August 12, 2024
New Delhi, India
Daily Market Analysis
USDINR
The rupee’s trading range for the day was 83.94-84.08, remaining within a narrow range as global risk appetite remained shaky. The Reserve Bank of India maintained its benchmark policy repo rate at 6.5% for the ninth consecutive meeting in August 2024. Meanwhile, dollar-rupee forward premiums rose, with the 1-year implied yield increasing by 4 basis points.
EURINR
The euro’s trading range was 91.49-92.09, stabilizing as traders continued to assess the monetary and economic outlook. Germany’s trade surplus declined to EUR 20.4 billion in June 2024, while German industrial production increased by 1.4% month-over-month in June 2024.
GBPINR
The British pound traded within the range of 106.29-106.87, remaining in range as investors anticipated faster interest rate cuts by the Bank of England. Retail sales in the United Kingdom increased by 0.3% year-on-year in July, and the S&P Global UK Construction PMI rose to 55.3 in July 2024.
JPYINR
The Japanese yen’s trading range was 57.04-58.16, gaining as investors continued to assess the outlook for the Bank of Japan’s monetary policy. The summary of opinions from the BoJ’s July policy meeting revealed that some members called for the need to keep hiking rates. Japan’s service sector improved slightly to 47.5 in July 2024 from 47.0 in the previous month.
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