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Foreign exchange market: the rand, the pound, the rupee up, the dollar and the yuan down

09/06/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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The currencies change at the end of the week in a degraded order. Indeed, the South African rand has changed little, the pound has registered a second week of gains, the rupee is up. While the dollar is recovering and the yuan is falling

.

Early on Friday, the South African rand changed little. It remained below 19 per dollar after a strong week of gains boosted by encouraging domestic economic data. The rand traded at 18.8550 per dollar, at the rand traded at 18.8550 per dollar, about 0.1% weaker than

its previous close.

On the other hand, as the interest rate outlook heats up, the pound is recording a second week of growth. The pound is on track to increase by 0.7% weekly, following last week's gain of 0.8%. The pound fell 0.1% against the dollar to $1.2541 and remained stable against the euro at 85.89 pence

.

As for the Indian rupee, it is ready to open higher this Friday. It followed dollar losses after a surge in unemployment claims in the United States made it more likely that the Federal Reserve would refrain from raising rates next week

.

Furthermore, the dollar is recovering, while the yuan is falling after Chinese inflation. After significant losses the day before, the dollar recovered on Friday against a basket of other currencies. It is strengthening against the yuan, with almost zero inflation in China hinting at a loose monetary policy. The Dollar Index, which compares the greenback to a basket of other major currencies, gained 0.17% to 103.52 points around 09:00 GMT. The yuan, whose trade is strictly regulated by Beijing, fell 0.16% to 7,1235 yuan per dollar, approaching its lowest level in six months reached the previous day

at 7,1421 yuan.
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