Indian Rupee becomes second worst Asian currency this quarter

MG News | August 02, 2024 at 10:24 AM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

August 02, 2024 (MLN): After a strong first half of the year where the Indian Rupee beat emerging market Asian currency peers versus the dollar, the rupee has now become the second worst performer this quarter, just ahead of the Taiwan dollar, Bloomberg reported.

This shift coincides with a weakening dollar as market expectations of interest rate cuts in the US increase.

The Reserve Bank of India's (RBI) policy of smoothening currency swings by adding to or dipping into record high foreign reserves has played a key role.

This strategy makes the rupee outperform when the dollar is strong against regional peers, but it lags when the dollar is on the backfoot.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	173,886.69 195.81M	-0.85% -1493.18
ALLSHR	104,193.90 1,478.56M	-0.79% -830.04
KSE30	50,762.89 101.57M	-1.61% -833.18
KMI30	248,644.12 78.76M	-1.03% -2588.32
KMIALLSHR	67,289.90 391.02M	-0.79% -536.64
BKTi	47,836.07 30.16M	-1.03% -497.73
OGTi	34,437.26 6.66M	-1.07% -371.75

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	76,000.00	76,150.00 75,815.00	45.00 0.06%
BRENT CRUDE	97.97	100.83 96.67	-0.32 -0.33%
RICHARDS BAY COAL MONTHLY	127.25	0.00 0.00	-0.50 -0.39%
ROTTERDAM COAL MONTHLY	136.50	137.25 136.50	-0.80 -0.58%
USD RBD PALM OLEIN	1,182.50	1,182.50 1,182.50	0.00 0.00%
CRUDE OIL - WTI	90.34	0.00 0.00	-0.49 -0.54%
SUGAR #11 WORLD	18.25	18.60 18.13	-0.31 -1.67%