June 13, 2024
New Delhi, India
Daily Currency Market Analysis
USDINR
Trading Range: 83.47-83.71
The Indian Rupee weakened as robust labor data from the United States bolstered the dollar. Market participants are also digesting the implications of India’s recent election results and the BJP’s reliance on its coalition for future growth. In the financial sphere, India’s foreign exchange reserves have reached a new peak of $651.5 billion.
EURINR
Trading Range: 89.78-90.12
The Euro remained steady as traders continued to analyze the results from the European Parliament elections. The European Central Bank (ECB) delivered its first rate cut in five years but signaled a cautious approach towards further reductions. Consumer confidence in the Euro Area increased slightly, rising by 0.4 points to -14.3 in May 2024.
GBPINR
Trading Range: 107.34 – 106.42
The British Pound surged due to a weaker dollar after softer US inflation data suggested that the Federal Reserve might implement its first rate cut in September. However, the pound remained within range as recent data indicated a cooling labor market in the UK. Key economic indicators to watch this week include monthly GDP, industrial production, construction output, and trade balance. Additionally, uncertainties surrounding the upcoming general election in early July add to economic unpredictability.
JPYINR
Trading Range: 53.28-53.46
The Japanese Yen steadied as traders showed caution ahead of this week’s significant US macroeconomic data and central bank events. The Bank of Japan’s policy uncertainty and a weak domestic economy continue to undermine the yen. Reduced bets on Fed rate cuts have supported the USD, contributing to the pair’s steady positive movement.
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