Indian shares rise as IT, energy gains outweigh worries over first Omicron cases
Ride-hailing firm Ola plans IPO in first half of 2022, readies 'super app'
Indian insurer Star Health's IPO sees 79% subscription as Omicron hits sentiment
L&T, Goldman-backed ReNew tie up for green hydrogen projects in India
Global stocks wobble as Didi delisting revives U.S.-China worries
IMF says chief economist Gopinath to replace Okamoto as No. 2 official
Unfazed by Omicron, Fed policymakers show greater consensus for faster taper
DOLLAR INDEX
The US Dollar Index is a measurement of value of the US Dollar relative to six currencies as valued by their exchange rates. While half of the value is measured against the Euro, the other currencies in the basket are British Pound, Japanese Yen, Canadian Dollars, Swedish Krona and the Swiss Franc. The Dollar Index goes up when the US Dollar gains strength or value relative to other currencies.
The value of each currency is multiplied by its weight, which is a positive number when the U.S. dollar is the base currency. It's a negative number when the U.S. dollar is the quote currency. Euros and Pounds are the only two currencies where the U.S. dollar is the base currency because they're quoted in terms of the dollar. The weights of the currencies are Euro ( 57.6%), JPY ( 13.6%), GBP ( 11.9%), CAD ( 9.1%), SEK (4.2%) & CHF ( 3.6%).
Eforex India quotes Dollar Index and this can be used for benchmarking and hedging purposes. We also give API of the prices of dollar Index together with metals & commodities which can be integrated to your software for pricing and valuation. Exporters, importers and those with currency exposure needs to manage their hedging by proper Risk management techniques and value it Marked to Market (MTM) on a daily basis to manage their portfolio.