April 26, 2023
New Delhi, India
Daily Currency Market Analysis
USD/INR
The last traded price of USDINR was 83.31. The trading range was between 83.40-83.25.
Analysis: The Indian Rupee (INR) ended slightly higher against the US Dollar (USD) amidst dollar demand from local oil companies. Despite this demand, the Rupee saw a modest appreciation. The increase in HSBC India Services PMI to 61.7 and HSBC India Composite flash PMI to 62.2 in April 2024 indicates robust economic activity, potentially boosting the Rupee’s performance.
EUR/INR
The last traded price of EURINR was 89.38. The trading range was between89.47-88.99.
Analysis: The Euro (EUR) stabilized against the Indian Rupee (INR) as investors digested stronger-than-expected flash PMI figures from Europe’s largest economies. The HCOB Eurozone Services PMI reaching an eleven-month high at 52.9 in April 2024 suggests improving economic conditions, which may have supported the Euro’s stability against the Rupee.
GBP/INR
The last traded price of GBPINR was 104.24. The trading range was between 104.42-103.73.
Analysis: The British Pound (GBP) gained ground against the Indian Rupee (INR) as investors assessed solid UK PMI data and its potential impact on the monetary policy trajectory. With British business activity expanding in April, and public sector net borrowing decreasing, confidence in the Pound likely increased, contributing to its appreciation against the Rupee.
JPY/INR
The last traded price of JPYINR was 53.52. The trading range was between 53.69-53.50.
Analysis: The Japanese Yen (JPY) remained relatively stable against the Indian Rupee (INR) as the Bank of Japan (BOJ) signaled a cautious approach to policy normalization. The increase in au Jibun Bank flash Japan Services PMI to 54.6 and Japan Manufacturing PMI to 49.9 in April 2024 suggests moderate economic expansion, influencing the Yen’s stability against the Rupee.
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.
