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Indian rupee touches fresh new low against the dollar, UAE dirham - Dotemirates
1 week 3 day

Indian rupee touches fresh new low against the dollar, UAE dirham

The Indian rupee has continued to drop and hit a new record low of 72.58 against the US dollar on Monday although it has since recovered to 72.49. The Indian currency opened at record low of 72.15 a dollar on Monday, compared to its close of 71.73. It is currently trading at 19.76 rupees to one UAE dirham (11.30am UAE time). The dirham is pegged to the US dollar. The rupee is now one of Asia’s worst performers, losing 13 per cent this year. It has fallen due to strong demand for the US currency from importers, while a surge...


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27 minute 26 second

Argentine peso rises on optimism over IMF deal

BUENOS AIRES: Argentina’s peso strengthened for the third straight day on Friday, driven by optimism that the government would sign a revised financing deal with the International Monetary Fund to include stricter fiscal measures and faster cash disbursements.But with the economy shrinking, inflation rising and the president facing opposition to budget cuts ahead of his 2019 re-election campaign, analysts said the peso would remain unstable over the months ahead.The currency rose 2.6 per cent to close at 37.28 per US dollar on Friday, benefiting from dollar inflows as investors piled into Treasury notes offered this week at interest rates about...
31 minute 50 second

MoE holds ‘Visit UAE’ roadshow in Scandinavian cities

Abu Dhabi:The Ministry of Economy (MoE) has organised a roadshow to showcase the UAE’s sustainable tourism practices in three Scandinavian cities as part of its National Tourism Programme. The roadshow, held in cooperation with various tourism bodies, local government entities, private sector representatives from Emirates airline and other partners from hotels and travel and tourism offices, is aimed at promoting the UAE as a diverse tourism destination.The roadshow started on September 17 from Sweden’s capital, Stockholm, and then moved to the Oslo capital of Norway and is concluding the trip on September 21 in Copenhagen, the capital of Denmark.Abdullah Khalfan...
38 minute 49 second

Registration for ‘Tax Refund Scheme for Tourists’

ABU DHABI: The Federal Tax Authority (FTA), has invited retailers, outlets and shops registered for Value Added Tax (VAT), to register in the digital system of the Tax Refund Scheme for Tourists, which will come into effect as of the fourth quarter of 2018.The Authority is implementing the Scheme in cooperation with Planet, and has identified four basic conditions for registering, namely: the retailer must be registered with the Authority for VAT and have a tax registration number, TRN; the supplier’s sales of goods must not be excluded from the refund scheme, as determined by the Authority; the retailer must...

45 minute 56 second

Sharjah, ASEAN explore economic ties

Sharjah: Sharjah has welcomed the ASEAN community’s growing interest in the emirate’s robust and rapidly diversified economy, which attracted $1.63 billion in foreign direct investments in 2017 recording a sizeable jump in growth compared to 2016. Investors, diplomats, expanding enterprises and private businesses representing ASEAN members were brought together on a networking platform, the Sharjah-ASEAN Business Roundtable, organised by the Sharjah FDI Office (Invest in Sharjah)in collaboration with the ASEAN Business Councils Alliance, recently. Among prominent attendees were Samuel Tan Chi Tse, Ambassador of the Republic of Singapore in UAE (Chair of ASEAN); Syed Md Hasrin Tengku Hussin, Ambassador of...
1 hour 5 minute

UAE’s bad loan days ‘are behind us,' says country’s top banking head Abdul Aziz Al-Ghurair

LONDON: The UAE banking sector is well-positioned for future growth, with the days of “bad loans” dragging down bank balance sheets “behind us,” according to the country’s top banking head Abdul Aziz Al-Ghurair. “I think banking in the UAE is in a very good position,” said Al-Ghurair, who is the CEO of Mashreq Bank in Dubai and the chairman of the UAE Banks Federation. “Our capital adequacy is at 17 percent so this is pretty high around the world. The cost to income ratio is below 40, which is a really fantastic number so ability to generate profit is high,”...
1 hour 11 minute

Rising oil prices haven’t hurt the US economy so far as economy grows at its fastest rate in nearly four years

DALLAS: The US’s rediscovered prowess in oil production is shaking up old notions about the impact of higher crude prices on the country’s economy.It has long been conventional wisdom that rising oil prices hurt the economy by forcing consumers to spend more on gasoline and heating their homes, leaving less for other things.Presumably that kind of run-up would slow the US economy. Instead, the economy grew at its fastest rate in nearly four years during the April-through-June quarter.Despite this, President Donald Trump appears plainly worried about rising oil prices just a few weeks before midterm elections that will decide which...