Currency Market Analysis: Rupee Closed Little Changed


May 13, 2023

New Delhi, India

Daily Currency Market Updates

USDINR: Rupee Holds Steady Amid Dollar Demand

The last traded price of USDINR was 83.55.

The Indian Rupee (INR) exhibited stability against the US Dollar (USD) today, with a trading range of 83.46-83.62. The rupee closed little changed as dollar demand from custodian banks eroded its early gains. Despite this, India Ratings’ upward revision of India’s GDP growth estimate for FY25 to 7.1% provided support. Additionally, dollar-rupee forward premiums edged higher, reaching their highest level in nearly two weeks.

EURINR: Euro Declines on Fed’s Hawkish Sentiment

The last traded price of EURINR was 89.96.

Conversely, the Euro (EUR) depreciated against the Indian Rupee (EURINR), with a trading range of 89.1-90.14. The euro dropped amidst hawkish sentiment surrounding the Federal Reserve’s policy stance. Fed officials indicated the likelihood of maintaining higher rates for an extended period, while the European Central Bank (ECB) may consider reducing borrowing costs as early as June.

GBPINR: Pound Sterling Slightly Lower After BoE Decision

The last traded price of GBPINR was 104.64.

The British Pound Sterling (GBP) experienced a slight decline against the Indian Rupee (GBPINR), with a trading range of 104.06-104.52. GBP softened following the Bank of England’s decision to leave interest rates unchanged, in line with expectations. Economic projections foresee a gradual decline in the Bank Rate from 5.25% to 3.75% by the end of the forecast period. Surveys also indicated a softening of UK consumer spending in April.

JPYINR: Yen Steadies Amid Positive BOJ Outlook

The last traded price of JPYINR was 53.63.

The Japanese Yen (JPY) stabilized against the Indian Rupee (JPYINR), with a trading range of 53.59-54.09. Investor sentiment reacted positively to the summary of the Bank of Japan’s April policy meeting, where the central bank expressed optimism about the economy’s growth prospects. Average cash earnings in Japan also saw a modest increase of 0.6% year-on-year in March 2024.

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