Dollar depreciates against the ongoing fall in oil prices

Dollar depreciates against the ongoing fall in oil prices


The dollar index declined 0.1% to 98,72 item. Oil prices continue to fall amid continued oversupply in the market and fears over China’s economy.

MOSCOW, 12 Jan. The dollar on Tuesday depreciates against foreign currencies due to the ongoing fall in oil prices, according to AFP.

As at 08.23 GMT the dollar index (the dollar against a basket of currencies of six major U.S. trading partners) decreased by 0.1% to 98,72 item. The dollar exchange rate to yen has fallen to 117,46 yen per dollar with 117,48% at the previous closure. The Euro-dollar exchange rate has grown up to 1,0883 with 1,0861 dollar dollar per Euro a day earlier.

Oil on Tuesday continued to fall significantly due to the continuing oversupply in the market and fears over China’s economy. Brent is in district 31 dollars per barrel, WTI is trading around 30.8 per dollar per barrel.

This led to the weakening of the dollar against the yen as investors shifted their attention to more reliable assets, including the Japanese currency.

“Interest rates at the moment mean nothing. Risk appetite, oil prices and China is now focused the attention,” said to Reuters the Director of the company on the study of foreign exchange market Global-info Co in Tokyo Kaneo Ogino (Kaneo Ogino).