August 8, 2024
New Delhi, India
Daily Market Analysis
USDINR
The rupee’s trading range for the day was 83.14-85.38, falling under pressure from a decline in its Asian peers and strong dollar demand in the non-deliverable forwards market. Interventions by the Reserve Bank of India across the non-deliverable forwards (NDF), spot over-the-counter (OTC), and futures markets have kept volatility in check. Dollar-rupee forward premiums eased slightly but managed to hold on to much of their gains from a climb to a 14-month high.
EURINR
The euro’s trading range was 91.5-92.1, easing as traders continued to assess the monetary and economic outlook. Weak economic data for the US raised concerns about a significant slowdown or potential recession. Meanwhile, factory orders in Germany rose by 3.9% month-over-month in June 2024.
GBPINR
The British pound traded within the range of 106.3-107.62, falling as investors anticipated faster interest rate cuts by the Bank of England. Retail sales in the United Kingdom increased by 0.3% year-on-year in July, and the S&P Global UK Construction PMI jumped to 55.3 in July 2024.
JPYINR
The Japanese yen’s trading range was 57.34-58.5, slipping as the major unwinding of popular carry trades slowed. In June, average cash earnings in Japan increased by 4.5% year-on-year, while household consumption in Japan fell in real terms by 1.4% year-on-year in June.
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