December 20, 2023
New Delhi, India
USDINR
The last traded price of USDINR was ₹83.1950, showing an increase of 0.15%. The day’s range for USDINR is a high of ₹83.24 and a low of 83.09. The rupee remained in a steady range, supported by custodial banks selling dollars, but faced resistance due to demand from importers. RBI Governor’s statement indicated that despite this, there’s no shift towards a neutral stance, emphasizing concerns about inflation. In the broader context, the Fed’s Williams mentioned that discussions about rate cuts are not currently on the table, deeming it “premature” to speculate about them.
GBPINR
GBPINR saw a last traded price of ₹105.6200, marking an increase of 0.45%. The day’s range for GBPINR was a high of ₹105.71 and a low of 105.22. The pound dropped as markets assessed expectations of looser financial conditions by the Fed. The S&P Global/CIPS United Kingdom Manufacturing PMI fell to 46.4 in December, indicating a contraction, and industrial production in the UK declined by 0.8% month-over-month in October 2023
EURINR
EURINR recorded a last traded price of ₹90.9900, reflecting a rise of 0.38%. The day’s range for EURINR was a high of ₹91.06 and a low of 90.83. The euro faced a drop following comments from policymakers, reducing expectations for interest rate cuts by major central banks in the coming year. Euro zone business activity declined further in December, as indicated by the PMI, and industrial output in the region fell more than anticipated in October.
JPYINR
JPYINR recorded a last traded price of ₹57.9475, experiencing a decrease of -0.54%. The day’s range for JPYINR is a high of ₹58.39 and a low of 57.47. The yen dropped ahead of the BOJ’s monetary policy decision. Japan’s Manufacturing PMI declined to 47.7 in December from 48.3, while the Services PMI rose to 52 in December from 50.8 in November.
