November 13, 2024
New Delhi, India
Currency Market Overview
USDINR:
- Trading Range: 84.39 – 84.47
The Indian Rupee fell to a historic low under pressure from weakened regional currencies and steady stock outflows. Dollar-rupee forward premiums also dipped, with the 1-year implied yield falling to a two-month low of 2.10%. On a positive note, India’s services sector showed resilience in October, driven by strong domestic demand and higher sales figures.
EURINR:
- Trading Range: 89.76 – 91.16
The Euro fell as traders focused on both economic data and Germany’s political landscape, where Chancellor Olaf Scholz dissolved the ruling coalition, prompting fresh elections to stabilize the government. Meanwhile, concerns arose that Trump’s fiscal policies could lead to inflationary pressures in the U.S., potentially pushing the Fed to adopt a more hawkish stance.
GBPINR:
- Trading Range: 108.6 – 109.38
The British Pound weakened as markets awaited UK employment data for the three months ending in September, where unemployment was anticipated to rise to 4.1%. In a recent statement, BoE Governor Bailey emphasized the importance of a cautious approach to economic cutbacks to maintain inflation around the 2% target.
JPYINR:
- Trading Range: 54.9 – 55.44
The Japanese Yen depreciated amid ongoing concerns about the Bank of Japan’s rate-hike plans and political uncertainty tied to Prime Minister Ishiba’s leadership vote. Japan’s current account surplus also sharply decreased to JPY 1,717.1 billion in September, putting additional downward pressure on the Yen.
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