July 23, 2024
New Delhi, India
Daily Market Analysis
USDINR
The rupee remained range-bound as likely intervention from the RBI helped limit pressure, trading between 83.61 and 83.75 against the USD. India’s economy is projected to grow by 7%, an increase from the IMF’s earlier estimate of 6.8%, and merchandise exports rose to $35.2 billion in June from $34.32 billion a year ago.
EURINR
The Euro dropped, with a trading range of 90.78-91.54, as markets evaluated the policy outlook for the European Central Bank, which held its key interest rates unchanged in their July meeting. ECB President Lagarde indicated that the decision for September remains open.
GBPINR
The GBP, trading between 107.66 and 108.76, slipped after weaker-than-expected UK retail sales data, which declined by 1.2% month-over-month in June following a 2.9% rise in May. Despite this, the GfK Consumer Confidence indicator in the UK rose to -13 in July from -14 in June.
JPYINR
The JPY, trading within 52.9-53.4, dropped as the dollar index remained above 104.2 due to strong US economic data. In Japan, the core consumer price index increased by 2.6% year-on-year in June 2024, with the annual inflation rate holding steady at 2.8% for the second consecutive month.
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