September 18, 2024
New Delhi, India
Currency Market News
USDINR
The Rupee remained unchanged as dollar-rupee forward premiums rose. Strong demand for the dollar in the local market and possible RBI intervention limited the rupee’s appreciation. Interest rate futures are signaling a 60% chance of a rate change, up from 30% last week.
EURINR
The Euro stabilized as markets awaited central bank policy decisions. In the Eurozone, wages increased by 4.5% year-on-year in Q2 2024, while hourly labor costs rose by 4.7%.
GBPINR
The British pound strengthened as attention focused on upcoming UK inflation data and the Bank of England meeting. The BoE is expected to hold rates at 5%, with an 80% chance of no change. The UK economy stagnated in July, leading to the pound’s lowest level since August 20.
JPYINR
The Japanese yen rose due to monetary policy divergence between Japan and the US. The Bank of Japan is expected to keep rates steady but may increase them in October. Industrial production in Japan grew by 3.1% month-over-month in July 2024.
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