Dollar Near Multi-Month Highs

The US dollar consolidated around multi-month highs against its major peers as traders await Friday’s key employment report for clues about future Federal Reserve policy.

At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded largely unchanged at 92.472, at a new two-month high.

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MUMBAI (Reuters) – Indian cryptocurrency exchanges are scrambling to secure viable, permanent payment solutions to ensure seamless transactions after banks and payment gateways started cutting ties with them, six industry insiders said.

The exchanges are struggling to cope after the central bank, the Reserve Bank of India (RBI), which has said it does not favour digital currencies, out of concern over their impact on financial stability, informally asked banks to steer clear.

Customer complaints have inundated all India’s key exchanges as the pullout by major payment gateways has hit transactions, according to social media and users.

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“Banks are reluctant to do business,” said Avinash Shekhar, a co-chief executive of ZebPay, one of India’s oldest crypto exchanges that is not offering immediate settlement.

“We have been talking to several payment partners but the progress has been slow.”

Options being resorted to include tying up with smaller payment gateways, building their own payment processors, holding back on immediate settlements or offering only peer-to-peer transactions, the heads of five crypto exchanges said.

At least two exchanges have tied up with smaller payment processing firm, Airpay, as its larger peers have cut ties.

There is no official data, but India has nearly 15 million crypto investors, who hold more than 100 billion rupees ($1.34 billion), according to industry estimates.

The three payment processors did not respond to a request for comment.

Some others, such as Coinswitch and WazirX, have signed up with a smaller Mumbai-payment processor, Airpay, for instant transfers.

The payment gateway is backed by venture capital fund Kalaari Capital and billionaire stock investor, Rakesh Jhunjhunwala, who has been vociferous in his opposition to cryptocurrencies.

Jhunjhunwala did not immediately reply to an email seeking comment.

Smaller payment gateways have not proved very successful in executing high volumes of transactions, leading to failures that have resulted in a flood of user complaints.

The lack of support from banks means that smaller firms, like larger counterparts, are also backing off from crypto activities.

But it is the official labor market report that carries more weight with the Fed.

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Dollar Near Multi-Month Highs

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Dollar Near Multi-Month Highs

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Dollar Near Multi-Month Highs