May 27, 2024
New Delhi, India
USDINR
- Trading Range: 83.30 – 83.01
- Closing Price: 83.06
- The Indian Rupee ended slightly stronger, supported by dollar demand from local importers. Recent FOMC minutes revealed that the data had not significantly increased confidence in progress toward the Fed’s 2% medium-term inflation target. Additionally, the Reserve Bank of India (RBI) net bought $13.25 billion in the spot forex market in March, as per the latest bulletin.
EURINR
- Trading Range: 90.22 – 89.82
- Closing Price: 90.07
- The Euro steadied as investors awaited wage and survey-based growth data to gain insights into the future direction of interest rates. Both European Central Bank (ECB) and Federal Reserve officials indicated uncertainty regarding the path of monetary easing. The Eurozone’s current account surplus saw a significant jump in March, providing some support to the currency.
GBPINR
- Trading Range: 105.91 – 105.39
- Closing Price: 105.76
- The British Pound surged due to a weaker dollar, influenced by softer US inflation data that bolstered expectations of a Fed rate cut in September. The GBP also strengthened following higher-than-expected inflation figures in the UK. The annual inflation rate in the UK eased to 2.3% in April, nearing the Bank of England’s target of 2%. However, British manufacturing orders contracted at the fastest rate since November, and future price hike expectations abated.
JPYINR
- Trading Range: 53.07 – 52.85
- Closing Price: 52.89
- The Japanese Yen dropped as the dollar strengthened after Fed officials largely called for caution regarding interest rate cuts. The Bank of Japan (BOJ) maintained its usual process and pace of buying government bonds after a surprise dip in purchases earlier this week. Additionally, Japan’s trade deficit increased to JPY 462.50 billion in April 2024 from JPY 429.79 billion in the same month of the previous year.
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