August 26, 2024
New Delhi, India
Currency Market Analysis
USDINR
The Rupee slightly weakened, tracking mild declines in most of its Asian peers, and was pressured by sustained dollar demand. This occurred despite India retaining its growth momentum in Q1 of FY25, according to the Finance Ministry’s monthly economic review. Additionally, India’s Manufacturing PMI slightly decreased to 57.9 in August 2024, down from 58.1 in the previous month.
EURINR
The Euro gained amidst the outlook of cheaper credit costs and positive activity data within the Eurozone. The Eurozone’s PMI rose significantly more than expected, reaching 51.2 in August, indicating some traction in services activity. The Eurozone Services PMI also increased to 53.3 in August 2024 from 51.9 in July.
GBPINR
The GBP rose following better-than-expected growth in UK manufacturing and services activity for August. The S&P Global UK Manufacturing PMI increased to 52.5 in August 2024 from 52.1 in July, while the S&P Global Flash UK PMI composite output index climbed to 53.4, marking a four-month high.
JPYINR
The Yen gained as the Fed’s minutes revealed that most members agreed it would be appropriate to start cutting interest rates in September. Additionally, the au Jibun Bank Japan Services PMI increased to 54.0 in August from 53.7 in July, and the au Jibun Bank Japan Manufacturing PMI rose to 49.5 in August from a four-month low of 49.1 in July.
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