September 9, 2024
New Delhi, India
Currency Market News
USDINR
Trading range for the day is 83.95-84.05. The rupee ended higher, benefiting from gains across regional currencies ahead of the U.S. jobs report. RBI Governor Shaktikanta Das downplayed lower Q1 GDP numbers as a temporary issue, affirming strong growth prospects. India’s services PMI surged to a five-month high in August, driven by resilient demand and easing prices.
EURINR
Trading range for the day is 93.2-93.6. The euro remained steady as Germany’s economy faces stagnation this year. Germany’s trade surplus narrowed to EUR 16.8 billion in July from EUR 20.4 billion in June, while industrial production contracted by 2.4% month-over-month in July.
GBPINR
Trading range for the day is 110.28-110.96. The pound stayed within range amid an optimistic UK economic outlook. The Halifax House Price Index showed a 4.3% year-on-year increase in August, and overall economic activity in the UK expanded at a faster pace during the same month.
JPYINR
Trading range for the day is 58.4-59.14. The yen gained as the Bank of Japan (BOJ) is expected to further raise interest rates in response to ongoing inflationary pressures and rising wages. Japan’s reserve assets grew to $1.24 trillion in August from $1.22 trillion in July, and household spending rose by 0.1% year-on-year in July 2024.
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