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Foreign exchange market: the dollar, the rupee, the ruble rise and the South African Rand weakens

20/10/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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Currencies are changing in scattered order this weekend. While the dollar, rupee, and ruble are at their peak, the South African Rand is weakening against the dollar

.

The dollar was a hair's throw away from the closely watched 150 yen on Friday, supported by a rise in the 10-year U.S. Treasury yield, which, during the previous session, briefly reached 5% for the first time since 2007. The New Zealand dollar fell slightly by 0.35% to $0.5829, after falling to a more than 11-month low of $0.5816 on

Thursday.

Undeliverable futures indicate that the rupee will open at around 83.16-83.18 for the US dollar compared to 83.2450 on Thursday. The rupee's Asian peers fell after the 10-year U.S. Treasury yield hit 5% for the first time since 2007.

For its part, the Russian ruble rose to its highest level in more than three weeks against the dollar on Friday. At 07:50 GMT, the ruble was 0.8% stronger against the dollar at 96.32, its highest point since September 27. It gained 0.9% to trade at 101.85 against the euro and strengthened by 0.9% against the yuan to 13.11

.

Par ailleurs, le South African rand weakened in early trading against the US dollar on Friday as global attention remains focused on the Middle East conflict. The Rand traded at 19.0875 against the dollar, about 0.3% lower than its previous close at 07:42 GMT. According to analysts at the Rand Merchant Bank during a morning briefing, “global markets are volatile, creating contagion risks, but overall, the Rand seems unlikely to go very far in either

direction.”
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