Interbank Market News Scan for 19 July 2022 at 10:22 am. Could use of UAE currency put a small dent in demand for dollars?

FX rates as of 10:01 am 19 July 2022

Currency PairExchange Rate
GBP/USD1.1944
USD/XCD2.7000
USD/JMD149.6640
USD/DOP53.6897
EUR/USD1.0135
USD/JPY138.1690
USD/CNH6.7530
DXY106.46
USD/BTC0.0001
USD/ETH0.0007

Source: OANDA 

Interbank, Russia, India, oil. “Russia is looking to complete an oil deal with Indian refiners using the United Arab Emirates’ local currency, rather than in dollars, according to a Reuters report.” Yahoo! Finance.https://finance.yahoo.com/news/russia-distances-itself-us-dollar-180155786.html?fr=sycsrp_catchall.

Interbank, Pakistan, credit rating. “Ratings agency Fitch on Tuesday revised its outlook on Pakistan to negative from stable, citing a deterioration in the country’s external liquidity position and financing conditions as well as the risks from renewed political volatility.” Investing.com. https://www.investing.com/news/economy/fitch-revises-pakistans-outlook-to-negative-affirms-at-b-2848749.

Interbank, Pakistan, rupee. “The dollar appreciated further in the interbank market on Tuesday hitting a new high of 222 in the interbank market against the Pakistani rupee.” The News. https://www.thenews.com.pk/latest/974905-dollar-soars-to-new-high-against-pkr-in-interbank-market.

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