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Currency: Scattered currency order

12/08/2024
Source : ORISHAS-FINANCE
Categories: Economy/Forex

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The dollar is down at the start of the week while the rupee, yen and yuan are weakening. The South African rand, the pound and the Kenyan shilling up

.

Le dollar lost some 0.07% against the single currency, to 1.0925 dollars per euro, and gained 0.49% against the yen to 147.33 yen per dollar, rebounding after losing ground in the last few sessions, around 09:30 GMT (11:30 CET

).

The Indian rupee should start the week with little change, in a context of volatile Asian prices and a central bank that, for the moment, defends a psychologically important level. Non-deliverable futures (NDF) indicate that the rupee will open around 83.94-83.96 per US dollar, up from 83.9550 in the previous session. The rupee has been falling for six weeks, and slipped last Wednesday to an all-time low of 83.9725. Cash sales by the Reserve Bank of India (RBI), NDF, and indirect intervention were largely responsible for the currency not rising above the 84 level

.

For its part, the yen weakened slightly against the dollar in trade disrupted by a holiday in Japan on Monday, with market players still ambivalent about the chances of a sharp Fed rate cut next month. This respite comes after a tumultuous week that began with a massive fall in currencies and stock markets, fuelled by concerns about the American economy and the aggressive policies of the Bank of Japan

.

The Chinese yuan weakened against the U.S. dollar on Monday, in tandem with a weaker Japanese yen, but is expected to remain in a tight range over the coming sessions as markets await U.S. inflation data for more clues about when the Reserve f& e; could start to reduce its rates. The yuan spot opened at 7.1720 per dollar and was last trading 119 pips lower than the previous end-of-session close and 0.49% weaker than

the midpoint.

Ailleurs, le The South African rand was stronger in early trading on Monday, at the start of a week filled with closely watched global and domestic economic data releases. At 08:05 GMT, the rand was trading at 18.25 against the dollar, which was 0.4% higher than its previous closing

level.

Sterling strengthened slightly on Monday after four consecutive weeks of falling against the dollar, as traders await a series of British economic data this week that could influence how quickly the Bank of England (BoE) cuts interest rates 39; interest.

While the Kenyan shilling strengthened slightly against the US dollar on Monday, according to LSEG data. At 09:45 GMT, the shilling was quoted at 128.50/129.50 per dollar, compared to a Friday closing rate of 128.75/129.75

.
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