September 25, 2024
New Delhi, India
USDINR
- Trading Range: 83.41 – 83.65
- Closing Price: 83.51
- The Rupee ended flat, pulled off a near three-month high by dollar demand from local oil companies. The dollar-rupee forward premiums rose, with the 1-year implied yield reaching a 17-month high of 2.38%. Additionally, India’s Manufacturing PMI declined to 56.7 in September from 57.5 in the previous month, according to preliminary estimates, signaling a slowdown in manufacturing growth.
Also Read: India’s Business Activity Growth Slows in September: HSBC Flash PMI Report
EURINR
- Trading Range: 92.35 – 93.65
- Closing Price: 92.75
- The Euro dropped as disappointing flash PMIs for Europe showed weaker-than-expected manufacturing activity. France and Germany’s PMIs both pointed to a bigger-than-anticipated fall in the manufacturing sector. Notably, the S&P Global France Manufacturing PMI inched up slightly to 44 in September 2024, up from the seven-month low of 43.9 in August, but still indicates contraction.
GBPINR
- Trading Range: 110.49 – 111.55
- Closing Price: 110.93
- The British Pound weakened as the UK’s preliminary S&P Global PMI fell short of expectations, pointing to slower economic activity. Traders are now anticipating the Bank of England (BoE) will implement one more interest rate cut by the end of the year. Additionally, the US Dollar rebounded amid a more cautious market mood, adding to the pressure on GBP.
JPYINR
- Trading Range: 57.69 – 58.61
- Closing Price: 58.02
- The Japanese Yen steadied as concerns grew about the Bank of Japan’s (BoJ) reluctance to raise interest rates. BoJ Governor Kazuo Ueda acknowledged “some weakness” in the Japanese economy, adopting a slightly more dovish tone compared to previous statements. Japan’s core machinery orders declined by 0.1% month-on-month in July 2024, adding to concerns about the country’s economic outlook.
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