September 5, 2024
New Delhi, India
Currency Market News
USDINR
The Rupee remained within a range as it balanced between negative global cues and support from the central bank. The likelihood of a 50-basis-point rate cut at the Federal Reserve’s September meeting increased to 42% from 30%. Meanwhile, the World Bank has projected India’s economy to grow by 7% in the current financial year.
EURINR
The Euro stayed in range amid ongoing concerns about the global economy. The Eurozone Services PMI rose to 52.9 in August 2024, up from 51.9 in the previous month. However, Germany’s Composite PMI was slightly revised lower to 48.4 in August from an initial estimate of 48.5.
GBPINR
The GBP traded within a range, supported by expectations of differing monetary policies between the US and the UK. British consumer spending saw a modest annual increase in August. The Bank of England (BoE) recently reduced its main interest rate to 5%, with further cuts totaling 41 basis points anticipated by the end of the year.
JPYINR
The JPY gained as weak US manufacturing data sparked recession fears, driving demand for safe-haven assets. Bank of Japan (BoJ) policymakers recently indicated their readiness to adjust monetary policy if their economic projections are met. However, Japan’s Services PMI was revised downward to 53.7 in August 2024.
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