November 18, 2024
New Delhi, India
Currency Market Insights:
USDINR:
- Trading Range: 84.4 – 84.56
The Indian Rupee declined to a record low due to persistent foreign fund outflows and robust dollar demand. While RBI Governor Shaktikanta Das emphasized that India’s economy is “sailing smoothly” amid global challenges, concerns mounted as wholesale prices rose by 2.36% YoY in October, compared to 1.84% in September.
EURINR:
- Trading Range: 88.29 – 89.67
The Euro dropped as cautious sentiment prevailed among investors awaiting new economic and monetary cues. Concerns were further fueled by Trump’s proposed tariffs targeting European exports, particularly automobiles. In Germany, the ZEW Economic Sentiment Index fell sharply to 7.4 in November, down from 13.1 in October, reflecting growing pessimism.
GBPINR:
- Trading Range: 106.43 – 107.65
The British Pound weakened following signs of easing inflation in the UK. Wage growth decelerated to its slowest pace in two years, adding to economic worries. Meanwhile, the BoE stated that the Labour government’s budget could increase inflation and boost economic growth, complicating monetary policy decisions.
JPYINR:
- Trading Range: 54.02 – 54.4
The Japanese Yen depreciated amid domestic political uncertainties and hawkish U.S. expectations under the Trump administration. Japan’s producer inflation surged to its fastest pace in over a year in October, while the BOJ maintained its projection of raising the benchmark policy rate to 1% by the latter half of FY 2025.
Latest Q2 Results
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.
