December 6, 2023
New Delhi, India
USDINR
The last traded price of USDINR on 8 Dec 2023 was 83.3600, slightly down by -0.02%. The day’s range was between ₹83.36 and ₹83.41. The rupee showed a recovery from all-time low levels, settling up by 1 paisa at 83.37 against the US dollar. This rebound was attributed to a stronger American currency in overseas markets and disappointing services sector data.
The rupee faced pressure due to a slight recovery in the U.S. dollar and strong dollar demand from local companies. The International Monetary Fund (IMF) forecasted a 7% Indian growth for the ongoing financial year. The Reserve Bank of India (RBI) is expected to hold rates steady in its policy decision on Friday.
Meanwhile, the dollar index, gauging the greenback’s strength against a basket of six currencies, was trading 0.07% lower at 103.63. Brent crude futures, the global oil benchmark, recovered 0.76% to $78.62 per barrel.
GBPINR
The last traded price of GBPINR on 8 Dec 2023 was 105.2850, down by -0.38%. The day’s range was between ₹105.17 and ₹105.43. The pound sterling gained ground amidst growing expectations that the Bank of England would implement its first rate cut by June. British house prices rose unexpectedly in monthly terms for the third time running in November.
BoE’s policymaker Megan Greene mentioned that UK rates might have to stay high for an extended period.
EURINR
The last traded price of EURINR on 8 Dec 2023 was 90.3050, down by -0.44%. The day’s range was between ₹89.97 and ₹90.50. The euro dropped as market bets on interest rate cuts increased following comments from European and U.S. policymakers. Eurozone investor mood improved, but an upswing remained elusive, according to a survey.
The trade surplus in Germany increased to EUR 17.8 billion in October 2023 from a marginally revised EUR 16.7 billion in the previous month.
JPYINR
The last traded price of JPYINR on 8 Dec 2023 was 56.7200, down by -0.36%. The day’s range was between ₹56.69 and ₹56.89. The Japanese yen rose amidst growing expectations that the US Federal Reserve is done with its current monetary tightening cycle.
BOJ’s Noguchi stated that Japan has yet to achieve price growth driven by higher wages with the recent cost-push-driven rise in inflation. The au Jibun Bank Japan Manufacturing PMI was revised higher to 48.3 in November 2023.
