October 3, 2024
New Delhi, India
Last Closing Day Analysis
USDINR
- Trading Range: 83.79 – 83.97
- Closing Price: 83.90
The Rupee recorded its strongest monthly performance since June, driven by robust risk appetite following the U.S. Federal Reserve’s significant rate cut and China’s economic stimulus measures. India’s foreign exchange reserves climbed for the sixth consecutive week, reaching a record high of $692.3 billion as of September 20. This stability is seen as a strong support for the Rupee going forward.
EURINR
- Trading Range: 93.11 – 94.57
- Closing Price: 94.12
The Euro gained modestly as investors prepared for a busy week of economic data from the Eurozone. Preliminary data is expected to show that inflation in the Euro Area has fallen to the European Central Bank’s (ECB) 2% target, the lowest since June 2021. Forecasts suggest Germany’s inflation rate will decline to 1.7%, its lowest since February 2021, and Italy’s could drop to as low as 0.8%, pointing to a cooling inflation trend across the region.
GBPINR
- Trading Range: 111.73 – 112.83
- Closing Price: 112.34
The British Pound rose as traders evaluated the country’s economic and monetary policy outlook. The UK economy grew by 0.5% in Q2 2024, slightly below the first estimate of 0.6%. However, business investment grew by 1.4% quarter-on-quarter, reflecting strong corporate sentiment and resilience in the face of global challenges. This could provide a lift for the Pound amid expectations for future interest rate cuts.
JPYINR
- Trading Range: 58.56 – 59.42
- Closing Price: 59.12
The Japanese Yen surged after Shigeru Ishiba won Japan’s presidential election, which secures his role as the next prime minister. His victory is seen as potentially supportive of interest rate hikes by the Bank of Japan, encouraging market participants. Additionally, Japanese retail sales outperformed expectations in August, although industrial production came in weaker-than-expected, indicating a mixed economic outlook for the country.
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.