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Currency: the pound rises, the ruble falls and the dollar falls

24/11/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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At the end of the week, the currencies were trading in scattered order. While the pound is rising, the Russian ruble is weakening and the dollar is falling

.

The pound rose on Friday to reach its highest level in nearly three months. It also benefited from a consumer confidence reading on Friday. Sterling hit a high of $1.2575 on Thursday, taking advantage of lower trading volumes due to the Thanksgiving holiday in the United States to make inroads against the dollar. On Friday, the pound traded around $1.257, up 0.28%. Relative to the euro, the pound was up 0.2% to 86.84

pence.

In addition, the ruble fell on Friday, moving away from the highest level reached this week in nearly five months. At 0721 GMT, the ruble was down 0.7% against the dollar at 89.00, after reaching 87.6550 on Tuesday, its highest level since June 30. It lost 0.6% to 97.11 against the euro and lost 0.7% against the yuan to 12.43

.

For its part, the dollar is falling in Black Friday transactions. The dollar index, which measures the U.S. currency against six other currencies, fell by 0.077% to 103.69, remaining close to the two-and-a-half-month low of 103.17 that it reached earlier this week. The index is down 2.8% for the month, en route to its weakest monthly performance in a year, due to growing expectations that the Federal Reserve has finished raising interest rates and may start cutting them next year.

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