June 25, 2024
New Delhi, India
Daily Currency Market Analysis
USDINR
Trading Range: 83.39-83.61
The Indian Rupee closed stronger, aided by gains in most of its Asian peers and dollar sales from foreign banks. Investors are keenly awaiting remarks from Federal Reserve policymakers this week for further cues on when the central bank may begin to ease policy rates. Currently, interest rate futures are pricing in a 67% chance of a rate cut in September, according to CME’s FedWatch tool.
EURINR
Trading Range: 89.13-89.73
The Euro steadied as traders continued to assess the political situation in France, the economic outlook, and monetary policy prospects. The Eurozone business recovery showed signs of slowing sharply in June, according to the PMI report. Additionally, France’s services industry contracted more than expected this month, dragged down by weak demand, adding to the region’s economic concerns.
GBPINR
Trading Range: 105.5-105.86
The British Pound remained steady as markets continued to gauge Britain’s monetary policy and political future. In a positive economic indicator, retail sales in the UK soared 2.9% month-over-month in May 2024. However, public sector net borrowing in the UK increased to £15.0 billion in May 2024, reflecting the ongoing fiscal challenges.
JPYINR
Trading Range: 51.91-53.11
The Japanese Yen depreciated as Bank of Japan officials remained divided on how to proceed with the next interest rate hike. The au Jibun Bank Japan Services PMI slipped to 49.8 in June 2024 from a final 53.8 in April, indicating contraction in the services sector. Investors are now looking ahead to more economic reports this week, including retail sales, industrial production, and unemployment data for May.
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