September 4, 2024
New Delhi, India
Currency Market News
USDINR
The Rupee ended lower as most Asian currencies struggled ahead of key U.S. economic data releases. The World Bank projected India’s economy to expand by 7% in the current financial year, highlighting the country’s strong growth trajectory despite challenging global headwinds.
EURINR
The Euro remained in range as manufacturing activity in the Eurozone continued to contract in August. The European Central Bank (ECB) emphasized that Eurozone banks should consider geopolitical risks when determining capital payouts and business strategies. Additionally, inflation in the Eurozone fell to its lowest level in three years in August.
GBPINR
The GBP traded within a range, supported by expectations of diverging monetary policies between the US and the UK. British consumer spending saw a modest annual increase in August. The Bank of England (BoE) recently lowered its main interest rate to 5%, with traders anticipating additional cuts totaling 41 basis points by year-end.
JPYINR
The JPY steadied amid a hawkish outlook on Bank of Japan (BoJ) monetary policy. BoJ policymakers indicated their readiness to adjust monetary settings if their economic projections materialize. Markets are betting on another interest rate hike by the central bank in December.
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