Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Virus spread beyond China spurs new round of dollar buying.

Date: 24-02-2020
Subject: Virus spread beyond China spurs new round of dollar buying
SINGAPORE: Asian currencies slid on Monday as the rapid spread of the coronavirus beyond China drove fears of a pandemic and sent investors flocking to gold and the dollar NSE 8.39 % for safety.

Italy, South Korea and Iran all posted sharp rises in infections over the weekend. South Korea now has more than 600 cases, Italy more than 150 and Iran 43 cases.

The World Health Organization said it was worried about the growing number of cases without any clear link to China, where the virus' outbreak is believed to have begun.

The Australian dollar, sensitive to developments in the outbreak because Australia is a major exporter of commodities, fell through $0.66 to touch a fresh 11-year low in early trade.

The New Zealand dollar followed it down. The Singapore dollar, Thai baht and Korean won - all sensitive to China's economic fortunes - were sold for greenbacks.

The risk aversion, which also saw US stock futures tumble and gold and bonds rise, unusually extended to the Japanese yen.

After partially recovering last week's tumble on Friday, it traded flat at 111.55 per dollar as Asian investors discount its safety value owing to Japan's virus exposure.

"The market reaction to the coronavirus appears to be evolving, beginning to differentiate the currencies vulnerable to the virus from the rest," Barclays analysts said.

Against a basket of currencies, the dollar headed back toward an almost three-year peak touched last week, before soft economic data knocked it from its perch on Friday.

It was a touch firmer on the euro at $1.0837 and pound at $1.2948.

The coronavirus has killed more than 2,400 people in China, which also accounts for 98% of global diagnoses. However, the weekend's spread outside of China appears to have caught authorities on the hop.

Italy has halted the carnival of Venice, shut schools, and sealed off affected towns across its wealthy north, but is struggling to find out how and where the virus' spread began.

Seoul has put South Korea on high alert.

Cases in China continue to climb - with every fresh rise only adding to the growing human cost of the virus and to its economic disruption as China's economy idles.

"From here on, a lot will depend on how fast China can resume production and contain negative implications for supply chains and global economic growth," said Stephen Innes, Asia Pacific Market Strategist at AxiCorp.

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 24-10-2020

Date: 21-10-2020
Notification No. 38/2020-Customs
Notification regarding exemption of duties of Customs against scrips issued under the RoSL scheme for apparel and made-ups sectors.

Date: 21-10-2020
Notification No. 07/2020 – Central Excise
Notification regarding exemption of duties of Central Excise against scrips issued under the RoSL scheme for apparel and made-ups sectors

Date: 20-10-2020
Notification No. 37/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, regarding the rate of duty of customs on imports of "Polybutadiene Rubber" originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement.

Date: 15-10-2020
Notification No. 99/2020 - Customs (N.T.)
Exchange rate Notification No.99/2020-Cus (NT) dated 15.10.2020- regd.

Date: 13-10-2020
Trade Notice No. 30/2020-2021-DGFT
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA w.e.f. 15th October 2020

Date: 09-10-2020
Notification No. 39/2015-2020
Amendment in Export Policy of Onions

Date: 08-10-2020
Circular No. 44/2020-Customs
Procedure for inspection of ICDs/CFSs/AFSs -reg

Date: 08-10-2020
Notification No. 49/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 07-10-2020
Public Notice No.24 /2015-20
Revision of SION H-68, H-301 & H-302 of Export Products- Double Decorative/Single side Laminates with or without Barrier Paper

Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001