Foreign exchange market: weak dollar, yuan stable and rupee rising : Orishas-finance

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Foreign exchange market: weak dollar, yuan stable and rupee rising

05/07/2024

Source : ORISHAS-FINANCE

Categories: Economy/Forex

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Foreign exchange market: weak dollar, yuan stable and rupee rising

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Currencies are trading in a downgraded order this weekend. Indeed, while the dollar is at its lowest level in three weeks, the Chinese yuan has remained stable and the Indian rupee is up.

The U.S. dollar hovered near a three-week low on Friday, before the release of employment data that will likely affect the outlook for rates.

The dollar is weakening slightly due to falling inflation.

The Chinese yuan held steady against the US dollar on Friday as Chinese government bond yields rose across the curve, following hints from the central bank that it could engage in large-scale bond sales.

The spot yuan opened at 7.2630 for one dollar and was trading at 7.2694 at 02:54 GMT, which is 4 pips firmer than the close at the end of the previous trading session and 1.97% weaker than the midpoint.

The Indian rupee is expected to do well on Friday in the wake of the dollar's fall ahead of an employment report that should give hints about the possibility of the Federal Reserve cutting interest rates later this year. The rupee fell to 83.56 on Thursday before recovering. The local currency fluctuation margin over the past three days has narrowed to around 83.40-83.55

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