Danger of global recession: Not only 2 against 5, the currencies of these countries have also been looted, is the economic recession coming?
Threat of global recession: For the last several days, the rupee has been plunging against the dollar. The rupee has depreciated to a record. Which is not a good sign for the economy.
The relief for the countrymen suffering from inflation is not far off. We are not saying this, but over the last few days all analysts have been warning about inflation. The biggest reason behind this is that the rupee continues to weaken against the dollar. The rupee has depreciated sharply against the dollar in the last fortnight. It is noteworthy that not only the rupee but also the currencies of many countries are facing record declines against the dollar.
The euro is at a 20-year low
The euro has hit a 20-year low against the dollar since 2002. The threat of a recession is growing in Europe, according to figures released on Tuesday. The euro has taken a big dive. Economic growth in Europe has slowed since June. S&P Global's monthly Purchasing Managers' Index (PMI), a measure of corporate confidence, fell to 52.0 in May from 54.8 in May. The biggest reason behind this is the drastic increase in interest rates by the US Federal Reserve.
The Australian and New Zealand dollars also saw declines
The Australian and New Zealand dollars hit two-year lows on Friday. The Australian dollar fell 0.3% on Friday. New Zealand's currency, the kiwi, fell 0.1% on Friday. Currency strategist Carol Kong said Australian and other commodity currencies and the euro and sterling are also likely to fall further over the week. This is because the market is currently focused on the risk of a sharp recession in the global economy.
Asian currencies worse
The dollar gained sharply against Asian currencies on Friday. As a result, the Thai baht, the Indonesian rupiah and the Singapore dollar have fallen sharply over the years.
The Japanese yen is also in bad shape
The Japanese yen hit its lowest level since October 1998 against the US dollar on June 21 last month. The yen hit a 24-year low of 136.455 against the dollar.
Iranian Rial: Big decline in June
Iran's currency, the rial, also fell sharply in June last year. On June 13, the riyal hit a record low. The rial saw a new low while US sanctions against the country are still in force.
22-Jan-2025