September 19, 2024
New Delhi, India
Currency Market News
USDINR
The Rupee climbed on expectations of a 50 basis points rate cut by the Federal Reserve, following progress in controlling inflation. The Fed has already lowered its benchmark interest rate to 4.75%-5%. Additionally, India’s wholesale prices increased by 1.31% year-on-year in August 2024.
EURINR
The Euro remained range-bound as money markets raised bets on a potential 50bps Fed rate cut. Investor sentiment in the Eurozone has declined, with morale hitting an 11-month low in both the broader region and Germany.
GBPINR
The British Pound steadied as traders awaited UK inflation data and the Bank of England meeting, where the BoE is expected to keep rates unchanged at 5%. The UK economy stagnated in July, leading to a drop in the pound to its lowest level since August 20.
JPYINR
The Japanese yen dropped due to profit booking, though it had previously been supported by anticipation of monetary policy decisions. Japan’s Finance Minister emphasized the mixed impact of foreign exchange fluctuations on the economy, while industrial production in Japan was revised upward to 3.1% month-over-month in July 2024.
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