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Foreign exchange market: Rand, rupee, and dollar up, ruble down

29/09/2023
Source : ORISHAS FINANCE
Categories: Index/Markets

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At the end of this week, currencies are changing sparsely. The South African Rand is strengthening, with the rupee rising slightly, while the dollar is on track for its best quarter in a year. Moreover, the Russian ruble reached its lowest level in two weeks.

After U.S. Treasury yields lost some momentum and traders turned their attention to a series of local data, the South African Rand strengthened against a weaker dollar earlier on Friday. The rand traded at 18.8950 against the dollar, about 0.5% stronger than its previous close at 06:34 GMT

.

For its part, the rupee will open at around 83,14-83.15 against the US dollar compared to a close of 83,1850 in the previous session according to undeliverable futures contracts. After reaching 4.68% on Thursday, its highest level since October 2007, the 10-year US Treasury yield fell to 4.59%

in Asia.

For its part, the dollar continued to move away from its 10-month high on Friday, but was still heading for its biggest quarterly gain in a year. The dollar index, which compares the U.S. currency to six other currencies, fell 0.4% to 105.75, but was on track to end the quarter up 2.8%, with an eleventh consecutive weekly increase, the longest in nine years

.

In addition, the Russian ruble hit its lowest level in more than two weeks against the dollar on Friday, rising above the 97 mark, as a favourable fiscal period at the end of the month passed. At 08:00 GMT, the ruble was 0.5% weaker against the dollar at 97.32, its lowest point since September 14. It lost 0.9% to trade at 103.12 against the euro and lost 0.2% against the

yuan at 13.33.
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