August 13, 2024
New Delhi, India
Daily Market Analysis
USDINR
The USDINR trading range for the day was 83.89-84.05, with the rupee ending mostly unchanged due to corporate dollar demand balancing the rebound in regional currencies. The odds of a 50 basis point Federal Reserve rate cut in September have fallen to 53% from 100%, and the RBI maintained its ‘withdrawal of accommodation’ stance for the ninth consecutive time.
EURINR
The EURINR trading range was 91.64-91.84, with the euro dropping as the dollar index held its recent advance after better-than-expected US jobless claims data. Germany’s annual inflation rate edged up to 2.3% in July 2024, and the German economy unexpectedly contracted by 0.1% quarter-on-quarter in Q2 2024.
GBPINR
The GBPINR trading range was 106.78-107.26, with the pound gaining on rising expectations of a US Federal Reserve rate cut in September. The Bank of England’s recent interest rate cut and potential for further cuts this year contributed to this movement. However, recent unrest in the UK, including anti-immigration riots and speculation about tax hikes, has dampened enthusiasm.
JPYINR
The JPYINR trading range was 57.13-57.43, with the yen depreciating as the dollar strengthened on better-than-expected US jobless claims data. BOJ Deputy Governor Shinichi Uchida indicated that the central bank would not raise rates when the market is unstable, despite some members calling for continued rate hikes at the BOJ’s July policy meeting.
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