February 27, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 82.9025 up by 0.00%. The USDINR currency pair traded within a range of 82.81 to 83.03, with the Indian Rupee facing challenges due to increased dollar demand from oil companies and importers. Furthermore, the Federal Reserve’s cautious stance on early interest rate cuts added pressure on the Rupee. India Ratings’ projection of GDP growth slowing to 6.5% in FY25 also impacted market sentiment.
EURINR
The last traded price of EURINR was 89.9500 up by 0.03%. EURINR saw a trading range of 89.63 to 89.93, with the Euro encountering pressure amidst a slowdown in the Eurozone’s business activity contraction. Despite the Ifo Business Climate indicator for Germany slightly improving to 85.5 in February 2024, median consumer expectations for Euro Area inflation edged up to 3.3% in January 2024, influencing the Euro’s position in the market.
GBPINR
The last traded price of GBPINR was 105.0925 down by -0.08%. GBPINR traded between 104.79 and 105.35, with the British Pound stabilizing as a Bank of England policymaker warned about downside risks to the economy. However, the GfK Consumer Confidence indicator in the UK unexpectedly fell to -21 in February 2024, while the preliminary Manufacturing PMI for February came in at 47.1, better than expected but still indicating contraction.
JPYINR
The last traded price of JPYINR was 55.1875 up by 0.13%. JPYINR had a trading range of 55.01 to 55.19, with the Japanese Yen facing pressure amidst uncertainty surrounding Bank of Japan policies and a risk-on mood. Geopolitical risks and intervention fears helped limit downside for the safe-haven Yen, while the Federal Reserve’s higher-for-longer narrative favored the USD bulls and lent support to USD/JPY pair.
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