October 28, 2024
New Delhi, India
Currency Market Today
USDINR:
- Trading Range: 84.04 – 84.12
The Indian Rupee stayed largely flat, showing resilience despite weaker Asian currencies and a decline in local stocks. India’s Manufacturing PMI rose to 57.4 in October 2024, up from 56.5 in September, signaling stronger growth in the manufacturing sector. Meanwhile, expectations of a potential RBI rate-cut cycle have cooled after consumer inflation surged to 5.5% in September.
EURINR:
- Trading Range: 90.61 – 91.43
The Euro strengthened as ECB data suggests a moderate rate cut of 25 basis points in December rather than a more aggressive reduction. The median Eurozone inflation expectation over the next year edged down to 2.4% in September, signaling cooling inflation pressures. ECB member Nagel advised caution on ending the inflation fight too early, highlighting ongoing economic uncertainty.
GBPINR:
- Trading Range: 108.76 – 109.46
The British Pound gained following reports that UK Finance Minister Rachel Reeves might approve increased borrowing in the upcoming budget, which could postpone Bank of England rate cuts. Meanwhile, the GfK Consumer Confidence Index for the UK fell slightly to -21 in October, reflecting consumer caution. Additionally, BoE’s Mann noted that inflationary pressures have yet to ease substantially.
JPYINR:
- Trading Range: 54.04 – 56.08
The Japanese Yen held steady as investors anticipated Japan’s general election, where the ruling coalition might lose its parliamentary majority, potentially influencing economic policy. BOJ Governor Ueda commented on broadening optimism for the U.S. economy but noted market instability. Japan’s index of coincident economic indicators stood at 114.0 in August 2024, reflecting steady economic momentum.
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