July 1, 2024
New Delhi, India
Daily Currency Market Analysis
USDINR
Trading Range: 83.35-83.61
The Indian Rupee ended stronger, buoyed by inflows spurred by the inclusion of the country’s bonds into the JPMorgan emerging market debt index. Additionally, the US personal consumption expenditure price index remained unchanged in May from April, marking the least change in six months and following a 0.3% rise in April. S&P Global Ratings retained its growth forecast for India at 6.8% for FY25, further supporting the Rupee.
EURINR
Trading Range: 89.36-89.54
The Euro steadied amid expectations of additional policy easing by the European Central Bank following the release of CPI figures. German import prices fell 0.4% year-on-year in May 2024, easing from a 1.7% drop in April. Additionally, data showed that France’s annual harmonized inflation rate slowed to 2.5%, as expected, contributing to the Euro’s stability.
GBPINR
Trading Range: 105.39-105.67
The British Pound remained in range as investors evaluated new economic data and the political future of Britain. The British economy grew by 0.7% in Q1, slightly above initial estimates of 0.6% and marking the strongest growth in over two years. However, business investment in the United Kingdom rose by 0.5% on a quarterly basis in Q1 of 2024, less than initial estimates of 0.9%.
JPYINR
Trading Range: 52.05-52.81
The Japanese Yen weakened as the Ministry of Finance appointed Atsushi Mimura as Japan’s top currency diplomat, replacing Masato Kanda. Finance Minister Suzuki warned that sudden, one-sided yen moves are undesirable and that authorities would take appropriate action when necessary. Meanwhile, Japanese retail sales and industrial production data came in stronger-than-expected in May, while Tokyo’s inflation accelerated in June, adding to the mixed economic signals affecting the Yen.
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
