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Currency Market Today October 29, 2024: USDINR, EURINR, GBPINR, JPYINR Highlights

USDINR

October 29, 2024

New Delhi, India

Currency Market Today

USDINR:

  • Trading Range: 84.07 – 84.09
    The Indian Rupee remained nearly flat despite pressures from weaker Asian markets and a local stock downturn. October’s Manufacturing PMI showed growth, rising to 57.4 from 56.5 in September, indicating manufacturing expansion. However, the chance of an RBI rate cut diminished after inflation surpassed expectations, reaching 5.5% in September.

EURINR:

  • Trading Range: 90.48 – 91.18
    The Euro fell as stronger U.S. data increased the likelihood that the Fed will maintain a firm stance in November. The dollar gained support from uncertainties surrounding the Middle East conflict and the U.S. presidential election, highlighting its safe-haven appeal. ECB’s Klaas Knot emphasized the need to “keep all options open” to address risks to growth and inflation.

GBPINR:

  • Trading Range: 108.55 – 109.75
    The British Pound dropped as investors leaned towards the dollar amid political and economic instability. UK business activity slowed, and business confidence fell to a four-month low in October, with markets watching the country’s first budget plan under the new government.

JPYINR:

  • Trading Range: 53.69 – 55.59
    The Japanese Yen weakened as Japan’s ruling coalition lost its majority in the recent election, stirring uncertainty. The Bank of Japan (BOJ) is expected to keep monetary policy unchanged in its upcoming meeting, though the IMF noted that a weak yen benefits Japan’s economy, suggesting gradual rate hikes to sustain growth.

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