shinzo Abe on Friday maintained an offer to talk to North Korea's leader even though missile launches by the country earlier this week had upped the risk ante in the region and pressured the won. A bitter feud with Japan over history, trade and territory has added to the fallout from the US-Sino trade war to pull down the trade-sensitive won, making it Asia's worst-performing currency so far this year. The unit was set to close the week 0.5 per cent stronger.

Asian currencies rise as markets 'fully loaded' for Federal rate cut

The Central Bank of Nepal on Friday released three coins to commemorate the birth anniversary of Sikh Guru Nanak Dev. 
 
The coins with denomination of NPR (Nepali Rupees) 100, 1000 and 2500 were jointly launched by Governor of Nepal Rastra Bank (NRB) Chiranjibi Nepal and Indian Ambassador to Nepal Manjeev Singh Puri at Hotel Aloft in Kathmandu today. 
 
The coins possess monetary value and its sale will start from September 30, the NRB said. 
 
"Proud to be a Sikh today. Proud to be a follower of Guru Nanak Dev. Today, you can find Sikhs residing in every part of the world that too in large numbers," Puri told the crowd gathered to celebrate the occasion. 
 
Shortly after, Puri took to Twitter saying, "Honoring Nepal's Sikh Heritage Embassy of India releases special publication to mark 550th Birth Anniversary of Guru Nanak Dev Ji." 
 
On the occasion, both dignitaries also launched a book showcasing the Sikh heritage in Nepal. It has been published by BP Koirala India-Nepal Foundation in co-ordination with Embassy of India in Nepal. 
 
Before unveiling the book, Indian head of Mission gave a comprehensive presentation bringing out key aspects of the Sikh heritage in Nepal. 
 
The event was graced by the presence of Jathedar of Akal Takht S. Harpreet Singh, President of Shiromani Gurudwara Prabhandhak Committee-Amritsar S. Gobind Singh Longowal. 
 
A few prominent Sikh leaders from Punjab, including Charanjeet Singh Atwal, and former Deputy Speaker of Lok Sabha also participated in the event.&nbsp;

The Central Bank of Nepal on Friday released three coins to commemorate the birth anniversary of Sikh Guru Nanak Dev. The coins with denomination of NPR (Nepali Rupees) 100, 1000 and 2500 were jointly launched by Governor of Nepal Rastra Bank (NRB) Chiranjibi Nepal and Indian Ambassador to Nepal Manjeev Singh Puri at Hotel Aloft in Kathmandu today.

The Central Bank of Nepal on Friday released three coins to commemorate the birth anniversary of Sikh Guru Nanak Dev. The coins with denomination of NPR (Nepali Rupees) 100, 1000 and 2500 were jointly launched by Governor of Nepal Rastra Bank (NRB) Chiranjibi Nepal and Indian Ambassador to Nepal Manjeev Singh Puri at Hotel Aloft in Kathmandu today. The coins possess monetary value and its sale will start from September 30, the NRB said. "Proud to be a Sikh today. Proud to be a follower of Guru Nanak Dev. Today, you can find Sikhs residing in every part of the world that too in large numbers," Puri told the crowd gathered to celebrate the occasion. Shortly after, Puri took to Twitter saying, "Honoring Nepal's Sikh Heritage Embassy of India releases special publication to mark 550th Birth Anniversary of Guru Nanak Dev Ji." On the occasion, both dignitaries also launched a book showcasing the Sikh heritage in Nepal. It has been published by BP Koirala India-Nepal Foundation in co-ordination with Embassy of India in Nepal. Before unveiling the book, Indian head of Mission gave a comprehensive presentation bringing out key aspects of the Sikh heritage in Nepal. The event was graced by the presence of Jathedar of Akal Takht S. Harpreet Singh, President of Shiromani Gurudwara Prabhandhak Committee-Amritsar S. Gobind Singh Longowal. A few prominent Sikh leaders from Punjab, including Charanjeet Singh Atwal, and former Deputy Speaker of Lok Sabha also participated in the event.

Nepal Central Bank issues three coins to commemorate Guru Nanak Dev's birth anniversary

Australian Dollar falls below 70 U.S. Cents.

WION Wallet: Australian dollar falls to 10-year low

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