Currency

06 June 2008 -- Friday was a very volatile day in financial markets as the oil price rebounded to gain over ten dollars a barrel while US stock prices plummeted following the report of a sharp rise in unemployment.

Oil soared after an Israeli politician raised the specter of an Israeli military strike on Iran, the second largest OPEC oil producer.

Walla Walla, Washington gas price sign: Photo by Peter Bulthuis (CC)

In New York crude oil rose eight percent, or $10.75, to a record over $138 a barrel. The rise followed a five percent gain on Thursday, bringing oil's two-day advance to a stunning $16.    » read more »

May 12, 2008 -- "Mr. President, day after day record-high oil and gasoline prices are hurting millions of American consumers and businesses. Unless something is done to make energy more affordable, the record-high prices will continue to reverberate throughout our economy, increasing the prices of transportation, food, manufacturing and everything in between.

A Rolls Royce parked in Dubai: Photo by Gavin (CC)

Skyrocketing energy prices are a threat to our economic and national security, and the time is long past for action.    » read more »

May 1, 2008 -- WASHINGTON, D.C. - U.S. Senator Barack Obama today released the following statement in support of the Fair Currency Act, S.796. Obama is a cosponsor of the measure.

"It is long past time for the United States to confront the issue of unfair trade with China. The Chinese Government must play by the rules and act as a positive force for balanced global progress.    » read more »

21 November 2007 -- The International Monetary Fund's former chief economist says China is violating its rules by keeping its currency artificially undervalued. Michael Mussa says Beijing must revalue its currency for the sake of global economic stability.    » read more »

07 October 2007 -- Indian exports, particularly those by small and medium companies, have been hit by the recent surge in the rupee against the dollar. Anjana Pasricha has a report from New Delhi.

The Farida Group, based in the southern city of Chennai, is one of India's biggest footwear exporters. A large part of its production goes to the United States.

But Farida Group's business has taken a beating due to an 11 percent appreciation in the value of the rupee against the dollar this year.    » read more »

02 October 2007 -- The euro currency used by 13 European Union countries touched record highs against the dollar for the past eight trading days. And that worries the Europeans whose exports are getting more and more expensive.

The euro has risen by 66 percent against the dollar over the past five years. In 2007 alone, the euro has gained eight percent to just under $1.43.    » read more »

30 September 2007 -- India's Central bank has announced a series of measures aimed at slowing the rupee's rise against the dollar. The strong rupee is hurting several sectors of the economy.

The Central Bank recently relaxed limits on overseas investments by Indian mutual funds, domestic companies and individuals.

Mutual funds can now invest $5 billion outside the country - an increase of 25 percent. Domestic companies can now invest up to four times their net worth abroad, and individuals are allowed to double the amount they send overseas every year, to $200,000.    » read more »