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Foreign exchange market: the South African rand weakens, the rupee has an intra-day high, the dollar is heading for a monthly loss and the yen remains stable

28/04/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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Finally this week, currencies moved in a dispersed order. While the South African rand is weakening, the rupee is at an intraday high, the dollar is heading for a monthly loss, and the yen

remains stable.

Ahead of the release of the budget and trade data that could indicate the health of Africa's most industrialized economy, the South African rand weakened against a stronger dollar early on Friday. The rand traded at 18.3600 against the dollar, about 0.3% weaker than its previous close, at 0646

GMT.

The Indian rupee is expected to open higher against the US dollar on Friday, boosted by positive risk appetite and the rise of most of its Asian peers. The rupee hit an intraday high of 81.61 on Thursday, before retreating in the final hour of trading, due to possible profit-taking by short dollar positions and dollar purchases by public sector banks

As far as it is concerned, the dollar is heading for a monthly loss and is on track to suffer a second consecutive monthly loss on Friday on rising expectations from the Federal Reserve that could soon end its aggressive rate-hike cycle, while the yen stabilizes near a one-week high as a crucial decision by the central bank. Before the decision, the Japanese yen was up about 0.1% to 133.84 per US dollar, and also gained more than 0.1% against the pound sterling

.
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