The Vietnamese dong against the U.S dollar has weakened slightly over the past week where it was trading at 4.6993 at the end of last week and today it is trading at 4.7092
The Singapore dollar strengthened against the US dollar over this week. The Singapore dollar rose to a 1 week high of 1.3434 from an early low of 1.3477. If the Singapore dollar extends this trend it is likely to find resistance around the 1.32.
The Hong Kong dollar has weakened over the week slightly from being at 7.7519 last week and today it’s at 7.7527. Retail sales did drop by 3.9% in December, as the sale of luxury items dropped.
The Thai baht has climbed the most in two weeks after foreign funds pumped money into local stocks and the nation posted a record current-account surplus. The baht advanced to 0.7% to 32.55 against the dollar, the most since the 16th of January.
WONSouth Korea’s won has rebounded from a 4 week low with the dollar on Tuesday following US monetary data. The Won was quoted at 1097.4 per dollar at the end of trade on Tuesday compared to 1103.3 on Monday.
INDIA FOREX MARKET REPORT
In early trade this morning the rupee opened relatively flat at 61.66 against the US dollar. On Tuesday (03 Feb) the currency had appreciated on banks and importers US dollar selling, the day the RBI decided to keep interest rates unchanged at 7.75%. The market is still anticipating a rate cut in the future. The RBI did decide to cut the statutory liquidity ratio to 21.50% from 22%. The rupees appreciation was also supported by the local equity market however the US dollar gains capped the rise. Going forward the rupee is expected to trade lower in the short term upon oil price surges, negatively affecting the currency as oil constitutes as a major portion of India’s import bill.