Biggest Currency Movers – July 2025: Winners and Losers in the FX Market
Find out which currencies gained and lost the most in July 2025, including the surging Russian Ruble and struggling Euro and Indian Rupee, plus the key events driving these moves.
Here’s your updated strongest and weakest currencies report for July 2025, with insights on the top movers and market drivers:
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💪 Strongest Currencies – July 2025
• Russian Ruble (RUB) has been the standout performer in 2025, appreciating approximately 45% vs. USD. This strength is attributed to tight monetary policy, strategic selling of Chinese yuan, high interest rates on ruble deposits, and optimism over Russia’s continued budget resilience despite sanctions.  
• British Pound (GBP) has regained momentum, nearing $1.35 USD, buoyed by global market optimism and a new U.S.–Japan trade deal that reduced auto tariffs and boosted investor sentiment. 
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📉 Weakest Currencies – July 2025
• Euro (EUR) took a sharp dip recently, losing about 1.3% in just two days following a U.S.–EU trade agreement that imposed new tariffs perceived to favour the U.S., undermining confidence in the eurozone’s near-term outlook. 
• Indian Rupee (INR) is poised for further decline, potentially crossing the ₹87 per USD threshold. This comes amid expected 20–25% U.S. tariffs on Indian exports and ongoing capital outflows, reinforcing market pressure on the currency. 
• U.S. Dollar Index (USD) remains generally steady, though analysts warn of weakening momentum. Recent volatility stems from tariff uncertainty, Fed policy anticipation, and bearish investor sentiment. 
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🔍 What’s Driving These Currency Trends?
• Sanctions & Central Bank Strategy: The ruble’s resurgence is rooted in disciplined monetary policy and capital controls, even in the face of wartime sanctions. 
• Trade Deals & Tariff Shockwaves: The EUR’s decline was sparked by market reaction to a U.S.–EU trade agreement deemed unfavorable to Europe. Similarly, potential new tariffs on Indian exports are weighing heavily on the INR. 
• Investor Behavior & Reserve Shifts: Talk of cracks in the dollar’s supremacy has led to partial diversification, but the USD still benefits from safe-haven demand. 
• Seasonal Volatility Risk: As markets enter thin summer trading, even typical “safe” currencies like the yen or EUR can behave unpredictably. 
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✅ Summary Table
| Currency | Direction | Key Drivers |
|---|---|---|
| Russian Ruble | Strong | Tight central bank policy, high interest rates, optimism despite sanctions |
| British Pound | Strong | Positive risk sentiment from trade deals |
| Euro | Weak | Unfavourable U.S.–EU trade agreement, political caution |
| Indian Rupee | Weak | Anxiety over potential new U.S. tariffs, capital outflows |
| U.S. Dollar | Mixed | Safe-haven still strong; cracks in dominance raising concern |
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