July 30, 2024
New Delhi, India
Daily Market Analysis
USDINR
The rupee remained within a range as it faced pressure from strong dollar demand from local oil companies, likely related to month-end payments. The USDINR trading range for the day was 83.76-83.84. India’s foreign exchange reserves rose for the third consecutive week, hitting a lifetime high of $670.86 billion. Additionally, the HSBC India Services PMI increased to 61.1 in July 2024 from 60.5 in June.
EURINR
The EURINR trading range was 90.74-91.22. The euro remained in range after a survey showed that German business activity unexpectedly contracted in July. Eurozone business growth stalled in July, according to PMI data, but lending in the eurozone rebounded as rates fell from highs.
GBPINR
The GBPINR trading range was 107.66-107.86. The British pound fell slightly as investors increased their wagers on Bank of England rate cuts in 2024. Sentiment in the UK manufacturing sector dropped to -9 in July 2024, after rising to 9 in April. The Confederation of British Industry’s survey indicated that the total order book balance in the UK declined to -32 in July 2024 from -18 in June.
JPYINR
The JPYINR trading range was 54.37-54.87. The Japanese yen dropped on profit booking as investors geared up for the Bank of Japan’s policy meeting. The BOJ is expected to announce its bond purchase tapering plans next week amid efforts to unwind its massive monetary stimulus. Meanwhile, the Reuters Tankan sentiment index for manufacturers in Japan jumped to +11 in July 2024 from +6 in June.
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