January 10, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 83.1900 up by 0.05%. USDINR remained relatively stable within a trading range of 83.07-83.27. The rupee’s early gains were tempered by dollar demand from state-run banks, countered by the RBI’s intervention in foreign exchange markets to support the currency. Notably, India’s GDP exceeded expectations, growing by 7.3% in the 2023-24 fiscal year.
GBPINR
In the GBPINR scenario, the last traded price of GBPINR was 105.6975 down by -0.06%.. The trading range was set at 105.56-106.16. The British Pound stabilized as investors carefully analyzed economic data and its implications for global monetary policies. A former BoE member expressed skepticism about rate cuts in 2024, while the Fed’s Bostic noted a deeper decline in US inflation than anticipated.
EURINR
Meanwhile, The last traded price of EURINR was 90.9825 up by 0.05%.. EURINR saw a steadying effect with a trading range of 90.84-91.32. Euro investors adopted a cautious stance awaiting upcoming US inflation data, and concerns lingered about the potential impact of rising interest rates on Euro zone services activity. However, there was a positive note as Euro zone investor morale improved for the third consecutive month in January.
JPYINR
Lastly, The last traded price of JPYINR was 57.5175 down by -0.45%. JPYINR traded within the range of 57.7-58.28, with the Japanese Yen maintaining stability amid expectations for a delay in the Bank of Japan’s pivot. Tokyo’s inflation report heightened anticipations for a potential hawkish pivot by the BoJ, while elevated US bond yields supported the USD, limiting the downside for the USD/JPY pair.
