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Currency Market Today October 30, 2024: USDINR, EURINR, GBPINR, JPYINR Highlights

usdinr

October 30, 2024

New Delhi, India

Currency Market Overview

USDINR:

  • Trading Range: 84.07 – 84.09
    The Indian Rupee closed relatively unchanged, resisting downward pressure seen in other Asian currencies and local stock declines. The Manufacturing PMI for India saw improvement, rising to 57.4 in October from 56.5 in September, signaling a robust manufacturing sector. However, expectations for a RBI rate cut this year were tempered due to higher-than-expected consumer inflation of 5.5% in September.

EURINR:

  • Trading Range: 90.48 – 91.18
    The Euro weakened as recent U.S. data raised expectations of a firmer stance from the Fed in November. Meanwhile, geopolitical uncertainty in the Middle East and the upcoming U.S. presidential election buoyed the safe-haven appeal of the dollar. ECB member Klaas Knot emphasized the need to keep all policy options available to tackle risks to growth and inflation.

GBPINR:

  • Trading Range: 108.55 – 109.75
    The British Pound declined amid rising demand for the dollar, as political and macroeconomic uncertainties persisted. Early indicators showed weaker-than-expected UK business activity, and business confidence reached a four-month low in October ahead of the new government’s budget plan.

JPYINR:

  • Trading Range: 53.69 – 55.59
    The Japanese Yen dropped following the ruling coalition’s loss of majority in Japan’s recent election, which increased economic uncertainty. The Bank of Japan (BOJ) is expected to maintain its current monetary policy on Thursday. Meanwhile, the IMF noted the economic advantages of a weaker yen, suggesting that a gradual approach to rate hikes would best support Japan’s recovery.