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Foreign exchange market: ruble, dollar stable, rupee and yen down slightly, yuan and rand up

06/05/2024
Source : ORISHAS-FINANCE
Categories: Economy/Forex

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The currencies are trading in downgraded order at the beginning of this week. While the ruble and the dollar were stable on Monday, the rupee recorded a slight decrease. For their part, the yuan and the rand are up.

Around 07:15 GMT, the ruble was stable at 91.60 to the dollar.

Against the euro, the ruble increased by 0.12% to 98.64 and gained 0.26% to 12.66 against the yuan.

The dollar was broadly stable on Monday, as a report on falling U.S. employment reinforced bets that the Federal Reserve could cut rates further twice this year.

The dollar index, which measures the American currency against six of its rivals, was at 105.12, after touching a three-week low of 104.52 on Friday.

In addition, the yen was a bit weaker at the start of the week.

On Monday, the yen weakened by 0.43% to 153.62 per dollar in early trading, after touching a three-week high of 151.86 on Friday, as the dollar lost ground after the employment data.

The Indian rupee was little changed on Monday as demand for dollars from importers dampened gains.

The rupee was at 83.4425 against the US dollar at 09:50 IST, barely changed from its close of 83.4225 in the previous session.

Pour sa part, The Chinese yuan caught up and hit its highest level in six weeks against the dollar on Monday, the first trading day after the long holiday of Work, while the central bank has set a significantly strengthened median price to track offshore movements.

The offshore yuan was at 7.2185 per dollar, after gaining over 1% last week.

The South African rand strengthened in early trading on Monday, after private sector activity increased marginally in April. At 07:24 GMT, the rand traded at 18.4650 against the dollar, about 0.3% stronger than

its previous close.
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