Rupee vs Dollar: Currency Pair Analysis

A Research by CurrencyVeda

December 19, 2023

New Delhi, India


USDINR traded at ₹83.0825, up by 0.09%. The day’s range for USDINR was a high of ₹83.08 and a low of 82.93  The rupee gained ground amidst heavy dollar inflows and a strong rally in domestic equity markets reaching fresh record highs. The Asian Development Bank (ADB) revised India’s economic expansion forecast for FY 2023–24 to 6.7%. Additionally, India’s merchandise trade deficit narrowed to USD 20.6 billion in November 2023 compared to USD 22.1 billion in the same month last year.


GBPINR, the last traded price was ₹105.1000, down by -0.83%. The day’s range for GBPINR was a high of ₹105.52 and a low of 105.10. The British pound remained supported after data from the UK indicated an acceleration in the growth pace of the private sector’s economic activity. The S&P Global/CIPS UK Services PMI rose to 53.7 in December 2023 from 50.9 in the previous month, surpassing expectations. The GfK Consumer Confidence indicator in the United Kingdom rose to -22 in December 2023 from -24 in November.


EURINR last traded at ₹90.6400, down by -0.43%. The day’s range for EURINR was a high of ₹90.79 and a low of 90.50. The euro faced headwinds as euro zone business activity unexpectedly deepened its downturn in December. The German economy is expected to shrink slightly this year and show minimal growth next year due to weak demand from abroad. The HCOB Eurozone Services PMI fell to 48.1 in December 2023 from 48.7 in the previous month.


JPYINR had its last traded price at ₹58.3125, down by -0.54%. The day’s range for JPYINR was a high of ₹58.49 and a low of 58.23. The Japanese yen experienced a decline due to profit booking, influenced by expectations for a hawkish Bank of Japan (BoJ) pivot in 2024. Japan’s factory activity continued to contract for a seventh straight month in December. The au Jibun Bank Japan Services PMI, however, rose to 52 in December 2023 from 50.8 in November.