November 19, 2024
New Delhi, India
Currency Market Insights
USDINR
- Trading Range: 84.4 – 84.56
The Rupee touched a record low due to continuous foreign fund withdrawals and increased dollar demand by investors. Despite this, RBI Governor Shaktikanta Das highlighted the resilience of the Indian economy amidst global challenges. Meanwhile, India’s wholesale prices rose to 2.36% YoY in October, accelerating from 1.84% in September, reflecting rising cost pressures.
EURINR
- Trading Range: 88.29 – 89.67
The Euro fell as investors awaited fresh economic and monetary policy developments. Concerns intensified after Trump’s suggested trade tariffs, potentially targeting European car exports, could harm the region’s economy. Adding to the cautious sentiment, Germany’s ZEW Economic Sentiment Indicator plunged to 7.4 in November, down sharply from 13.1 in October.
GBPINR
- Trading Range: 106.43 – 107.65
The Pound Sterling weakened as UK inflation showed signs of easing, and wage growth slowed to its lowest in two years. Despite this, the Bank of England remarked that the Labour government’s inaugural budget could stimulate inflation and growth, necessitating careful policy calibration.
JPYINR
- Trading Range: 54.02 – 54.4
The Yen depreciated due to domestic policy uncertainties and hawkish expectations from the U.S. under Trump’s administration. Japan’s producer inflation rose at its fastest pace in over a year in October, while the BOJ maintained its outlook to potentially hike its benchmark policy rate to 1% by FY 2025.
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