The US dollar has slipped to one-week low after its recent rally as investors are seen booking profit after the surge following the victory of Donald Trump. The Geo-political situation and escalation of the Ukraine-Russia conflict has made investors cautious as well.
Dollar Index
The Dollar Index, known as a measure for the dollar against six major currencies, fell to a low of 106.07 for the first time since last Wednesday. However it had recovered to 106.27 due to a weak ‘Yen’. The dollar gained slightly against the yen, rising to 154.84 yen, helped by rising U.S. Treasury yields.
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Earlier, it hit a one-year high of 107.07 on expectations that Trump would push for high government spending, tariffs, and immigration controls, which could lead to inflation and possibly slow down interest rate cuts by the Federal Reserve.
The euro fell slightly to $1.0585 after recovering from a previous drop. The British pound stayed stable at $1.2685 ahead of an inflation report. Bitcoin rose slightly to $92,593, just below its record high of $94,078. Trump’s social media company is reportedly in talks to buy the crypto trading firm Bakkt, raising hopes for a pro-crypto approach under his administration.
Also ReadCrude oil rises as conflict escalates in Ukraine – Check latest Petrol and Diesel prices in your city on November 20
Indian rupee movement
The Indian rupee has reached a low of Rs 84.40 against the US dollar. Over the course of a week, the rupee strengthened by 0.09 percent, declining from Rs 84.48 on November 13 to Rs 84.40 by November 19. However, over the past month, the rupee weakened against the US dollar, rising from Rs 84.08 on October 22 to Rs 84.40 on November 20. The monthly depreciation of the rupee can be attributed to rising Treasury yields.
(With Reuters Inputs)
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