April 12, 2023
New Delhi, India
Daily Currency Market Analysis
USD/INR:
The last traded price of USDINR was 83.35, down by -0.05%.
Trading range: 83.30-83.49
Analysis: The Indian Rupee (INR) appreciated against the US Dollar (USD), likely due to anticipated inflows and a decrease in US bond yields. The rise in annual inflation in the US to 3.5% in March, exceeding market expectations, may have contributed to this shift as well. Moreover, robust consumer confidence in India, reaching its highest level since mid-2019, likely bolstered the Rupee’s performance.
GBP/INR:
The last traded price of GBPINR was 104.655, up by 0.10%.
Trading range: 104.27-104.80.
Analysis: The British Pound (GBP) stabilized against the Indian Rupee (INR) as investors assessed the UK’s economic outlook amidst uncertainty. Market anticipation for British gross domestic product (GDP) figures suggests sensitivity to economic data releases. Signs of a weakening British job market, indicated by a slowdown in wage growth, add to the cautious sentiment surrounding the Pound.
EUR/INR:
The last traded price of EURINR was 89.38, down by -0.19%.
Trading range: 89.19-89.63
Analysis: The Euro (EUR) maintained its position against the Indian Rupee (INR). The European Central Bank’s (ECB) revealed confidence in inflation’s trajectory towards its 2% target, suggesting stability in the Eurozone economy. Although the ECB kept interest rates steady as expected, signaling readiness to cut rates indicates a cautious approach to economic management. Despite lowered mortgage requirements by Eurozone banks, declining demand implies ongoing economic challenges.
JPY/INR:
The last traded price of JPYINR was 54.39, down by -0.08%.
Trading range: 54.35-54.60
Analysis: The Japanese Yen (JPY) remained relatively stable against the Indian Rupee (INR) despite a strong domestic producer inflation report. Finance Minister Shunichi Suzuki’s statement regarding authorities’ willingness to address excessive yen movements highlights the government’s commitment to stability. The Bank of Japan’s (BOJ) expectation for continued accommodative monetary conditions, as stated by Governor Ueda, suggests ongoing efforts to support economic recovery.
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
