July 22, 2024
New Delhi, India
Daily Market Analysis
USDINR
The rupee remained range-bound as likely intervention from the Reserve Bank of India (RBI) helped limit the pressure. India’s economy is estimated to grow by 7%, an increase from the 6.8% projection by the International Monetary Fund (IMF). Additionally, India’s merchandise exports rose to $35.2 billion in June from $34.32 billion a year ago.
EURINR
The euro dropped as markets assessed the policy outlook for the European Central Bank (ECB) this year. In their July meeting, the ECB held its key interest rates unchanged, contrasting with last month’s landmark rate cut. ECB President Christine Lagarde refrained from signaling a stance for upcoming meetings, noting that September’s decision remains wide open.
GBPINR
The pound slipped after weaker-than-expected UK retail sales data. Retail sales in the UK declined by 1.2% month-over-month in June 2024, following a 2.9% rise in May. However, the GfK Consumer Confidence indicator in the United Kingdom rose to -13 in July 2024 from -14 in June.
JPYINR
The yen dropped as the dollar index held above 104.2, supported by strong US economic data. In Japan, the core consumer price index increased by 2.6% year-on-year in June 2024, while the annual inflation rate stood at 2.8%, holding steady for the second straight month.
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