The Indian rupee is tumbling

Good morning!

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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