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Currency: The dollar and the Russian ruble are changing, the South African rand is weakening

30/12/2022
Categories: Economy/Forex

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Currency trends this Friday are disrupted. Le dollar vise sa meilleure année depuis 2015, le rouble russe se renforce par rapport au dollar à la fin d' une année volatile, tandis que The South African rand is weakening.

After being supported by the Federal Reserve's aggressive monetary policy tightening and concerns about global growth prospects , the dollar was on track for its best performance in seven years on Friday. The US dollar index jumped by more than 8% this year, something not seen since 2015. It measures the greenback against a basket of currencies. It was recently down 0.05% to 103.93.

Since March, the Fed has raised rates by a total of 425 basis points to curb rampant inflation. This measure that kept the dollar on the rise for most of the year. Recently, the yen was up 0.3% to 132.63 per dollar. The euro rose by 0.01% to $1,0661, but is on track to fall by more than 6% this year, under pressure from the war in Ukraine and the hawkish attitude of the Fed, and a combination of weak eurozone growth. The offshore yuan was headed for an annual decline of nearly 9%. The last time it was bought for $6.9745 per dollar.

As for the ruble, was 1.3% stronger at 7:08 GMT against the dollar at 71.22. He has recovered some ground since the lowest level in eight months of 72.9175 reached during the previous session. Although analysts said the technical impact would be felt more strongly in January-February, the ruble has lost about 13% against the dollar since the price cap on Russian oil exports took effect on December 5. It gained 0.6% to trade at 75.54 against the euro and strengthened by 1.7% against the yuan to 10.01.

In contrast, the South African rand weakened against the dollar in morning trading on Friday. At A 0632 GMT, it traded at 16.9875 against the dollar, 0.22% lower than its previous close. The Dollar Index was up 0.1% to 104.08, measuring the currency against six rivals. After rising by 9.34% in October, central bank data released on Friday showed that South African private sector credit increased by 8.30% year-on-year in November.

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