March 22, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 83.3500 up by 0.27%. The Rupee faced downward pressure, trading within a range of 82.94-83.30, driven by increased dollar demand from importers, outflows related to debt repayment, and weakness in most Asian currencies. The Fed’s decision to leave interest rates unchanged, signaling potential future rate cuts, contributed to the Rupee’s decline. Additionally, RBI’s intervention to absorb dollar inflows exacerbated the shortage of dollars alongside corporate payment and equity-related outflows.
Also Read: US Federal Reserve Keeps Interest Rates Unchanged; Signals Expectation of Rate Cuts in 2024
EURINR
The last traded price of EURINR was 90.3025 down by -0.46%. The Euro stabilized, trading between 90.03-90.41, as investors awaited the Fed’s decision for insights into potential rate cuts this year. Positive economic data from Germany’s ZEW and EU surveys uplifted investor sentiment. ECB’s Kazaks expressed comfort with market expectations of three rate cuts this year.
GBPINR
The last traded price of GBPINR was 105.3875 down by -0.61%. The Pound remained steady within a range of 105.38-105.82 amid speculation about potential interest rate cuts by the Bank of England. The latest CPI report showed a drop in the headline figure to 3.4% in February, the lowest rate since September 2021. Meanwhile, factory gate prices of goods produced by UK manufacturers rose 0.4% year-on-year in February 2024.
JPYINR
The last traded price of JPYINR was 55.0550 down by -0.08%. The Yen depreciated, trading between 54.8-55.1, as lack of forward guidance for further tightening disappointed hawkish Bank of Japan traders. The BoJ announced its decision to end its negative interest rate policy and implemented its first rate increase since 2007. Additionally, the BoJ indicated a reduction in purchases of commercial paper and corporate bonds.
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