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Foreign exchange market: Australian and New Zealand dollars, the Rand, and the ruble rise, the rupee weakens

15/09/2023
Source : ORISHAS FINANCE
Categories: Index/Markets

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The currencies are changing in scattered order at the end of this week. While the Australian and New Zealand dollars, the rand, and the ruble have risen, the Indian rupee has weakened.

The Australian and New Zealand dollars are on track for their biggest weekly increases in two months. The Kiwi dollar rose 0.3% to $0.5930 and rose 0.8% for the week, also the largest since mid-July. And Aussie rose 0.5% to a nine-session high of $0.6471 after activity data from China showed that the recent wave of supportive policies helped stabilize the economy.

Le rand traded at 18.9800 against the dollar at 06:36 GMT, about 0.3% stronger than its previous close. The rand has changed little since the start of the week, although it lost ground on Thursday after mining figures showed an unexpected drop in production in July

.

Pour sa part, le rouble s' est renforcé vendredi before the central bank's interest rate decision, which could cause a further increase in the cost of borrowing to support the currency and to cope with persistent inflationary pressure. At 7:04 GMT, the ruble was 0.6% stronger against the dollar at 96.80 and had gained 0.5% to trade at 103.30 against the euro. It lost 0.3 percent against the yuan to 13.31

.

In addition, the Indian rupee weakened slightly on Friday, led by crude oil which reached new highs since the beginning of the year, but the fall was probably limited by dollar sales orders and expected stock inflows. The rupee was 83.07 against the US dollar at 11:00 IST, compared to 83.03 in the previous session

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