Exchange rate: general decline in currencies except the ruble and the rupee : Orishas-finance

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Exchange rate: general decline in currencies except the ruble and the rupee

06/12/2024

Source : ORISHAS FINANCE

Categories: Economy/Forex

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Exchange rate: general decline in currencies except the ruble and the rupee

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While the US dollar is falling, Australian and New Zealand dollars are in free fall due to changes in interest rates. The yuan is on the way to its weekly fall. The ruble is surging and the rupee is opening higher

The dollar index fell below 106 on Thursday, waiting for US employment data, expected on Friday.

Australian and New Zealand dollars suffered heavy weekly losses on Friday after a series of weak national data, while markets awaited a US jobs report that could decide whether interest rates will be cut this month.

The dollar index fell below 106 on Thursday, waiting for US employment data, expected on Friday.

The yuan was little changed against the dollar on Friday, but is heading for its tenth consecutive weekly loss due to fears that new tariffs threatened by President-elect Donald Trump will put more pressure on the struggling Chinese economy.

The yuan was trading at 7.2549 per dollar around noon, moving little from the previous close.

Elsewhere, the Indian rupee is expected to open higher on Friday due to a drop in the dollar index, after which its direction will be dictated by the revision of the central bank's monetary policy. The 1-month undeliverable futures contract indicated that the rupee would open at 84.68-84.70 per US dollar, up from 84.7325 in the previous

session.

The Russian ruble passed the 100-to-one dollar mark, trading at 99.90 on Friday, after President Vladimir Putin cancelled the option for Russian gas buyers to convert currencies into rubles from Gazprombank, which was sanctioned by the United States. The ruble strengthened by more than 1% against the dollar, according to over-the-counter data from banks. It also rose 1% against the Chinese yuan to 14.20 during trading on the Moscow Stock Exchange

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