July 25, 2024
New Delhi, India
Daily Market Analysis
USDINR
The rupee depreciated amidst market assessments of the 2025 Union Budget’s impact on Indian foreign exchange flows. The USDINR trading range for the day was 83.58-83.8. India has lowered its fiscal deficit target to 4.9% of GDP for FY25, and the country’s economy is projected to grow between 6.5% and 7% year-on-year in 2024/25.
EURINR
The EURINR trading range was 90.77-91.25. The euro remained stable as traders continued to evaluate the monetary policy outlook. Markets are currently expecting two more rate reductions by the European Central Bank (ECB) this year, potentially starting in September. This week, July’s flash PMI data for the Euro Area, Germany, and France will be released.
GBPINR
The GBPINR trading range was 107.68-108.46. The British pound fell slightly as investors awaited U.S. inflation data, which could impact currency markets. UK retail sales declined by 1.2% month-over-month in June 2024, following 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 53-53.64. The Japanese yen gained amid growing expectations that the Bank of Japan (BOJ) would raise interest rates again. 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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