Fri. Mar 29th, 2024
US dollar

Monday did not start on a good note for the US currency as it experienced weak performance against all other major currencies. Another major reason behind US Dollar performing badly was the announcement of US Inflation readings, which were not up to the expected mark.

The trading on Monday saw Euro raising to $1.1825 from the mark of $1.1754 at the start of the trade. British Pound also saw an uprise, reaching to $1.3193 from $1.3143. Australian Dollar also saw a slight positive change against the dollar, reaching to $0.7990 from $0.7989.

The US dollar bought 110.37 Japanese yen, lower than 110.68 yen of the previous session. The US dollar fell to 0.9663 Swiss francs from 0.9687 Swiss francs, and it edged up to 1.2478 Canadian dollars from 1.2444 Canadian dollars.

Since the announcement of US Inflation readings last week, the currency has been struggling on the global index.

According to analysts and experts, one of the major reasons behind the fall in currency is the uncertainty that the white house is going through. According to them, in the last few weeks, a lot has been said about the current administration and there are uncertainties about whether or not, the current government will be able to deliver on the promises it made before the elections last year. One of the major points of the manifesto included cutting down the tax rates and bringing the economy back on track.

The dollar index, a term used for measuring US dollar against 6 other major currencies, traded negatively on Monday and ended 0.31 percent below the opening mark. In late trading on Monday, it was down 0.31 percent at 92.967.

 

By Prithviraj Singh Chauhan

Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.