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The inner workings of Facebook ’s blockchain team are still shrouded in secrecy, but it’s staffing up, according to people familiar with the group. Those people said that its product, which Bloomberg earlier reported will be a type of cryptocurrency, could be announced as soon as next quarter. Launched last May, Facebook’s blockchain unit now counts 50 employees. Facebook declined to comment on the team organisation or its plans. According to Facebook insiders, the blockchain group is developing a stablecoin, a type of digital currency pegged to the US dollar or a basket of currencies, making it less prone to swings in price. The first country that will test the currency will be India, a region that is particularly appealing for Facebook because it still has room to expand. The product could allow users to transfer money for remittances via WhatsApp through stablecoin. ‘ It’s time to break up FB ’ Facebook co-founder Chris Hughes has called for the break up of the social ne...

India’s rupee has been Asia’s best-performing currency in the past three months but history suggests it will weaken once the current general election is over. The currency has shown a tendency to flip directions after polls have been completed, according to a study by Edelweiss Securities Pvt, based on the past three election cycles. The currency has tended to reverse course when it has rallied ahead of the vote, said Madhavi Arora, an economist at the brokerage in Mumbai. Seasonality is set to be an issue as well. The month of May, when election results are usually announced, has proven to be an unfavorable one for the rupee. It has fallen eight times in that month during the past nine years, dropping an average of 2.2 percent. The exception was 2014, when Modi swept into power with the biggest mandate in more than three decades. History also shows election years tend to see increased inflows from overseas. While foreign buying will depend on a mix of factors, including ...

The Indian rupee strengthened to its highest in more than two years amid heavy selling of dollars by foreign banks, with the central bank decision to cut interest rates having only a limited impact, according to traders. The dollar had briefly touched a 15-month low against a basket of major currencies on Tuesday, though it bounced modestly on Wednesday. The move in the rupee was magnified as the Reserve Bank of India refrained from intervening to cap broader gains in the domestic currency, traders said, adding they were unsure why the central bank had stayed away. The RBI typically intervenes through state-run banks by buying or selling dollars whenever the rupee moves sharply either way. "Today, the lack of buying dollars by RBI has made the rupee fly off," said Sajal Gupta, head of forex and rates at Edelweiss Securities. The rupee rose to as much as 63.59 per dollar, its strongest level since July 22, 2015, from its close of 64.0750 on Tuesday. It...

Financial News : Snapping its four-day winning run, the rupee on Tuesday turned weaker by 7 paise to end at 64.43 against the US dollar amid caution ahead of the outcome of the RBI's bi-monthly policy review meet on Wednesday. Fresh dollar purchases by state-run-banks on behalf of corporate clients and a retreat in local equities after record-setting run also weighed on the forex trade. The rupee had gained 30 paise over the last four sessions against the American currency. Meanwhile, geopolitical tensions took on more significance following the shock move by four US Arab allies led by Saudi Arabia to isolate Qatar. Expectations for an interest rate cut by the apex bank in its Wednesday's policy meet to rejuvenate the sagging economy against the backdrop of softening inflations somewhat cushioned the rupee sentiment, a forex dealer said. The domestic unit opened firm at 64.32 from overnight closing level of 64.36 at the Interbank Foreign Exchange (Forex) Ma...