Against a basket of peers, the dollar traded flat. File
Gulf Today Report
The dollar declined as global stock markets rallied on Monday as while other currencies rose.
The four days of losses recorded by the Asian and European stocks played an impact in the US currency decline.
Earlier the greenback had found support as traders remained wary that retail investors who had organised online might continue their assault on hedge fund short positions, sparking more volatility.
Unfortunately, the crowd’s attention has moved to silver with spot silver recording 9% gains in early London trading on Monday.
Strategists at ING said the rise in silver is "a standout" in a relatively subdued opening for commodity and FX markets this week.
Against a basket of peers, the dollar traded flat. The index that measures its strength has been largely range-bound in recent weeks, after bouncing from a nearly three-year low of 89.206 at the start of the year.
The yen hit a six-month high against the dollar on Monday, gaining for a sixth consecutive session against the greenback as stock markets tumbled and pushed investors to the perceived safety of the Japanese currency.
The Indian rupee has breached the 74 per dollar mark and experts feel that with continued global economic concerns and possibilities of further plunge in financial and oil markets, it may continue to witness volatility in the coming days.
In a bid to ease the US dollar requirements of open market, the Reserve Bank of India (RBI) decided to conduct a six-month swaps worth $2 billion to provide liquidity to the foreign exchange market (forex).
China’s factory activity expanded for the first time in six months in September, an official survey showed on Saturday,
Pakistan’s largest coal miner Sindh Engro Coal Mining Co (SECMC) expects to boost its output by 51.3% in 2024, its Chief Executive told Reuters,
The Ministry of Industry and Advanced Technology (MoIAT) is set to showcase a range of new incentives at the Abu Dhabi International Petroleum Exhibition