September 26, 2024
New Delhi, India
USDINR
- Trading Range: 83.46 – 83.74
- Closing Price: 83.64
The Rupee rose, supported by a rally in the Chinese Yuan and dollar sales from state-run banks. The Asian Development Bank (ADB) maintained India’s growth forecast at 7% for the current fiscal year. Additionally, interest rate futures indicated a higher probability (61%) of the U.S. Federal Reserve delivering a 50 basis point (bps) rate cut, up from 53% the day before.
EURINR
- Trading Range: 93.08 – 94
- Closing Price: 93.62
The Euro gained slightly due to positive developments in China and encouraging signals from U.S. Federal Reserve officials. However, expectations for a rate cut by the European Central Bank (ECB) have risen following weak economic data, particularly in Germany. The Ifo business climate index for Germany fell to 85.4 in September, down from 86.6 in August, reflecting a continued slowdown in Europe’s largest economy.
GBPINR
- Trading Range: 111.4 – 112.5
- Closing Price: 111.98
The British Pound dipped as market focus shifted to next month’s UK budget and the upcoming Bank of England (BoE) interest rate decision. There is growing sentiment that the BoE should adopt a cautious approach to rate cuts due to potential long-term inflation risks. Markets now expect only 40 bps of cuts by December, which would bring the base rate to around 4.50%.
JPYINR
- Trading Range: 57.56 – 58.46
- Closing Price: 57.89
The Japanese Yen remained stable as investors assessed the outlook for Bank of Japan (BoJ) monetary policy. The BoJ indicated that it would take time to analyze market and economic developments before making any adjustments to its policy stance. A leading indicator of Japan’s service-sector inflation held steady at 2.7% in August, highlighting ongoing inflationary pressures in the country’s service industry.
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