This Friday, currencies are trading sparsely. While the dollar fell alongside the South African rand, the ruble and the rupee were stronger.

The South African rand plunged the rally from the previous session. It strengthened in the morning discussions this Friday. Indeed, it was up 0.24% against the dollar at 17.3225 at 07:19 GMT. According to the research note written by ETM Analytics, “the outlook for the rand has improved considerably, and the performance of the last week is a sign of things to come.”

Moreover, in the first exchanges today, the ruble strengthened to reach its highest level in five weeks, nearly 60 against the dollar. Compared to the dollar, which is 60.18, the ruble was recently up by 0.59% and is stable at 61.35, unlike the euro. According to Promsvyazbank analyst Egor Zhilnikov, there is no visible factor holding back the ruble, which could exceed 60 against the dollar.

For its part, the Indian rupee reached its highest level in seven weeks, favoring the difference between USD/INR onshore rates and undeliverable forward rates. A difference that had climbed to over 80 percent last month when the rupee slipped to a record low of less than 83 per US dollar.

For its part, the dollar collapsed on Friday after U.S. inflation data was more recent than expected. With the market hoping that inflation may have peaked and that the Federal Reserve will start to reduce its steep interest rate hikes, after publication, the dollar tumbled overnight, recording its worst day and against the Japanese yen since 2016. It fell by 3.7%. The Aussie jumped by nearly 3%, its biggest since 2011, while the pound sterling recorded its best daily gain since 2017, jumping by more than 3% overnight.

In Asia, the dollar was fighting to recover some of its losses, while after rising by nearly 2% overnight, the euro fell 0.31% to $1,0179. For its part, kiwi fell slightly by 0.43% to $0.6001, following an overnight gain of 2.4%.