March 11, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 82.6875 up by 0.02%. The day’s range for USDINR was a high of ₹82.74 and a low of 82.66, with the Rupee closing stronger, supported by an uptick in most Asian currencies. Despite signals from the US Federal Reserve regarding potential rate cuts in 2024, uncertainty remains regarding progress towards the 2% inflation target. Positive employment data from the US, with private businesses hiring 140K workers in February, also influenced sentiment.
GBPINR
The last traded price of GBPINR was 106.2100 up by 0.74%. The day’s range for GBPINR was a high of ₹106.24 and a low of 106.17, with the British Pound gaining ground amid an uptick in British private sector activity in February. The S&P Global UK Manufacturing PMI was revised up to 47.5, the highest in ten months. Investors are anticipating the possibility of an initial rate cut by the Bank of England in August.
EURINR
The last traded price of EURINR was 90.4700 up by 0.40%. The day’s range for EURINR was a high of ₹90.49 and a low of 90.45, with the Euro strengthening as investors focused on the upcoming European Central Bank (ECB) monetary policy meeting. Germany’s trade surplus increasing to EUR 27.5 billion in January and a rise in Eurozone Construction PM further supported the Euro’s performance.
JPYINR
The last traded price of JPYINR was 56.3150 up by 0.58%. The day’s range for JPYINR is a high of ₹56.34 and a low of 56.29, with the Japanese Yen gaining as the Tokyo CPI rebounded from a 22-month low in February. Investors are confident that another pay hike this year could prompt the Bank of Japan (BoJ) to end its ultra-loose policy settings. Expectations are high for the BoJ to revise its assessment of consumption and factory output this month.
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