Rupee posts best week in over two years as dollar's struggles resurface
MUMBAI, June 25 (Reuters) - The Indian rupee had its best week since January 2023, as an Iran-Israel ceasefire cooled oil prices and sapped safe-haven dollar demand, while worries over the Federal Reserve's future independence added pressure on the greenback.
The rupee gained 1.3% on the week, its best performance in two and a half years, to close at 85.4750 per U.S. dollar on Friday.
Crude oil prices retreated by over 11% this week after Iran and Israel reached a ceasefire following a 12-day war, which saw involvement of the U.S.
Meanwhile, the dollar index was down 1.5% on the week as investors, unnerved by fresh signs of an erosion in U.S. central bank independence, wasted no time in pushing the greenback back to its lowest levels in over three years.
"Part of the sell-off of the dollar is due to the unpredictability of policy from Washington and that is unlikely to change," MUFG Bank said in a note.
The rupee rose this week but it continues to lag behind its Asian peers amid persistent dollar weakness seen over 2025.
While currencies like the Korean won and offshore Chinese yuan are up between 2% and 9% this year so far, the rupee is little changed.
Bankers and analysts reckon that while the rupee's underperformance is likely to persist, a broadly weaker dollar alongside portfolio inflows should support the currency in the near term.
Foreign investors have turned buyers on Indian government bonds over the last few sessions, while block trades and initial public offerings have drawn interest from global investors.
Later on Friday, the focus will be on U.S. personal consumption expenditure (PCE) inflation data alongside remarks from Fed policymakers as investors try to gauge the future trajectory of the central bank's policy rates.
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The Guardian
5 hours ago
- The Guardian
Online hacks to offline heists: crypto leaders on edge amid increasing attacks
Cryptocurrency traders such as Mohammed Arsalan are prepared to watch their online assets expand and explode if they miss the right moment, making or breaking their fortunes in just minutes. All in a day's work on the internet. Offline, though, they have found themselves less equipped for the consequences of affluence. A string of kidnappings has plagued the industry over the past year and left traders across the globe paranoid, fearful and keen to invest in physical security measures. Arsalan grew up working class in Karachi, Pakistan. He hustles in any setting. At 14, he started a business exporting T-shirts overseas. By 17, the pandemic swept it all away. Inside, online and penniless, the booming world of Bitcoin beckoned him. To learn how to trade digital coins, he would record himself explaining how the markets worked. His phone didn't have enough storage to keep the videos, so he'd upload them onto Facebook groups. To his surprise, people were watching. Arsalan says he went from $24 to $340,000 in five years. Along the way, the 23-year-old amassed more than 160,000 followers across various social media channels. 'Crypto is my bloodline,' he says. 'It's the only business that accepted me when I was poor.' But a knock at the door on Christmas Day, 2024, would reveal the price of his audience. A group of men bundled him into the back of a flashing police car. They darted through checkpoints with ease, driving further away from Karachi and into the night. After an hour, they stopped. With a gun to his temple, Arsalan was ordered to take out his phone, reset its passwords, and hand it over. Holding the keys to his kingdom, the car sped away. Once home, Arsalan ran to the computer and opened his Binance wallet. It was empty. As he stared at the zeroes on the screen, five years of sacrifice washed over him. 16-hour days alone in his office. Parties unattended. Purchases never made. Life as Pakistan's cryptocurrency posterboy was over. 'I made this money from very, very hard work,' he says. 'After this case, I will not trust anyone.' Arsalan's abduction is not an isolated event; kidnappings of cryptocurrency industry figures have surged in the past 18 months. There have been at least 231 physical attacks against digital asset holders to date, according to news reports. Almost a third of these have taken place since the start of 2024. This year, a single French gang cut off the finger of an entrepreneur, doused an influencer's father in gasoline and tried to snatch a CEO's daughter from the streets of Paris, according to French police. An Italian investor was tortured with a chainsaw and taser for weeks in a New York City townhouse, local police said. A British trader was allegedly held captive in a Spanish hotel room. A popular influencer in Houston, Texas, was held at gunpoint and pistol-whipped in her own home while her three assailants demanded millions in cryptocurrency, according to local news reports. The list goes on. As the industry matures, so does the cybersecurity guarding exchanges and wallets. The value stored within these digital vaults is soaring. The result: hacks are becoming heists. Cryptocurrency has long suffered from sophisticated and devastating digital attacks. Now, however, thefts are manifesting in the offline world, too. For the industry's high-rollers, the targets on their backs have never felt heavier. 'Everybody's a bit on edge,' says Louis d'Origny, the founder of FTXCreditor, a platform that buys bankruptcy claims. 'In five minutes, you can find someone's address. You can see our wallets online. You can see millions of dollars a day transacting out of these wallets. You'd be very tempted to show up at a house with a machete.' Recent attacks have even led his co-founder to move house, after realizing his home address was available online. Navigating an increasingly dangerous offline world, the industry is on edge, feeling as though securing their empires now falls to them as law enforcement struggles to keep up. Building one's fortunes on blockchains entails novel risks. Firstly, blockchains, the technology on which cryptocurrency is based, create public ledgers, so balances and transactions are visible. Every online wallet corresponds with an address in the form of a randomly generated series of characters. To avoid hacking, bigger sums are typically stored offline, on a small piece of hardware called a 'cold wallet', which also corresponds to a public address. Assailants invade homes to steal devices or force hostages to unlock their online wallet at gunpoint. Criminals have started to find who owns which wallet, by using illicit software to analyze blockchain data. Other times, they will hack exchanges to access personal data, as was the case last month, when Coinbase support agents in India were bribed to leak the data of 70,000 users. 'A lot of these [crypto] guys thought they were moving around in silence. But, people are now able to find out that they are actually some of the richest guys in their cities,' says says a US-based founder and trader, speaking on the condition of anonymity. Secondly, transactions are instant and permission-less – kidnappers don't need a bank to approve their withdrawal. This can also make looted funds easier to hide. Assets are swiftly sent to various decentralized exchanges, which do not require know-your-customer information. Once there, funds can't be frozen by centralized entities like Binance or Coinbase. In Karachi, Arsalan's kidnappers were found within 48 hours. The two policemen among them had been bribed to help orchestrate the plan. Following the attack, Arsalan was offered protection from three other officers and a police car. But, fearing this could actually endanger him further, he declined. For many of crypto's kings and queens, unfettered access to one's money via blockchains can feel buffered from institutional corruption. 'There is no justice in Pakistan if you're poor,' says Arsalan. 'But decentralization means there are no institutions, no people, no banks … I own this money.' But self-custody comes with a downside: there are fewer middlemen deterring a thief. This means taking matters into their own hands – or a pair they've hired. 'I used to like my space away from my [bodyguards], but now I want them closer,' says the anonymous US-based founder and trader, who doesn't reveal his security arrangements to anyone, even his close circle. 'In crypto, no one trusts anybody. Half of these guys are scammers,' he says. Over the past month or so, his two guards have not left his sight – even for walks around the block. 'Everyone's being a lot more cautious.' Over the past six months, Jethro Pijlman's global security services firm, Infinite Risks International, has seen a rise in cryptocurrency investors from western cities wanting protection. Requests range from safeguarding team meetings to guarding entire families around the clock. Paris leads when it comes to new requests, says Pijlman, as France emerges as a hotspot for attacks, particularly after the high-profile kidnapping in January of David Balland, the entrepreneur whose finger was severed. In mid-June, an investor was abducted from a Paris suburb, while his partner was ordered to deposit the key to his cryptocurrency account. Sign up to TechScape A weekly dive in to how technology is shaping our lives after newsletter promotion The Ethereum Community Conference takes place at the end of June in Cannes, but the mood will be different from last year. It will feature the 'most comprehensive security effort in the event's history', conference organizers said in a statement. For the first time, local police, special forces and the coast guard are being deployed to the site. Prepping security began almost a year ago, taking three times longer than usual, according to Bettina Boon Falleur, head of EthCC. Companies are also taking measures to protect their staff. Kraken, the second-largest exchange in the US, has deployed armed guards to accompany its top executives at all times, including outside their homes, according to a source familiar with the matter. Matthew Liu, co-founder of the cryptocurrency Origin Protocol, was among the attendees of Donald Trump's private gala for the top owners of his token last month, a guest list which was leaked to the New York Times. Liu says his company is evaluating hiring a team of bodyguards for trips. 'It's a cost, but the cost of getting kidnapped or dealing with violence? It's very, very scary,' says Liu. He's also begun learning how to shoot a firearm and using a multi-signature wallet, whereby multiple people across the world need to sign-off on a payment. His company has also introduced a new rule when the team goes to conferences: no posting until after the event. 'Many crypto investors are increasingly conscious of their exposure, especially after publicly sharing – or oversharing – details of their success and affluent lifestyles online,' says Pijlman in regards to his clients. Indeed, for an industry that's chronically online, its titans have often built large social media followings, while their wealth stays encrypted in anonymous blockchains. 'This illusion of invisibility may have led to a false sense of security.' For Arsalan, he watched his savings be chopped up and sprinkled across the cryptographic abyss. Over the next four months, he fell into a deep depression. He went offline and relied on whatever handouts his father could afford to give him. He considered ending his life, he says. As Arsalan's case demonstrates, kidnappers haven't exclusively targeted only multimillionaires or only westerners. Between 2020 and 2023, a Florida-based gang accessed the personal data of everyday cryptocurrency investors, and were able to steal from their wallets remotely. The gang then carried out four home invasions against the same victims, spanning North Carolina, Texas and Florida, according to the US Department of Justice. Account holders were forced to unlock their wallets at gunpoint, while their families were tied up. One man's mother was tortured. Another man was abducted and found 120 miles from his home. Two of the attacks targeted seniors, court documents show. 'I always dreamed of having a good retirement. I worked for it. I feel like I deserved it,' one victim, 70, told the court during the sentencing. Her husband has Parkinson's. They'd hoped to take one last trip together – 'to have at least some good years, good times', she said. The couple lost $3m in cryptocurrency at 2022 prices via wire fraud. Wanting more, the gang invaded their home and held them at gunpoint to claim whatever was left. Their portfolio would be worth nearly $10.7m today. 'One whole life of savings and you just took it all,' she said. In the case of the retirees, the judge ordered the defendants to pay restitution to the victims. Receiving it looks unlikely. Despite the burgeoning risks, only 10% of cryptocurrency holders across the world have coverage on their digital assets, according to a report by insurance firm GlobalData. Only two insurers offer kidnapping and ransom (K&R) coverage for crypto companies: Aon and Canopius. Glenn Morgan, SVP, head of digital assets at Aon, says he's seen an increase in clients asking about coverage in recent months. Amid the surge, insurers may be on the eve of a windfall: last month NBC News reported that three crypto-specific insurance companies are working on K&R policies. From the moment Arsalan checked his balance, he knew any chance of recovery would fall to him. Without the help of law enforcement, he's been able to trace and recover about $160,000 of cryptocurrency, while the police have seized $60,000 in cash and a luxury car. It's all now held by local police as case property. He thinks it'll be at least six years before it's returned to him, given the pace of Pakistan's courts. He says seven people have reached out to him with similar ordeals they didn't report. Trading digital assets in Pakistan is a legal gray area, as banks are forbidden from facilitating transactions. When asked why they targeted crypto traders, the kidnappers said they thought victims wouldn't have legal recourse, according to Arsalan. In the meantime, Arsalan trades on. He wants to rebuild within a year: 'They grabbed my money but they did not grab my brain.' He's also returned to social media, posting his first video in May. No amount of threats will make him give up crypto, he says. Despite all of its risks, public ledgers still feel safer to him than institutions.
The Sun
8 hours ago
- The Sun
Two beloved TV channels are closing down on Sky in just DAYS amid fresh schedule shake-up
SKY customers are days away from the permanent closure of two beloved TV channels. It's part of a massive TV guide shake-up that was rolled out throughout April. India Today, available on Satellite channel 523 will end its broadcast permanently on July 1. And Music India, which customers can access on channel 711, will also cease operations on the same day. The former - a popular news channel - launched in May 2023 and coincided with the general election in India. India Today's sister channel, Aaj Tak, will continue to be available on Sky, channel 710. BOLD PREDICTION It comes after one TV expert said it is "unlikely" Sky will ever release a new satellite product. Paolo Pescatore, an expert for PP Foresight, told The Sun it is "highly unlikely" Sky will ever release a new satellite box "given the investment and timescales with the TV switch off that's around the corner". Last year, Sky signed a contract extension with satellite operator SES that takes the service up to 2029. "Ultimately Sky would prefer to migrate all users onto its IP based products which in turn will lead to the end of Sky Q," Paolo said. "It is reliable, robust and serves customers needs. "They do not want to buy another telly with Sky inside for now." SKY CHANNEL SWAPS IN APRIL SO FAR Here's the full list of Sky channel swaps in April so far... Tuesday, April 1 U&W HD ROI closes on satellite only - the SD remains at 132 U&W HD closes on satellite only - the SD remains at 132 U&Yesterday HD closes on satellite only - the SD remains at 155 - 161 in ROI U&Alibi HD moves from 130 to 120 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI U&Gold HD moves from 131 to 121 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI U&Dave HD moves from 132 to 130 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI U&W HD moves from 133 to 131 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI U&Drama moves from 134 to 132 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI U&Yesterday HD moves from 161 to 133 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI U&Eden moves from 162 to 134 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI GINX TV HD moves from 419 to 417 on Glass/Stream only in the UK MUTV HD moves from 420 to 418 on Glass/Stream only in the UK LFCTV HD moves from 421 to 419 on Glass/Stream only in the UK Premier Sports 1 HD moves from 419 to 417 on Glass/Stream only in ROI Premier Sports 2 HD moves from 420 to 418 on Glass/Stream only in ROI GINX TV HD moves from 421 to 419 on Glass/Stream only in ROI MUTV HD moves from 422 to 420 on Glass/Stream only in ROI LFCTV HD moves from 423 to 421 on Glass/Stream only in ROI Wednesday, April 2 TV Warehouse moves from 676 to 673 on satellite only moves from 681 to 675 on satellite only Sky History 2 HD closes on satellite - the SD moves to 163 in the UK and 168 in ROI and NI - HD channel remains on Glass/Stream Thursday, April 3 Sky Gangsters (Satellite 309 - Glass/Stream 309) changes name to renames to Sky Thriller HD (reverting from a temporary change) Sky Books To Screen (Satellite 302 - Glass/Stream 302) renames to Sky Adventure/ SkyAdventureHD (temporary change) Friday, April 4 Sky Family (Satellite 306/850 - Glass/Stream 306) renames to SkyHarryPotter / HarryPotterHD (Temp) Sky Hits (Satellite 303 - Glass/Stream 303) changes name to The Hobbit HD (Temporary change) Monday, April 7 Thursday, April 10
Reuters
9 hours ago
- Reuters
Sandal scandal: Prada credits new design's Indian legacy amid furore
NEW DELHI/MILAN, June 28 (Reuters) - Luxury fashion powerhouse Prada has acknowledged the ancient Indian roots of its new sandal design after the debut of the open-toe footwear sparked a furore among Indian artisans and politicians thousands of miles from the catwalk in Italy. Images from Prada's (1913.F), opens new tab fashion show in Milan last weekend showed models wearing leather sandals with a braided design that resembled handmade Kolhapuri slippers with designs dating back to the 12th century. A wave of criticism in the media and from lawmakers followed over the Italian brand's lack of public acknowledgement of the Indian sandal design, which is named after a city in the western state of Maharashtra. Lorenzo Bertelli, son of Prada's owners, responded to the sandal scandal in a letter to a trade group on Friday recognising their Indian heritage. "We acknowledge that the sandals... are inspired by traditional Indian handcrafted footwear, with a centuries-old heritage," Bertelli, Prada's head of corporate social responsibility, wrote in the letter to the Maharashtra Chamber of Commerce, seen by Reuters. The sandals are at an early stage of design and it is not certain they will be commercialized, but Prada is open to a "dialogue for meaningful exchange with local Indian artisans" and will arrange follow-up meetings, he wrote. A Prada spokesperson issued a statement acknowledging the sandal's inspiration from India, adding the company has "always celebrated craftsmanship, heritage and design traditions". Prada products are beyond the reach of most Indians. Its men's leather sandals retail for $844 and up, while the Kolhapuri slippers, sold in Indian shops and street markets, start at about $12. India's luxury market is small but growing fast, with rising numbers of rich people buying Louis Vuitton bags, Lamborghini cars, luxury homes and watches. Conversely, Indian culture and crafts are increasingly finding their way into global brand designs. High-end jeweller Bulgari offers a $16,000 Mangalsutra necklace inspired by a chain traditionally worn by married women. Bertelli's homage to Indian design was sent in a response to a complaint from the head of the trade group that represents 3,000 Kolhapuri sandal artisans, as the online uproar gathered momentum. "From the dusty lanes of Kolhapur to the glitzy runways of Milan... will the world finally give credit where it's due?" India's DNA News posted on X. Sambhaji Chhatrapati from the Kolhapur Royal family told Reuters by phone he was upset that craftsmen had not been acknowledged for the "history and heritage of 150 years." Kolhapur-based businessman Dileep More, however, said images of the Prada sandal were bringing cheer to some artisans as they show their traditional product going global. "They are happy that someone is recognising their work," he said.
