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Currency Market Today September 12, 2024: USDINR, EURINR, GBPINR, JPYINR Highlights

USDINR

September 12, 2024

New Delhi, India

Currency Market News

USDINR

The Rupee ended higher, supported by gains across regional currencies ahead of the crucial U.S. jobs report. RBI Governor Shaktikanta Das stated that the lower Q1 GDP figures were only a temporary setback, with growth momentum remaining strong. India’s services PMI climbed to a five-month high in August, driven by resilient demand and easing prices.

EURINR

The Euro remained within a range, as concerns grew about the stagnation of Germany’s economy. Germany’s trade surplus narrowed to EUR 16.8 billion in July 2024 from EUR 20.4 billion in June, and industrial production contracted by 2.4% month-over-month in July.

GBPINR

The GBP traded within a range, bolstered by an optimistic UK economic outlook. The Halifax House Price Index increased by 4.3% year-on-year in August 2024, and overall economic activity in the UK accelerated during the same period.

JPYINR

The JPY gained strength as the Bank of Japan (BoJ) is anticipated to further raise interest rates due to persistent inflationary pressures and rising wages. Japan’s reserve assets grew to $1.24 trillion in August 2024 from $1.22 trillion in July, while household spending increased by 0.1% year-on-year in July.

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