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Currency Brief: Euro Declines Against Dollar in August

Most of the key currencies of particular importance to the apparel industry remained stable to slightly down against the dollar in August.

Notable exceptions were the euro, which declined by over 1 percent, and the Indonesian rupiah, which also rose by over 1 percent and the Pakistani rupee, up 3 percent.

The euro fell 1.4% against the U.S. dollar in the month, to $1.32 on August 29, increasing its year-to-date decline to 4.27%. The currency is down negligibly relative to the same month last year.


The pound dropped 0.55% percent against the dollar in the month, to $1.66, reducing its year-to-date increase to 1.65% and its year-on-year gain to just over 7 percent.


The Indian rupee remained stable in August, tempering its year-to-date slide to 2.62%. Compared to this time last year, the currency is down by almost 1.7%.


The Indonesian rupiah increased by 1 percent in August, reducing its year-to-date decline to 3.21%.


The Pakistani rupee rose by 3 percent in August, down 2.55% from the same month last year, and almost 5 percent year-to-date.


The Chinese yuan was flat against the dollar in August and 0.7% higher for the year so far.


The Bangladeshi taka, which is loosely pegged against the U.S. dollar, was down slightly in the month.


The Vietnamese dong’s movements are usually very small since it too is pegged. In August, it dropped in value very slightly against the dollar, and remains ahead by 0.4% on a year-to-date basis.