March 21, 2023
New Delhi, India
USDINR:
The last traded price of USDINR (22 Mar 2024) was 83.1125 down by -0.08%. The Rupee closed weaker within a trading range of 82.87-83.15, influenced by weakness in its Asian peers and dollar demand from state-run banks. Meanwhile, India’s central bank purchased a net $1.95 billion in the spot forex market in January. Fitch Ratings revised India’s gross domestic product (GDP) growth forecast upwards for the ongoing and next financial year.
GBPINR:
The last traded price of GBPINR was 106.2750 up by 0.67%. Traded between 105.02-105.72, the Pound dropped as investors awaited crucial inflation data. February’s inflation figures are expected to show a slowdown, with the British inflation rate likely easing to 3.5%. The Bank of England is widely anticipated to maintain its rates at 5.25% on Thursday.
EURINR:
The last traded price of EURINR was 90.8500 up by 0.75%. Trading within a range of 89.86-90.4, the Euro depreciated as investors reacted to dovish comments from ECB officials. ECB’s Guindos and Lagarde hinted at potential interest rate cuts, with discussions initiated regarding a reduction in rates.
JPYINR:
The last traded price of JPYINR was 55.2075 up by 0.59%. Trading between 54.85-56.01, the Yen depreciated despite the Bank of Japan raising interest rates from -0.1% to 0%. The central bank abandoned its yield curve control policy, no longer targeting 10-year bond yields. BOJ’s Noguchi cautioned against discontinuous changes in monetary policy by eliminating Yield Curve Control (YCC) and Negative Interest Rate Policy (NIRP) together.
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