April 8, 2023
New Delhi, India
Currency Market Analysis
USDINR
The last traded price of USDINR was 83.3300. The Rupee depreciated within a range of 83.4 to 83.58, driven by dollar demand from importers. However, potential intervention from the RBI helped limit losses. HSBC India Services PMI and Composite PMI were both revised higher to 61.2 and 61.8, respectively, in March 2024.
GBPINR
The last traded price of GBPINR was 105.0000. Pound Sterling appreciated, with a trading range of 103.58 to 106.58, following positive UK economic indicators indicating a return to growth. The S&P Global UK Services PMI eased to 53.1 in March, while the Composite PMI was slightly revised down to 52.8.
EURINR
The last traded price of EURINR was 90.6325. The Euro strengthened, with a trading range of 90.16 to 90.98, as investors analyzed comments from multiple Federal Reserve officials. Fed Chair Powell highlighted the need for further data before considering policy adjustments. The HCOB Spain Composite PMI surged to 55.3 in March 2024.
JPYINR
The last traded price of JPYINR was 55.4000. The Japanese Yen stabilized within a range of 52.3 to 56.84 as investors refrained from significant bets while awaiting clearer signals. Finance Minister Shunichi Suzuki reiterated warnings against sharp currency declines, while the Bank of Japan’s Tankan index of sentiment among large manufacturers fell to plus 11 in the first quarter of 2024.
Disclaimer:
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