July 24, 2024
New Delhi, India
Daily Market Analysis
USDINR
The rupee closed nearly flat as the decline in the Chinese yuan exerted pressure, but dollar sales by state-run banks helped cap further losses. The USDINR trading range for the day was 83.65-83.71. India’s economy is expected to grow between 6.5% and 7% year-on-year in 2024/25, and the country’s forex reserves reached a new record high of $666.85 billion as of July 12.
EURINR
The EURINR trading range was 90.87-91.35. The euro steadied following US President Joe Biden’s decision to drop out of the 2024 election. The European Central Bank recently left its policy unchanged, with President Lagarde noting that the next decision on September 12 is “wide open.” Investors are now assessing the impact on financial markets and global monetary policy.
GBPINR
The GBPINR trading range was 107.89-108.37. The British pound steadied as the dollar weakened following Biden’s decision to drop out of the election. UK retail sales declined by 1.2% month-over-month in June 2024, after a 2.9% rise in May. The GfK Consumer Confidence indicator in the UK rose to -13 in July 2024 from -14 in June.
JPYINR
The JPYINR trading range was 52.65-53.83. The Japanese yen steadied as investors prepared for the Bank of Japan’s policy meeting, where another interest rate hike could be announced. Prime Minister Kishida mentioned that the normalization of the central bank’s monetary policy would support Japan’s transition to a growth-driven economy. Japan’s headline inflation rate remained unchanged at 2.8% in June, while the core inflation rate rose to 2.6% from 2.5%.
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