March 20, 2023
New Delhi, India
USDINR:
The last traded price of USDINR was 83.0250 down by -0.02%. The Rupee closed within a trading range of 82.81-82.99, influenced by weakness in Asian currencies and dollar purchases by state-run banks. Meanwhile, India’s forex reserves surged to a over two-year high of $636.1 billion. The RBI highlighted “large and repetitive food price shocks” as significant risks to the ongoing disinflation trend.
EURINR:
The last traded price of EURINR (22 Mar 2024) was 90.2550 up by 0.19%. Trading within a range of 90.14-90.56, the Euro remained stable as investors anticipated upcoming central bank meetings. ECB’s Rehn mentioned discussions about rate reductions at the March meeting, signaling preparations for the central bank’s first interest rate cut after revising inflation expectations for 2024 and 2025.
GBPINR:
The last traded price of GBPINR was 105.6050 up by 0.26%. Traded within a range of 105.36-105.78, the Pound stabilized as investors awaited UK inflation data and the BoE decision. A Bank of England survey revealed a decline in the UK public’s inflation expectations. The BoE is expected to maintain interest rates unchanged as UK inflation remains below the 2% target.
JPYINR:
The last traded price of JPYINR was 54.8775 down by -0.65%. Trading between 55.6-55.8, the Yen weakened as investors prepared for the Bank of Japan’s policy decision. BOJ officials reiterated the possibility of normalizing monetary policy if a positive cycle between rising wages and inflation is sustained. Japan’s core machinery orders fell by 1.7% month-on-month to 823.8 billion yen in January 2024.
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