The Indian rupee has tumbled following weekend news that the head of the central bank, Raghuram Rajan, will not be seeking another term.
The currency is weaker by 0.4% at 67.330 per dollar as of 7:33 a.m. ET.
Rajan is an extremely respected figure on the global stage, and is credited with restoring the India’s macroeconomic stability — so his departure has some investors feeling a bit unsettled.
As for the rest of the world, here’s the scoreboard:
- The Nigerian naira collapsed on Monday after the Central Bank of Nigeria removed the currency peg to the dollar. The naira is down 30.8% at 260.525 against the greenback. The plan to devalue the currency was announced last week — and although this should help Nigeria’s economy in the long run, things could get ugly in the near-term.
- The British pound is stronger by 1.9% at 1.4626 against the dollar after several weekend polls suggested that the campaign to leave the EU could be losing momentum. A poll for the Mail on Sunday by Survation gave the In campaign 45% against 42% for Out; a poll for the Sunday Times by YouGov had Remain at 44% to Leave’s 43%; and an Opinium poll for the Observer put the two sides both at 44%.
- The Japanese yen is down by 0.4% at 104.56 after the latest trade data released by the Ministry of Finance showed the value of exports fell 11.3% year-over-year in May as the stronger yen made goods less attractive. Exports to Japan’s largest customer, China, plunged 14.9% YoY while shipments to the US sank 10.7% YoY.
- The US dollar index is weaker by 0.5% at 93.69 ahead of a light data week.
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