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[Music] [Music] hello I'm Sammy say Dan this is counting the cost on al-jazeera your weekly look at the world of business and economics this week the mighty dollar for all the talk of emerging challenges when push comes to shove the dollar proves it's the world's reserve currency we find out why a financial system riddled with bad debts India attempts to revive the country's fourth largest bank as depositors yank their cash and Saudi Arabia's oil price war with Russia could send crude prices to $10 a barrel how will an oil producer like Indonesia cope 9 trillion dollars and Counting that's what rich nations have spent so far on the corona virus pandemic they're trying to make sure there's a functioning economies they get to grips with the outbreak well the damage done is likely to surpass the financial crisis maybe even the Great Depression what is known it's the worst economic crisis in the last 70 years well at this time there's a rush to safety the 11-year bull run in u.s. stock markets is over and there's one safe haven everyone is banking on and it's not gold it's the dollar for all the talk that the dollar would lose its reserve currency status it's proved to be just that talk let's take a look at some examples now emerging markets have borne the brunt of the rush $4 Indonesia's rupiah lost almost 14% of its value since the beginning of the year the Russian ruble and Mexican peso have lost 1/5 of their values the problem for emerging markets they might want to cut interest rates to stimulate Corona hit economies but that would undermine their currencies further and interest payments on dollar-denominated debt has just soared unbalancing finances on sterling fell more than 10 percent or to a low of $1 14 a level last seen in 1985 the UK's divorce from the European Union has broken the zillions of the pound which was considered to be tethered to the fortunes of the continent well not anymore the best-performing currency just happens to be the Argentine peso best-performing of course in the sense it's fallen the least compared to other Latin American nations having capital controls has certainly helped though now the dollar has been the world's leading currency for more than a century today more than 60% of all foreign bank reserves are in dollars let's find out what happened to all those challenges to the dollars crown with Jamil Ahmed he's the global head of currency strategy and market research at FX TM he joins us via Skype from London good to have you with us Jamil so this crisis is shown it's just been a lot of talk about the dollar ending it's still the world's current reserve currency of choice right absolutely yes listen the dollars not only remains the king if this was a game of firms the dollar is on the iron throne has been on the...