July 10, 2024
New Delhi, India
Daily Currency Market Analysis
USDINR
USDINR trading range for the day is 83.45-83.63.** The Rupee closed little changed, unable to capitalize on a broadly weaker dollar amid heightened odds of a September rate cut by the Fed. India’s foreign exchange reserves decreased by $1.71 billion to reach $652 billion. Meanwhile, dollar-rupee forward premiums ticked up, with the 1-year implied yield touching a one-month peak of 1.66%.
EURINR
EURINR trading range for the day is 90.29-90.59.** The Euro remained in range amid potential French political deadlock. Germany’s trade surplus increased to EUR 24.9 billion in May 2024. However, the timing for ECB rate cuts remains highly uncertain.
GBPINR
GBPINR trading range for the day is 106.55-107.21.** The GBP steadied as the currency continued to strengthen following the Labour Party’s election win. The British economy expanded by 0.7% on a quarterly basis in the first three months of 2024, slightly higher than initial estimates of 0.6%. Investors are now looking ahead to a potential rate cut in August.
JPYINR
JPYINR trading range for the day is 51.57-52.37.** The JPY gained as the dollar fell, weighed down by soft US economic data. Japan’s current account surplus climbed to JPY 2,849.9 billion in May 2024, and the value of loans in Japan increased by 3.2% year-on-year in June 2024.
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