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.OPEC said this in its Monthly Oil Market Report for August on Friday. 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.

Source: Nigerian Tribune August 12, 2023 19:06 UTC