• Home
  • Contact Us
  • About us
  • Privacy Policy
Monday, June 16, 2025
New Citizen
  • Login
  • Home
  • Nation
  • Politics
  • Business & Economy
  • Health
  • Education
  • Sport
  • Arts & Life
  • Culture & Entertainment
  • World
  • Perspectives
  • About us
  • Home
  • Nation
  • Politics
  • Business & Economy
  • Health
  • Education
  • Sport
  • Arts & Life
  • Culture & Entertainment
  • World
  • Perspectives
  • About us
No Result
View All Result
New Citizen
No Result
View All Result
Home Business & Economy

Dollar index decreases by 1.6% in July – OPEC

by EMMANUELLA ANOKAM
August 12, 2023
in Business & Economy
0
Dollar index decreases by 1.6% in July – OPEC
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Organisation of the Petroleum Exporting Countries (OPEC) has said the U.S. dollar index decreased by 1.6 per cent month-on-month (m-o-m) in July, erasing gains from the previous period.

The dollar index rose for the second consecutive month in June, increasing marginally by 0.3 per cent m-o-m.

READ ALSO

Shettima urges African countries to adopt policies that promote eco-friendly tourism, preserve cultural heritage

Bamboo relevant for climate change smart houses – Official 

OPEC said this in its Monthly Oil Market Report for August obtained by the News Agency of Nigeria (NAN) on Friday.

The report, while stating the impact of the dollar and inflation on oil prices, said the dollar receded, although the Federal Reserve hiked interest rates by 25 basis points (bp) in July.

This, it said, underscored a shift in risk sentiment as investors’ global macroeconomic outlook improved, and financial markets wagered that the U.S. economy would avoid recession.

According to the OPEC report, Year-on-Year (Y-o-Y), the index was down by 5.2 per cent.

The OPEC report said the dollar experienced mixed movement against major developed market currencies for a second consecutive month in July.

It said it recovered against the euro by 2.2 per cent m-o-m, but receded against the yen and the pound by 0.2 per cent and 2.2 per cent, respectively, over the same period.

It said Y-o-Y, the dollar was up by 8.9 per cent and 3.0 per cent against the euro and yen, respectively; however, it was down by 7.1 per cent against the pound over the same period.

“In terms of emerging market currencies, the dollar declined for a second consecutive month in July against the rupee and the Brazilian real by 0.1 per cent and 1.1 per cent respectively, m-o-m.

“Meanwhile, it advanced against the yuan for a second consecutive month by 0.3 per cent m-o-m,” the oil market report said.

It said Y-o-Y, the dollar was up by 3.2 per cent and 6.7 per cent against the rupee and yuan, respectively; however, it was down by 10.6 per cent against the real over the same period.

It said the differential between nominal and real OPEC Reference Basket (ORB) prices widened m-o-m.

It said inflation (nominal price minus real price) went from negative 1.78 dollars per barrel in June to negative 3.11 dollars per barrel in July, a 76.7 per cent increase m-o-m.

It further stated that in nominal terms, accounting for inflation, the ORB price went from 75.19 per cent per barrel in June to 81.06 per barrel in July, a 7.8 per cent increase m-o-m.

It added that Y-o-Y, the ORB was down by 25.3 per cent in nominal terms.

In real terms (excluding inflation), it said the ORB went from 76.95 dollars per barrel in June to 84.17 dollars per barrel in July, a 9.4 per cent increase m-o-m.

“Y-o-y, the ORB was down by 24.4 per cent in real terms,” it said. (NAN)

Previous Post

Bayern sign England striker Kane from Tottenham— club

Next Post

Zaria Mosque collapse: Gov Sani commiserates with victims’ families

Related Posts

Shettima urges African countries to adopt policies that promote eco-friendly tourism, preserve cultural heritage
Business & Economy

Shettima urges African countries to adopt policies that promote eco-friendly tourism, preserve cultural heritage

June 11, 2025
Bamboo relevant for climate change smart houses – Official 
Business & Economy

Bamboo relevant for climate change smart houses – Official 

June 11, 2025
Nigeria records 3.84% GDP growth in Q4 2024, fastest pace in 3 years
Business & Economy

No final decision reached on forward sale of crude oil – FG

June 11, 2025
Nigeria strengthens partnership with impact investors to drive economic transformation
Business & Economy

Nigeria strengthens partnership with impact investors to drive economic transformation

June 10, 2025
Next Post
Sen. Uba Sani

Zaria Mosque collapse: Gov Sani commiserates with victims’ families

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Britain moving jets to Middle East to support regional security, PM Starmer says
  • Hajj 2025: Kaduna officials issue strict warning to pilgrims on luggage ahead of return
  • Disabilities Commission organises capacity building training for security agencies on accessibility, anti-discrimination enforcement
  • Pardon: Saro-Wiwa family thanks Tinubu, seeks review of trial proceedings
  • Defence Ministry says committed to excellence in military healthcare, training infrastructure

Recent Comments

No comments to show.

Recent Posts

  • Britain moving jets to Middle East to support regional security, PM Starmer says
  • Hajj 2025: Kaduna officials issue strict warning to pilgrims on luggage ahead of return
  • Disabilities Commission organises capacity building training for security agencies on accessibility, anti-discrimination enforcement
  • Pardon: Saro-Wiwa family thanks Tinubu, seeks review of trial proceedings

Quick Links

  • Home
  • Contact Us
  • About us
  • Privacy Policy
No Result
View All Result
  • Home
  • Nation
  • Politics
  • Business & Economy
  • Health
  • Education
  • Sport
  • Arts & Life
  • Culture & Entertainment
  • World
  • Perspectives
  • About us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In