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Currency: general decline in the foreign exchange market

23/09/2024
Source : ORISHAS-FINANCE
Categories: Economy/Forex

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The dollar hit its highest level in two weeks on Friday. While the euro, the rupee, the rand and the yuan are weakening

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The dollar hit its highest level in two weeks on Friday after the Bank of Japan left interest rates unchanged and indicated that it was in no hurry to raise them again. It was up slightly on Monday in the Asian session. The dollar strengthened against the yen last week after political meetings in the United States and Japan, reaching its highest level in two weeks at 144.50 yen. The US dollar index, which measures the value of the greenback against major currencies, rose slightly to 100.8, continuing to hold above its lowest level in a year, reached last week

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The euro and the pound fell sharply on Monday in the wake of the publication of declining activity indices in the eurozone and various European countries. Around 09:20 GMT (11:20 CET), the euro lost 0.51% against the greenback, to 1.1105 dollars for one euro, and fell by 0.23% against the pound, to 83.60 pence for one euro. The pound also weakened by 0.28% to 1.3284 dollars

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The South African rand weakened against the dollar on Monday, withdrawing from the new 20-month high reached earlier in the session.

At 08:20 GMT, the rand traded at 17.455 against the greenback, 0.27% less than its previous close.

The Indian rupee ended flat on Monday as demand for dollars from local oil companies pulled the currency from a nearly three-month high, reached due to probable wallet inflows. The rupee closed at 83.5525 against the US dollar, almost unchanged from its close of 83.5625 in the previous session. The currency hit 83.4450 earlier in the session, its highest level since June 28

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The Chinese yuan was little changed on Monday after six consecutive sessions of gains, as the dollar stabilized and growing trade tensions reinforced concerns over an exaggeration of the recent rise in the local currency.

The yuan changed hands at 7.0469 around noon, barely budging since the end of the scheduled trading session.
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