April 3, 2023
New Delhi, India
Currency Market Analysis
USDINR
The last traded price of USDINR was 83.4525 down by -0.04%. The Rupee ended relatively unchanged, trading within a range of 83.35 to 83.57, as dollar sales by exporters counteracted weakness in Asian currencies. India’s Manufacturing PMI was revised lower to 59.1 in March 2024, while the likelihood of the Fed maintaining rates in June increased to 41%.
GBPINR
The last traded price of GBPINR was 105.6075 up by 0.39%. The day’s range for GBPINR is a high of ₹105.61 and a low of 104.95. The Pound remained subdued due to risk aversion and easing UK inflation. UK’s shop price inflation grew by 1.3% in March, its slowest pace in over two years. S&P Global’s UK Manufacturing PMI was revised higher to 50.3 in March 2024.
EURINR
The last traded price of EURINR was 89.1000 down by -0.67%. The Euro declined, with a trading range of ₹89.10 to 89.10, as investors anticipate more ECB policy easing compared to the Fed. Eurozone and Germany’s Manufacturing PMI were revised higher to 46.1 and 41.9, respectively, in March 2024.
JPYINR
The last traded price of JPYINR was 55.0325 down by -0.08%. The Yen stabilized as Finance Minister Shunichi Suzuki warned against sharp currency declines. A survey showed a decline in sentiment among large manufacturers in Japan to +11 in Q1 from +13 in Q4. The au Jibun Bank Japan Manufacturing PMI stood at 48.2 in March 2024.
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