March 12, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 82.7550 down by -0.01%. The trading range for the day was 82.55-82.93, with the Rupee closing stronger, supported by dollar sales from large foreign banks. The US economy added 275K jobs in February 2024, surpassing forecasts, while RBI Governor Shaktikanta Das foresees India growing close to 8% in FY24.
GBPINR
The last traded price of GBPINR was 106.0850 down by -0.15%. The day’s range for GBPINR is a high of ₹106.16 and a low of 106.03, with the Pound gaining on fiscal support as uncertainty over BoE rate cuts persists. The UK budget for 2024 met market expectations, while easing US labor market conditions exerted downward pressure on the US Dollar.
EURINR
The last traded price of EURINR was 90.5150 down by -0.02%. The day’s range for EURINR is a high of ₹90.54 and a low of 90.47, with the Euro remaining in range amidst expectations of lower economic growth in new ECB economic projections. The European Central Bank maintained its interest rates during its March meeting, while factory orders in Germany contracted by 11.3% month-on-month in January 2024.
JPYINR
The last traded price of JPYINR was 56.2000 down by -0.48%. The day’s range for JPYINR is a high of ₹56.26 and a low of 56.17, with the Yen strengthening amid speculation that the Bank of Japan could raise interest rates this month. Uncertainty regarding the Fed’s rate-cut path kept USD bulls on the defensive, with market focus on the release of the crucial US NFP report on Friday.
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