September 20, 2024
New Delhi, India
Currency Market News
USDINR
The Rupee climbed on expectations of a 50 basis points rate cut by the Federal Reserve. The Fed has already lowered its benchmark interest rate to 4.75%-5% due to positive progress on inflation. Meanwhile, India’s wholesale prices saw a 1.31% year-on-year increase in August 2024.
EURINR
The Euro stayed within range as market participants anticipated a large Fed rate cut. Investor morale in the Eurozone and Germany has dropped to an 11-month low, reflecting concerns about the region’s economic outlook.
GBPINR
The British Pound steadied as traders focused on upcoming UK inflation data and a Bank of England (BoE) meeting. BoE is expected to keep interest rates unchanged at 5%, with an 80% probability of no changes. The UK economy stagnated in July, leading to a decline in the pound.
JPYINR
The Japanese Yen dropped due to profit booking, despite earlier support from investor anticipation of monetary policy decisions. Japan’s Finance Minister Suzuki reiterated the mixed impact of currency fluctuations, while Japan’s industrial production growth was revised upward to 3.1% month-over-month in July 2024.
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