March 13, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 82.8325 up by 0.06%. Traded within a range of 82.61-82.87, the Rupee strengthened due to dollar inflows but faced likely intervention from the central bank. The Indian central bank opted not to roll over the $5 billion dollar/rupee swap that matured on Monday, while India’s foreign exchange reserves increased by $6.55 billion to $625.63 billion. Also, US inflation, tracked by the Consumer Price Index (CPI), climbed to 3.2% in February from 3.1% in January, according to the latest report from the US Bureau of Labor Statistics (BLS). Core CPI, excluding volatile food and energy prices, also increased, rising to 3.8% annually, slightly below January’s 3.9% but surpassing market expectations of 3.7%. Both CPI and Core CPI saw a 0.4% increase on a monthly basis.
GBPINR
The last traded price of GBPINR was 106.0250 up by 0.12%. Traded within a range of 106.06-106.42, the Pound rose amidst broad dollar weakness and optimistic UK economic forecasts. UK’s Hunt revealed that the latest OBR forecasts anticipate quicker decline in inflation and stronger GDP growth for 2024 and 2025. The Bank of England is expected to delay its first rate cut until August.
EURINR
The last traded price of EURINR was 90.5350 up by 0.01%. Trading between 90.34 and 90.72, the Euro gained support from broad dollar weakness following US jobs data. The European Central Bank (ECB) maintained borrowing costs at record highs, citing progress in curbing inflation. ECB’s Lagarde hinted at discussions about relaxing the bank’s restrictive stance.
JPYINR
The last traded price of JPYINR was 56.2700 up by 0.09%. Trading between 56.18 and 56.86, the Yen strengthened as final data showed Japan’s economy returning to growth in Q4, with GDP expanding 0.4% year-on-year and 0.1% quarter-on-quarter. The Bank of Japan (BOJ) could start raising interest rates soon, with some traders betting on a March rate hike.
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