At the end of the week, currencies move in a dispersed order. The South African rand remained stable after interest rates rose, while the rupee appreciated on the last day of the fiscal year and clashed with “usual” orders from importers. On the other hand, the dollar is getting weaker and weaker.

The South African rand traded at 17.8200 against the dollar at 06:47 GMT, not far from its previous close of 17.8125. For its part, the South African Reserve Bank (SARB) increased its main loan rate by 50 basis points to 7.75% on Thursday. It also increased rates for the ninth time in a row, adding a total of 425 basis points to the repo rate since it started tightening its policy in November 2021. This helped the rand break the 18 rand per dollar barrier for the first time in more than six weeks.

For its part, the Indian rupee was trading at 82.20 per dollar at 11:32am IST compared to 82.3375 in the previous session. It reached a peak of 82.10. According to economists, the level of the rupee on the last day of the fiscal year could potentially have an impact on the payment of RBI dividends to the government.

Pour sa part, l The dollar fell against most major currencies on Thursday. The greenback dropped 0.56% against the single currency, to $1,0906 per euro, around 19:55 GMT. Earlier it was close to a two-month low of $1.0926.