September 10, 2024
New Delhi, India
Currency Market News
USDINR
The Rupee ended higher, supported by gains across regional currencies ahead of the crucial U.S. jobs report. RBI Governor Shaktikanta Das stated that the lower Q1 GDP figures were only a temporary setback, with growth momentum remaining strong. India’s services PMI climbed to a five-month high in August, driven by resilient demand and easing prices.
EURINR
The Euro remained within a range, as concerns grew about the stagnation of Germany’s economy. Germany’s trade surplus narrowed to EUR 16.8 billion in July 2024 from EUR 20.4 billion in June, and industrial production contracted by 2.4% month-over-month in July.
GBPINR
The GBP traded within a range, bolstered by an optimistic UK economic outlook. The Halifax House Price Index increased by 4.3% year-on-year in August 2024, and overall economic activity in the UK accelerated during the same period.
JPYINR
The JPY gained strength as the Bank of Japan (BoJ) is anticipated to further raise interest rates due to persistent inflationary pressures and rising wages. Japan’s reserve assets grew to $1.24 trillion in August 2024 from $1.22 trillion in July, while household spending increased by 0.1% year-on-year in July.
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