September 17, 2024
New Delhi, India
Currency Market News
USDINR
The Rupee ended flat, with forward premiums rising as strong local demand for the dollar and the RBI’s absorption of inflows limited the currency’s appreciation. Interest rate futures now suggest a near 60% chance of a rate change, up from 30% last week.
EURINR
The Euro held steady as investors awaited major central bank policy decisions. In the Eurozone, wages grew by 4.5% year-on-year in Q2 2024, while hourly labor costs rose by 4.7% in the same period.
GBPINR
The British pound gained momentum as the market turned its focus to upcoming UK inflation data and the Bank of England meeting. The BoE is widely expected to hold rates steady at 5%, with an 80% chance of no change. Economic stagnation in July pushed the pound to its lowest level since August 20.
JPYINR
The Japanese yen rose, supported by a widening policy divergence between Japan and the US. The Bank of Japan is expected to maintain current rates this week but may raise them in October. Japan’s industrial production growth for July 2024 was revised upward to 3.1% month-over-month.
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