April 23, 2023
New Delhi, India
Daily Currency Market Analysis
USD/INR:
The last traded price of USDINR was 83.36. The trading range was between 83.3-83.7.
The Indian Rupee (INR) strengthened against the US Dollar (USD) due to the expectation of intervention by the Reserve Bank of India (RBI) and reports suggesting no missile attack by Iran. Additionally, the Rupee’s resilience was supported by the International Monetary Fund (IMF) raising India’s GDP forecast and global growth projection. However, investors remained cautious, awaiting cues on US interest rates, which could influence the Rupee’s movement.
EUR/INR:
The last traded price of EURINR was 88.79. The trading range was between 88.28-89.52.
Analysis: The Euro (EUR) weakened against the Indian Rupee (INR) as hawkish comments from Federal Reserve officials boosted the US Dollar. Furthermore, the European Central Bank (ECB) policymakers’ suggestion of a rate cut in June to address inflation concerns added pressure on the Euro. Despite Eurozone’s consumer price inflation confirming at 2.4% year-on-year, the Euro struggled against the Rupee.
GBP/INR:
The last traded price of GBPINR was 102.94. The trading range was between 103.48-104.26.
Analysis: The British Pound (GBP) depreciated against the Indian Rupee (INR) as the US Dollar strengthened amid expectations of prolonged higher interest rates by the Federal Reserve. However, UK factory gate prices rose, suggesting underlying strength in the economy, while inflation eased slightly. Despite these positive signs, the Pound faced downward pressure against the Rupee.
JPY/INR:
The last traded price of JPYINR was 52.83. The trading range was between 53.89-54.27.
Analysis: The Japanese Yen (JPY) remained stable against the Indian Rupee (INR) as Bank of Japan (BOJ) officials hinted at possible interest rate hikes in the future. Japan’s core consumer price index rose, indicating inflationary pressures, but BOJ officials emphasized a cautious approach to policy adjustments. The Yen’s stability against the Rupee reflects market uncertainties and cautious sentiment.
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