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Currency: general decline in currencies except the dollar

29/04/2024
Source : ORISHAS-FINANCE
Categories: Economy/Forex

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At the start of the week, the dollar crossed the 160 yen mark, the highest in 34 years. While the yen reached its lowest level in April 1990 and the Indian rupee fell due to the weakness of its Asian peers and foreign banks were buying dollars. The Chinese yuan is stagnant near a 5-month low after a weaker PBOC correction

.

Après That a rebound in American inflation has reduced expectations of a fall in American interest rates this year, the dollar crossed the bar on Monday 160 yen for the first time since 1990. The greenback was worth 160.17 yen in morning trading, fueling speculation that Japanese authorities could intervene

to support their currency.

The Japanese yen hit its lowest level since April 1990 on Monday, in trading weakened by a Japanese holiday and traders' attempts to test key levels and stop-loss orders in a nervous and illiquid market. While the yen experienced its biggest drop in six months on Friday, it also briefly jumped to 154.97 per dollar, triggering speculation that Japanese authorities may have checked exchange rates before a likely intervention. The reason for this decision was not immediately clear. The Japanese yen was at 159.105 at 02:00 GMT, down 0.5%

.

The Russian ruble weakened against the US dollar on Monday. At 0715 GMT, the ruble was down by 0.47% to 92.83 per dollar. The ruble fell by 0.62% to 99.52 against the euro, and fell by 0.27% to 12.73

against the yuan.

The Chinese yuan stayed near its lowest level in five months against the dollar on Monday after the central bank set its official policy rate at the lowest level in two months. The yuan was trading at 7.2468 per dollar at 03:08 GMT, 3 pips lower than the previous close and just a fraction ahead of the 5-month low of 7.2478 reached at the start of

trading.

The Indian rupee weakened on Monday, under pressure from demand for dollars from foreign banks and weak Asian currencies, amid fears of a delay in US rate cuts this year. It was at 83.41 versus the US dollar at 10:05 AM IST, down from its close at 83.34 the previous session.

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