August 16, 2024
New Delhi, India
Daily Market Analysis
USDINR
The USDINR trading range for the day was 83.97-84.01. The rupee remained near its record low as investors continued to assess the RBI’s monetary policy stance. It is expected that the Indian central bank refrained from strengthening the rupee to prevent the local currency from appreciating. The annual consumer inflation rate in India fell sharply to 3.54% in July 2024 from 5.08% in the previous month.
EURINR
The EURINR trading range was 91.65-92.01. The euro remained within a narrow range amid market speculation about ECB rate cuts and the absence of significant Eurozone economic data. The ZEW Indicator of Economic Sentiment for Germany dropped sharply to 19.2 in August 2024 from 41.8 in July, and the sentiment for the Euro Area also continued to decline.
GBPINR
The GBPINR trading range was 106.89-107.81. The pound gained after data showed that Britain’s unemployment rate unexpectedly fell in June. The UK’s unemployment rate dropped to 4.2% from April to June 2024, down from a two-and-a-half-year high. Additionally, the number of people employed in the United Kingdom increased by 97,000 in the three months to June 2024.
JPYINR
The JPYINR trading range was 56.76-57.26. The yen slipped as the unwinding of yen carry trades lost momentum. BOJ Deputy Governor Shinichi Uchida stated that the central bank would not raise rates when the market is unstable. Japan’s wholesale inflation accelerated to its fastest pace in nearly a year.
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