March 27, 2023
New Delhi, India
Curreney Market Daily Analysis
USDINR
The last traded price of USDINR was 83.3250 up by 0.01%. The Rupee plunged to a historic low, trading between 83.03 and 84.13, pressured by a drop in the offshore Chinese yuan and robust local dollar demand. This decline was fueled by strong demand for US shares and robust US economic data, boosting dollar demand across Asian markets. Despite this, India’s Manufacturing PMI showed resilience, increasing to 59.2 in March 2024.
GBPINR
The last traded price of GBPINR was 105.1550 down by -0.30%. The day’s range for GBPINR was a high of ₹105.22 and a low of 105.09. The Pound dropped following the Bank of England’s decision to maintain the interest rate steady, with reduced expectations for a rate hike. GfK Consumer Confidence indicator unexpectedly posted at -21 in March 2024, while UK inflation drop fueled speculations of a June rate cut by the BoE.
EURINR
The last traded price of EURINR was 90.2200 down by -0.23%. The Euro faced downward pressure, trading within a range of 90.12 to 90.94, as the dollar gained ground amid expectations of early interest rate cuts by major central banks. ECB President Lagarde reiterated plans to consider lowering interest rates in June. Additionally, Eurozone Manufacturing PMI dropped to 45.7 in March, as per HCOB’s latest PMI survey.
JPYINR
The last traded price of JPYINR was 54.9600 down by -0.32%. The day’s range for JPYINR was a high of ₹55.02 and a low of 54.95. The Yen steadied amid speculation of potential intervention by Japanese authorities in the markets. Uncertainty over the BoJ’s future policy steps limited significant upside movements, despite the core consumer price index in Japan accelerating to 2.8% YoY in February 2024.
