Currency Market Analysis: INR Strengthens Against Major Currencies Amidst Central Bank Policies and Global Concerns

usdinr rates

April 9, 2023

New Delhi, India

Daily Currency Market Analysis


The last traded price of USDINR was 83.3400 down by 0.00%.

Trading range: 83.2-83.58

Analysis: The Indian Rupee (INR) appreciated against the US Dollar (USD) likely due to positive market sentiment surrounding the Reserve Bank of India’s (RBI) monetary policy and its commitment to managing currency intervention. The RBI maintained its benchmark policy repo rate at 6.5% for the seventh consecutive meeting, indicating stability in monetary policy. Additionally, the RBI reiterated its commitment to controlling inflation, aiming for a target of 4%.


The last traded price of GBPINR was 105.0000 down by -0.40%.

Trading range: 104.92-105.68

Analysis: The British Pound (GBP) depreciated against the Indian Rupee (INR) reflecting a broader global market downturn influenced by escalating tensions in the Middle East. In the UK, the Halifax House Price Index showed a modest year-on-year increase, but this was overshadowed by global economic concerns. Additionally, anticipation of a lower job creation figure in the US for March 2024 further contributed to market apprehension.


The last traded price of EURINR was 90.6325 up by 0.46%.

Trading range: 90.22-90.68

Analysis: The Euro (EUR) depreciated against the Indian Rupee (INR) possibly due to cautious investor sentiment driven by rising oil prices, which signal potential inflationary pressures. Furthermore, comments from European Central Bank (ECB) officials suggesting the possibility of interest rate cuts added to market uncertainty. The Eurozone’s economic performance, exemplified by Germany’s factory orders falling short of expectations, also contributed to the Euro’s decline.


The last traded price of JPYINR was 55.4000 up by 0.31%.

Trading range: 54.29-55.89

Analysis: The Japanese Yen (JPY) strengthened against the Indian Rupee (INR), likely due to warnings from Japan against excessive currency fluctuations and verbal intervention to stabilize the Yen. The Bank of Japan (BOJ) expressed intentions to reduce bond buying in the future, which might have also influenced market sentiment. Furthermore, Japan’s increase in foreign reserves by the end of March suggests efforts to stabilize its currency and manage economic stability.

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