April 5, 2023
New Delhi, India
Currency Market Analysis
USDINR
The last traded price of USDINR was 83.4700 down by 0.00%. The Rupee ended lower, with a trading range of 83.32 to 83.7, pressured by dollar demand from local oil companies and weakness in Asian currencies. India’s HSBC Manufacturing PMI rose to 59.1 in March, but investors are now pricing in a 65% chance of a rate cut by June, down from about 70%.
GBPINR
The last traded price of GBPINR was 105.0000 down by -0.40%. GBPINR trading range for the day was 103.58-106.58. GBPINR rates are up by 0.69% over the last one month. The Pound strengthened after data revealed expansion in Britain’s manufacturing sector and the highest number of approved mortgages by UK banks since September 2022. Investors now see a roughly 60% chance of the BoE cutting rates by June, up from 15% at the start of March.
EURINR
The last traded price of EURINR was 90.6325 up by 0.46%. The Euro gained ground, trading within a range of 90.16 to 90.98, following an unexpected slowdown in Eurozone inflation. Speculations arise that the ECB could start cutting interest rates in June due to projected inflation declines. The business environment for German carmakers improved noticeably in March.
JPYINR
The last traded price of JPYINR was 55.4000 up by 0.31%. JPYINR trading range for the day was 52.3-56.84. The Yen remained steady amid speculations of Japanese authorities intervening in the markets. The au Jibun Bank Japan Services PMI and Composite PMI were revised lower to 54.1 and 51.7, respectively, in March 2024.
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