November 14, 2024
New Delhi, India
Currency Market Overview:
USDINR:
- Trading Range: 84.38 – 84.48
The Indian Rupee fell under pressure as the U.S. Dollar surged to a four-month high, supported by anticipated outflows from Indian equities. In October, India’s annual inflation rate spiked to 6.21%, up from 5.49% in September, intensifying economic concerns. Intervention by state-run banks likely on behalf of the RBI provided some support, but pressures remain high as the dollar continues to strengthen.
EURINR:
- Trading Range: 89.52 – 90.32
The Euro declined as traders monitored economic and political developments in Germany. October saw Germany’s annual inflation rate confirmed at 2.0%, while Euro Area retail sales recorded a 0.5% increase in September, indicating some resilience amid rising inflation risks.
GBPINR:
- Trading Range: 107.83 – 108.97
The British Pound dropped as a robust U.S. Dollar gained ground. Concerns over Trump’s policies potentially driving up U.S. inflation weighed on the GBP, alongside domestic data showing an increase in the UK unemployment rate to 4.3% between July and September. Additionally, payroll data revealed a slight decrease of 5,000 employees, impacting investor confidence.
JPYINR:
- Trading Range: 54.2 – 55.2
The Japanese Yen weakened amid the Dollar’s strength, driven by positive U.S. growth expectations. The Bank of Japan’s October meeting revealed differing views among policymakers on the timing of future rate hikes. Meanwhile, Finance Minister Katsunobu Kato cautioned against excessive currency fluctuations, hinting at potential intervention if the Yen continues to decline.
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