Akash Jha
On the morning of August 22nd, despite increases in Asian currencies and local equity markets, the rupee began virtually unchanged against the US dollar in a lightly traded market.
At 9:10 a.m. local time, the value of the domestic currency had increased to 83.08 per US dollar, up 0.03 percent from the previous day’s close of 83.11.
Although the Indian Rupee recently fell to a historic low, it has shown resilience in the face of global downturns, aided by measures from the central bank, which have helped it settle at around 83.15–20 levels. We’ll look at its resilience in the face of pessimism and the bank’s initiatives, and we’ll wrap up with the currency’s future prospects,” said Amit Pabri, an analyst with CR Forex.
The daily midpoint of the Chinese yuan is higher than was widely anticipated, thanks to the country’s central bank. Despite recent pressure from investors worried about China’s delayed reaction to economic downturn and property sector difficulties, the yuan was relatively unchanged in early trading.
Propelled by rising Treasury yields and prospects of extended high interest rates in the US, the dollar is hovering near its 10-week top against major currencies, touching November highs against the yen. As the current interest rate raising cycle nears its end, investors are eagerly expecting information from the Federal Reserve’s Jackson Hole symposium to gauge the likelihood of a rate stabilisation.
As the dollar declined in value, Asian currencies rose, although they remained close to Friday’s high of 103.68, which hadn’t been seen since June 12.
Also Read : August inflows: India defies market volatility with strong foreign investment
The value of the Singapore dollar rose 0.22 percent, the Japanese yen 0.22 percent, the value of the Taiwanese dollar rose 0.14 percent, and the value of the South Korean won rose 0.48 percent. The value of China’s yuan dropped by 0.5%.
At the time of writing, the Dollar Index (a proxy for the value of the US dollar relative to a basket of other currencies) was trading at 103.173, a decrease of 0.12% from the previous close of 103.30.
