INR, SEK, CHF Exchange Rates Today: Rupee Declines, Krona Gains on Cancelled Snap Election and Franc Holding Steady
With the majority of traders relaxing during the holiday period, the currency market has been extremely quiet. Therefore economic data and events have had less of an impact on currency movement.
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Indian Rupee (INR) Exchange Rate Dives on Dollar Demand
The Indian Rupee exchange rate softened towards a 13-month low on Monday as importers stepped up US Dollar purchases to settle year-end bills. There appears to be ‘all-round dollar buying’ by importers, Naveen Raghuvanshi, a Mumbai-based trader at DCB Bank Ltd., said Dec. 26.
The slow currency market has also impacted upon the Rupee declination in so far as there has been a distinct lack of economic data/events to drive changes. ‘We expect the rupee to trade in a tight range because the market is pretty illiquid as we approach the year-end,’ said Ashtosh Raina, Mumbai-based head of foreign-exchange trading at HDFC Bank Ltd.
Swedish Krona (SEK) Exchange Rate Strengthens on Snap Election Cancellation
After Sweden’s Prime Minister, Stefan Lofven, cancelled the proposed snap election, the Swedish Krona strengthened against nearly all of its major peers. This was achieved by striking a cross-party deal to avert the threat from anti-immigration populists.
‘There is a desire to make up. That is good for the country. I’m happy that we had such a constructive discussion, it’s good for Sweden,’ Stefan Löfven, the Social Democrat prime minister, told a hastily-called press conference on Saturday.
Swiss Franc (CHF) Exchange Rate Holding Steady during Quiet Trade
Despite the fact that Swiss data showed a slight declination on Monday, the Swiss Franc is generally holding steady against the majority of its most traded currency competitors. The UBS Consumption Indicator ticked lower from 1.32 to 1.29, although quiet trading has seen little impact from the publication.