September 2, 2024
New Delhi, India
Currency Market News
USDINR
The Rupee declined as it tracked weaknesses across other major Asian currencies. India’s Manufacturing PMI dropped to 57.5 in August 2024, slightly lower than the flash estimate of 57.9. Moody’s revised India’s economic growth forecast upwards to 7.2% for 2024 and 6.6% for 2025.
EURINR
The Euro remained steady as traders bet on a second interest rate cut by the European Central Bank (ECB). The Eurozone Manufacturing PMI confirmed that the sector remained in contraction in August, particularly impacted by Germany and France. The HCOB Germany Manufacturing PMI was revised slightly higher to 42.4 in August 2024.
Also Read: SEBI Announces Single Exchange Filing, AI-Driven IPO Approvals, and New Rules for Finfluencers
GBPINR
The GBP dropped as British house prices unexpectedly fell in August, marking the first monthly decline since April. Despite this, British lenders approved the highest number of mortgages in July since the start of the “mini-budget” crisis in 2022. The Bank of England (BoE) cut its main interest rate by 25 bps in early August, with traders anticipating an additional 41 bps cut by the end of the year.
JPYINR
The JPY faced pressure from a stronger US dollar as the latest US inflation reading led traders to reduce their expectations of an aggressive Federal Reserve rate cut. Japan’s Manufacturing PMI was revised upward to 49.8 in August 2024, compared to the flash data of 49.5. Additionally, Japanese companies increased spending on plant and equipment by 7.4% year-on-year in the second quarter of 2024.
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.