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Curency Market Update May 28, 2024: Rupee Gains on Strong Domestic Growth; Euro Weakens, GBP and JPY Fluctuate - CurrencyVeda
November 22, 2024

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Curency Market Update May 28, 2024: Rupee Gains on Strong Domestic Growth; Euro Weakens, GBP and JPY Fluctuate

Editor Currencyveda04 mins
usdinr

May 28, 2024

New Delhi, India

Curency Market Daily Analysis

USDINR

  • Trading Range: 82.14 – 83.03
  • Closing Price: 83.10
  • The Indian Rupee gained strength amid robust growth in India’s business sector in May, along with sharp increases in exports and job additions. However, strong US business activity and hawkish minutes from the Federal Reserve fueled bets that the central bank may keep interest rates higher for longer. The HSBC India Manufacturing PMI slightly fell to 58.4 in May 2024, down from 58.8 in April.

EURINR

  • Trading Range: 89.35 – 90.06
  • Closing Price: 90.23
  • The Euro weakened as the Federal Reserve is set to maintain elevated interest rates for some time. Despite this, Germany’s Manufacturing PMI rose to 45.4 in May 2024, the highest in four months, compared to 42.5 in April. Similarly, the Eurozone Manufacturing PMI increased to 47.4 in May 2024, the highest in 15 months, up from 45.7 in April.

GBPINR

  • Trading Range: 106.23 – 105.74
  • Closing Price: 106.10
  • The British Pound surged due to a weaker dollar after softer US inflation data reinforced the view that the Fed will deliver its first rate cut in September. However, the GBP dropped as traders digested key economic data and its impact on the monetary policy outlook. Retail sales in the UK fell by 2.3% last month, the most significant drop so far this year and much worse than forecasted. Although UK inflation neared the Bank of England’s target in April, it did not slow as much as expected.

JPYINR

  • Trading Range: 53.05 – 52.89
  • Closing Price: 52.96
  • The Japanese Yen dropped as investors reacted to data showing that domestic inflation slowed further in April. The core consumer price index in Japan rose by 2.2% year-on-year in April 2024, marking the second straight month of slowing. Additionally, the annual inflation rate in Japan fell to 2.5% in April 2024 from 2.7% previously.

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