HK dollar goes below June’s performance

HK dollar goes below June's performance

Going below its strong ends, the Hong Kong dollar touched the threshold below what it did in June on Thursday. Since the IPO (initial public offering) by Ant Group, the currency was steady. 

 

Against the greenback, the currency declined to 7.7536, losing 0.05 per cent, the most after June 16, 2020. Interestingly, Ant is ceasing to seek orders from bigger investors from the outside and focusing more on the one inside after a robust demand for the shares of Hong Kong. 

 

The IPO had influenced the funds to flow in the country in the past few months. The sturdy demand compelled the HK Monetary authority to intervene regularly for stopping the currency from going past the band against the US dollar. 

 

Managing director, DBS Hong Kong Limited, Tommy Ong, said that the currency might plunge 7.7550 once Ant begins trading. 

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