2024-01-05 03:00:07 ET
If you checked the USD to INR today, Baht to USD, pounds to dollars or how much a won is to a dollar, you’re not alone… It’s been a red-letter 24 hours for foreign currencies, as the world gears up for US Nonfarm Payrolls later today, as well as the latest Eurozone inflation figures, off the back of Germany and France releasing their CPI figures yesterday afternoon.
The dollar was briefly at its highest level in almost three weeks on January 4 th , before correcting downwards, and causing choppy dips and rallies throughout various major, minor and exotic FX pairs.
INR reaches record lows against USD
The real scene-stealer was the Indian rupee, with the USD/INR falling to a new record low of 83,195 and 83,120 on January 4 th and 5 th .
Previously, the lowest price recorded for the USD/INR was around the 83,290 mark, which the pair hasn’t dropped to in more than 14 months, since October 2022.
Yen loses, while yuan maintains
The Japanese yen also lost ground to the dollar as the USD/JPY climbed steeply from 141,95 to over 144,50 on Thursday 4 th .
The USD/CNH was more nuanced, rallying to opening prices of above 7,1760 on both the 5 th and 4 th , after hovering around the 7,1492 mark on Wednesday the 3 rd .
Falls for the exotic currencies
Among the exotics, the same losing streak was clear – although not quite as dramatic as the JPY and CNH. The South Korean won (KRW) dropped marginally against the USD on January 4 th , the USD/KRW edging from 1,310.41 at market’s open to 1,305.68 before rallying to 1,315.81.
Meanwhile, the Thai baht also fell, with the USD/THB climbing marginally from 34,480 at market opening on Thursday to 34,529 BMO on Friday 5 th , up more than 0.22 percent in less than a day.
GBP holds firm against the USD
Across the pond, the pound sterling has stayed firm in the GBP/USD cable pair, maintaining its range of above 1,2614 and briefly breaking through resistance to above 1,2700 on January 4th before falling back below to open at 1,2682 on January 5th.
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