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Emerging markets – most emerging market currency gains against the dollar; Lira rate close to record low and just after decisions

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(Prices update) By Susan Mathew and Devik Jain Nov 24 (Reuters) – Most emerging market currencies strengthened on Thursday as the dollar fell on less than aggressive signals from the US Federal Reserve, though the Turkish lira was close to a record low and the Rand from South Africa. Rejected after central bank decisions. The Brazilian real rose 0.9%. Brazil Senator Marcelo Castro told Reuters that the spending exemption law, which aims to free up at least 100 billion reais ($19 billion) next year for welfare spending, must be approved before Dec. 10 so lawmakers can then to vote. focus on the country’s budget for the year. Meanwhile, consumer prices fell 0.53% in mid-November but fell below market expectations, reinforcing the view that Brazil’s central bank is sticking to its current plans after ending an aggressive tightening cycle. Will last Brazilian stocks rose 2.8%, while heavyweight Petrobras rose 3.6%. An aide to President-elect Luiz Inácio Lula da Silva said the incoming leftist government had no intention of breaking up the state oil giant and everything would be discussed with the markets. The Mexican peso fell 0.1%. The minutes of the Bank of Mexico’s latest policy meeting showed that policymakers see a reduction in price pressures, but more rate hikes are possible as core inflation remains higher. In South Africa, the rand remained flat against the dollar after the central bank raised the repo rate by 75 basis points to curb rising inflation but lowered its one-year growth forecast due to coal outages. The state-run energy company Eskom is struggling with electricity. generation. However, the Turkish central bank cut its key rate by 150 basis points to 9% as expected and continued to ease policy measures in line with President Tayyip Erdogan’s call to demand single-digit interest rates by the end of the year, despite inflation exceeding 85 %. Decided to stop the cycle. The lira had reached a record low of 18.66 against the dollar at the start of the session. The currency has depreciated about 28% so far this year due to unconventional monetary policies, which in turn fueled inflation and eroded foreign exchange reserves, making it less attractive to foreign investors. Citi strategists said the focus would now be on the 2023 monetary and exchange rate document, due to be released in December, which will be viewed for broader discussion of additional measures planned by the central bank. While emerging market central banks began to tighten monetary policy more than their developed country counterparts such as the US Fed and European Central Bank, inflation has consistently outperformed their target expectations. MSCI’s index of emerging market currencies rose 0.5% in the minutes of the Fed meeting earlier this month, while most other currencies rose, a “substantial majority” said to be in favor of slowing the pace of rate hikes. कुंजी लैटिन अमेरिकन स्टॉक इंडेक्स और मुद्राएं: स्टॉक इंडेक्स नवीनतम दैनिक % परिवर्तन MSCI उभरते बाजारों में 945.81 1.45 MSCI LATAM 2209.86 2.49 BRAZIL BOVESPA 111924.33 2.83 MEXICO IPC 51757.88 -0.45 COLEAMA 5273.72 0.24 ARCENTINA MERSA 52730.45 ARCENTINA MERSA 52730.45 COLREAPA 5273.720.45 COLREAPA 5273.72.45 COLERAPA 40.45 COLERAPA 5273.720.30.45 COLERAPA 5273.72030.30.30.45 COLERAPA 5273.720.83-0.45 चाइल ब्राजील रियल 5.3098 -0.02 मेक्सिको पेसो 19.3876 -0.17 चिली पेसो 910.2 0.63 कोलंबिया पेसो 4904.7 -0.58 पेरू सोल 3.8399 0.16 अर्जेंटीना पेसो (इंटरबैंक) 165.1700 -0.20 Argentine peso (parallel) 315 -0.95 (reporting by Susan Mathew and Devik Jain in Bengaluru; edited by Nick Ziminski and Daniel Wallis)

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Source: news.google.com

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