Currency Market Analysis

October 20, 2023

New Delhi, India

USDINR: Rupee vs Dollar

News on usdinr says the trading range for the day was 83.20-83.04. The pair closed at 83.12, a drop of 0.15% from the previous close of 83.24. The Indian Rupee closed unchanged as likely U.S. dollar sales by RBI kept the local unit off its record low. Icra forecasts that Capex is set to rise by 29% for 13 states, while the fiscal deficit is expected to widen in FY24. According to the FICCI Economic Outlook Survey, GDP growth is estimated at 6.3% for 2023-24.

GBPINR: 

GBPINR had a trading range of 101.03-100.55. The pair closed at 100.88, and stayed flat, with a minor drop of 0.05% from the last close of 100.93.The British Pound (GBP) gained following UK data that indicated inflation remained high in September. Inflation is steady at 6.7%, above expectations for a retreat to 6.6%. Labor data revealed that overall pay growth in the UK decelerated from 8.5% to 8.1%.

EURINR:

EURINR saw a trading range of 88.09-87.81. The pair closed at 88.05 with a rise of 0.17 from the previous close of 87.90. The Euro steadied as investors balanced concerns about the escalating conflict in the Middle East. ECB President Christine Lagarde noted that the Eurozone labor market shows no sign of weakening. However, the Eurozone’s financial stability appears fragile due to stagnating growth.

JPYINR:

JPYINR’s trading range for the day was 55.65-55.49. JPYINR closed at 55.54, a drop of 0.26% from the previous close of 55.68. The Japanese Yen (JPY) dropped on immense pressure from the dollar as strong US economic data reinforced expectations that the Federal Reserve will keep interest rates higher. Japan’s industrial production declined by 0.7% month-on-month in August 2023.

-Data taken from Moneycontrol

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