September 16, 2024
New Delhi, India
Currency Market News
USDINR
The Rupee ended nearly flat, supported by intervention from the Reserve Bank of India (RBI). India’s annual inflation rate increased slightly to 3.65% in August 2024, up from 3.6% in July, but the nation’s growth prospects and consumption demand remain robust.
EURINR
The Euro dropped as German wholesale prices saw their steepest fall in four months. Additionally, the European Central Bank lowered its main interest rate by 0.25%, bringing it to 3.5%. Producer prices in the Euro Area increased by 0.8% month-over-month in July 2024, marking the largest rise since December 2022.
GBPINR
The British pound fell as the UK economy stagnated unexpectedly in July, with manufacturing output declining. GDP stalled for the second consecutive month, and industrial production shrank by 0.8%. However, the unemployment rate edged down to 4.1%, and the economy added 265,000 jobs.
JPYINR
The Japanese yen eased as the U.S. dollar strengthened, following a mixed U.S. consumer inflation report. Bank of Japan board member Naoki Tamura signaled that interest rates could rise to at least 1% by late 2025. Producer prices in Japan increased by 2.5% year-on-year in August 2024.
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