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Foreign exchange market: General decline in currencies except the Russian ruble

26/04/2024
Source : ORISHAS-FINANCE
Categories: Economy/Forex

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At the end of this week, currencies generally declined. In addition to the Russian ruble, which is approaching a one-month high, the rupee, yen and yuan are falling.

The Russian ruble was close to its one-month high on Friday, around 92 to the dollar. At 06:53 GMT, the ruble was stable against the dollar at 91.96, after reaching 91.8975, its highest level since March 27. The Russian ruble is strengthening to its highest level in over two weeks against the dollar. In addition, it lost 0.1% to 98.75 against the euro and 0.1% against

yuan to 12.67.

The Indian rupee is not expected to change at the open on Friday, despite a resumption of US inflation that has led to higher US Treasury yields and further reduced the likelihood of an impending Federal Reserve rate cut. According to a bank currency trader, the dollar/rupee pair “is now in a phase” where declines to 83.20-83.25 will find buyers, while 83.40 will attract sellers

.

For its part, the yen hit its lowest level in three decades against the US dollar after the Bank of Japan left interest rates unchanged on Friday, keeping traders on the alert as to when and how the authorities in Tokyo could intervene. The yen fell by about 0.2% and weakened to 156.1 per dollar in the minutes following the announcement. It also fell to its lowest level in nearly 16 years at 167.38 per euro and to its lowest in nearly a decade against the Australian dollar

.

The Chinese yuan stayed near its lowest level in five months against the dollar and moved away from its daily lower limit on Friday, penalized by rising US Treasury yields and the continued weakness of the yen.

The yuan is down 2.1% against the dollar since the start of the year, under pressure from its relatively low returns compared to other currencies and foreign investment outflows from an anemic stock market.
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