August 9, 2024
New Delhi, India
Daily Market Analysis
USDINR
forwards (NDF), spot over-the-counter (OTC), and futures markets have kept volatility in check. Dollar-rupee forward premiums eased slightly but managed to retain much of their gains from a climb to a 14-month high.
EURINR
The euro’s trading range was 91.54-92, steadying as risk sentiment improved after the recent global selloff was seen as an overreaction to weak US economic data. Germany’s trade surplus declined to EUR 20.4 billion in June 2024, while German industrial production rose by 1.4% month-over-month in June 2024.
GBPINR
The British pound traded within the range of 106.61-107.03, remaining in range 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 56.54-58.44, dropping after a Bank of Japan official stated that there would be no rate hikes if markets are volatile. Reserve assets in Japan slightly fell to $1.219 trillion in July 2024 from $1.231 trillion in June.
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