June 11, 2024
New Delhi, India
USDINR
The trading range for USDINR today is between 83.35 and 83.57. The Rupee saw some strengthening as the Reserve Bank of India (RBI) kept its benchmark policy repo rate at 6.5% for the eighth consecutive meeting. Positive economic data from the US, where the economy added 272,000 jobs in May, significantly higher than the revised 165,000 in April, also played a role. Additionally, the RBI revised its economic growth forecast for the fiscal year 2025 to 7.2%, up from 7%.
EURINR
The EURINR trading range is expected to be between 90.71 and 91.21. The Euro remained steady after the European Central Bank (ECB) delivered its first interest rate cut in five years, a move that was widely anticipated. German industrial production saw a minor decline of 0.1% month-over-month in April 2024, adding to the cautious outlook. Furthermore, the ECB raised its inflation outlook for this year, tempering expectations for a faster pace of rate reductions.
GBPINR
The British Pound surged due to a weaker dollar following softer US inflation data, which reinforced expectations that the Federal Reserve might deliver its first rate cut in September. The Pound steadied as investors awaited further signals from major central banks. The Bank of England is expected to keep rates at 5.25%, the highest level since 2008, in its upcoming meeting on June 20th. Political uncertainty stemming from the early July general election is also affecting the currency’s outlook.
JPYINR
The trading range for JPYINR is projected to be between 53.29 and 53.79. The Yen remained steady as investors avoided making significant bets ahead of the Bank of Japan’s policy meeting next week. Japan’s reserve assets saw a significant decline, falling to $1.232 trillion in May 2024 from $1.279 trillion. Additionally, Japanese household spending rose for the first time in 14 months in April compared to the previous year, indicating some positive economic activity.
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