Stock Market

Overlay Asset Management, a $20bn foreign exchange manager, is launching a currency basket it claims represents a “virtual world reserve currency”.

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International economy: As the G20 reconvenes, deepening rifts are fuelling suspicions that a forum hastily and arbitrarily charged with safeguarding the recovery is drifting into irrelevance

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Risk was off the table in the run-up to a meeting of financial ministers in South Korea as markets eyed grapeshot fired in the ‘currency wars’

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Rupee declined on speculation that importers were buying dollars to meet month-end oil payments and to take advantage of a slump in gold prices.

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Leif Johansson warned that competitive devaluations by countries to shore up their domestic economies would prove counterproductive

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The rupee on Friday snapped a seven-week rally and posted its biggest daily loss in a month-and-a-half as traders positioned for dollar outflows post the country’s largest initial public offer allocation.

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The rupee on Friday lost 28 paise to close at 44.58/59 against the US currency on fresh dollar demand from banks and importers on the back of strong dollar overseas.

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The Obama administration has a big goal going into this weekend’s Group of 20 finance ministers’ meeting in South Korea: Press China and other nations to allow currencies appreciate.

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Washington has taken a fresh line of attack in attempts to get Beijing to allow its currency to appreciate, calling for the G20 group of leading economies to agree a cap on current account surpluses

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The yen remains within touching distance of a 15-year high against the dollar as figures reveal that Switzerland aggressively added the Japanese currency to its foreign exchange reserves in the third quarter

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