Currency Market Highlights: Rupee and Major Currencies Respond to Global Cues and Economic Data

A Research by CurrencyVeda

February 21, 2023

New Delhi, India


The last traded price of USDINR was 83.0275 down by -0.04%. The day’s range for USDINR wass a high of ₹83.06 and a low of 83.03. The Rupee ends little changed as dollar demand from importers offsets supportive global cues. Meanwhile, US producer prices see a significant increase in January, while USD/INR forward premiums decrease week-on-week.


The last traded price of EURINR was 89.4875 up by 0.28%. The day’s range for EURINR was a high of ₹89.51 and a low of 89.37. The Euro gains ground as investors digest cautious sentiments regarding monetary policy easing from various ECB officials. Germany’s wholesale prices fall in January 2024, while ECB’s Schnabel suggests that Eurozone’s low productivity may slow inflation’s decline.


The last traded price of GBPINR was 104.5625 up by 0.25%. The day’s range for GBPINR was a high of ₹104.69 and a low of 104.46. GBP gains momentum as UK retail sales rise significantly, rebounding by 3.4% month-over-month in January 2024. BOE’s Bailey expresses encouragement over recent inflation figures and early signs of economic resurgence in the UK.


The last traded price of JPYINR was 55.3400 down by -0.16%. The day’s range for JPYINR was a high of ₹55.38 and a low of 55.30. The JPY drops as investors assess the economic and monetary policy outlook in the US. Japan’s Suzuki highlights the government’s close monitoring of FX moves for currency stability, amidst Japan’s unexpected economic contraction and entry into recession in the fourth quarter.

Also read our latest pick: UK And Japan’s Recession: Why Major Economies Are Facing Economic Downturn?


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