Severe floods triggered by storm Wipha kill at least three in Vietnam’s Nghe An
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Diverging Reports Breakdown
Rise in overnight swap rate, lower US bond yields boost forward premiums
The dollar-rupee overnight swap rate rose to 0.38 paisa on Wednesday, lifting near-tenor forward premiums to a one-month high. The 1-year U.S. Treasury yield was last at 4.08% after hitting a two-week low overnight. In the spot market, the rupee was nearly flat at 86.37 per US dollar as of 12:15 p.m., wedged between positive cues from gains in most regional peers and routine dollar demand from local importers.
MUMBAI, July 23 (Reuters) – India’s dollar-rupee forward premiums rose across tenors, due to the combined impact of a rise in the cost of borrowing the rupee overnight and a dip in near-term U.S. Treasury yields, while the local currency was flat in the spot market.
The dollar-rupee overnight swap rate rose to 0.38 paisa on Wednesday, lifting near-tenor forward premiums to a one-month high and supporting long-term tenors as well, aided by a dip in the one-year U.S. Treasury yield.
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The one-month forward premium advanced to 12.50 paisa, while the 1-year implied yield rose by 2 basis points to a three-week high of 2.05%. The 1-year U.S. Treasury yield was last at 4.08% after hitting a two-week low overnight.
Tighter rupee liquidity in the banking system pushed up the overnight swap rate, according to traders.
India’s banking system liquidity is currently hovering near a seven-week low but it is expected to improve in next few days, which may help cool off near-tenor forward premiums.
On the far end, “there is limited appetite to run a paid position,” a trader at a large private bank said, citing rising chances of the Federal Reserve holding interest rates steady for longer and growing expectations of a rate cut by the Reserve Bank of India in its August policy meeting.
Meanwhile, in the spot market, the rupee was nearly flat at 86.37 per U.S. dollar as of 12:15 p.m., wedged between positive cues from gains in most regional peers and routine dollar demand from local importers.
The dollar index was steady at 97.5, while the Chinese yuan strengthened to a three-week high, buoyed by fresh signs of easing trade tensions and a persistently stronger-than-expected guidance fix by the country’s central bank.
U.S. and Chinese officials are slated to discuss an extension to the tariff deadline of August 1 for negotiating a trade deal.
Reporting by Jaspreet Kalra; Editing by Rashmi Aich
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Thailand car production rises 12% y/y in June
Car production in Thailand rose for a second straight month in June, up 11.98% from a year earlier to 130,223 units. The increase followed a year-on-year rise of 10.32% in May.
BANGKOK, July 24 (Reuters) – Car production in Thailand rose for a second straight month in June, up 11.98% from a year earlier to 130,223 units, the Federation of Thai Industries said on Thursday.
The increase followed a year-on-year rise of 10.32% in May.
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Reporting by Thanadech Staporncharnchai; Writing by Orathai Sriring; Editing by David Stanway
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Tropical storm causes deadly floods in Vietnam, over 3700 homes submerged
Heavy rains caused by tropical storm Wipha have caused severe flooding in the central Vietnamese province of Nghe An. One of the victims was buried by a landslide, and another was swept away by a strong current. More than 3,700 houses in the province were submerged by floodwaters and another 459 were damaged by strong winds. The government’s meteorological forecasting agency said that heavy rains could last until Saturday in several areas of northern Vietnam.
Details
Vietnam, with its long coastline facing the South China Sea, is prone to typhoons, which often cause deadly floods and landslides. Wipha is the first major storm to hit the country this year.
Wipha made landfall in Vietnam on Tuesday, after hitting Hong Kong and China, and also intensifying monsoon rains and floods in the Philippines.
One of the victims was buried by a landslide, and another was swept away by a strong current, the Kinh Te Moi Truong newspaper reported, citing information from the Nghe An People’s Committee.
More than 3,700 houses in the province were submerged by floodwaters, and another 459 were damaged by strong winds, the publication reported.
Photos in state media show houses in the province’s villages submerged up to their roofs.
“Our rice, our clothes, and our money – everything is gone,” Dang Thi Ngoc, a local flood victim, told state broadcaster VTV. “We have nothing left but our bare hands.”
Landslides and floods in northern Pakistan: at least three dead, dozens missing
The report states that the flood also damaged 1,600 hectares of rice plantations and 1,290 hectares of cash crops in the province.
The government’s meteorological forecasting agency said that heavy rains, reaching 250 millimeters, are expected on Thursday and Friday, and could last until Saturday in several areas of northern Vietnam, potentially causing new floods.
Greece invites Libya to maritime zone talks to ease strained ties
Greece has invited Libya’s internationally recognised government in Tripoli to start talks. The move is aimed at mending relations between the two neighbours. Law and order has been weak in Libya since a 2011 uprising that toppled dictator Muammar Gaddafi. Greece has sought closer cooperation with Libya to help stem a surge in migrant arrivals from the North African country to Greece’s southern islands of Gavdos and Crete. The European Union migration commissioner and ministers from Italy, Malta and Greece were denied entry to the eastern part of divided Libya.
ATHENS, July 24 (Reuters) – Greece has invited Libya’s internationally recognised government in Tripoli to start talks on demarcating exclusive economic zones in the Mediterranean Sea, Prime Minister Kyriakos Mitsotakis said late on Wednesday.
The move is aimed at mending relations between the two neighbours, strained by a controversial maritime deal signed in 2019 between the Libyan government and Turkey, Greece’s long-standing foe, which mapped out a sea area close to the Greek island of Crete.
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“We invite – and I think you may soon see progress in this area – we invite the Tripoli government to discuss with Greece the delimitation of a continental shelf and an exclusive economic zone,” Mitsotakis told local Skai television.
Greece this year launched a new tender to develop its hydrocarbon resources off Crete, a move that Libya has objected to, saying some of the blocks infringed its own maritime zones.
Law and order has been weak in Libya since a 2011 uprising that toppled dictator Muammar Gaddafi, with the country divided by factional conflict into eastern and western sections for over a decade.
Therefore, any communication with Libya was not easy, Mitsotakis said. He indicated that Greece was determined to continue talking to both the Tripoli-based government and a parallel administration based in Benghazi.
In recent months, Athens has sought closer cooperation with Libya to help stem a surge in migrant arrivals from the North African country to Greece’s southern islands of Gavdos and Crete and passed legislation banning migrants arriving from Libya by sea from requesting asylum.
In an incident earlier this month, the European Union migration commissioner and ministers from Italy, Malta and Greece were denied entry to the eastern part of divided Libya, shortly after meeting the internationally recognised government that controls the west of Libya.
Reporting by Renee Maltezou; Editing by Angeliki Koutantou, William Maclean
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National Ballet of Japan set to make UK debut with ‘Giselle’
The National Ballet of Japan is set to perform in Britain for the first time on Thursday. artistic director Miyako Yoshida’s production of “Giselle” opens at the Royal Opera House in London. The London show runs from July 24 to July 27. First performed in 1841, the ballet tells the love story of a young peasant girl deceived by a nobleman.
Item 1 of 5 Yui Yonezawa and Shun Izawa perform in “Giselle” during a rehearsal, as the National Ballet of Japan makes its debut performance at the Royal Opera House, in London, Britain, July 22, 2025. REUTERS/Dylan Martinez
LONDON, July 22, 2025 – The National Ballet of Japan is set to perform in Britain for the first time on Thursday when artistic director Miyako Yoshida’s production of “Giselle” opens at the Royal Opera House in London.
First performed in 1841, “Giselle” tells the love story of a young peasant girl deceived by a nobleman. The London show runs from July 24 to July 27.
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Born in Japan in 1965, Yoshida came to Britain as a 17-year-old ballet student, going on to make her name there in the 1980s and eventually dance with The Royal Ballet.
Since 2020 she has been in charge at The National Ballet of Japan, also known as the New National Theatre Ballet, Tokyo.
“Coming back to London, it’s always nice, but bringing the company with me is so special,” Yoshida said of the ballet ensemble, which formed in 1997 and has 75 dancers.
Reporting by Sarah Mills, Editing by William James
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