The Indian Rupee displayed strength against the US Dollar on Tuesday, with an initial exchange rate of 83.23 against the US dollar, equivalent to Dh22.6.
Monday’s Decline:
On Monday evening, the rupee experienced a slight decline, slipping by one paisa to 83.28 against the US dollar.
This dip was attributed to a weak trend in domestic equities and the rising crude oil prices in the international markets.
Forex traders noted that the safe-haven status of the US dollar was bolstered due to increased concerns in the Middle East, contributing to the rupee’s recent fluctuations.
Dollar Softens on Tuesday:
On Tuesday, the US dollar softened, influenced by shifting expectations regarding US interest rates and decreased Treasury yields. Investors perceived a slight dovish shift in the tone of Federal Reserve officials.
Impact on Other Currencies:
- The Japanese Yen experienced minor gains, primarily due to violence in the Middle East, which prompted investors to seek safe-haven assets. It was last traded at 148.34 per dollar.
- The Swiss Franc gained strength and was slightly higher at 0.9045 against the dollar.
- The Euro saw a 0.1% increase in early Asia trade, reaching $1.0580.
- The Israeli Shekel stabilized at 3.95 to the dollar, just slightly above an almost eight-year low. This stabilization occurred after the central bank announced its commitment to selling $30 billion in foreign exchange.
These currency movements reflect the global economic and geopolitical factors affecting the foreign exchange market.
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