March 28, 2023
New Delhi, India
Currency Market Analysis
USDINR
The last traded price of USDINR was 83.3725 up by 0.01%. The Rupee saw strength, trading between 82.98 and 83.8, supported by possible central bank intervention and an increase in the offshore Chinese yuan. S&P raised India’s growth forecast for FY’25 to 6.8%, while India’s foreign exchange reserves hit an all-time high of $642.49 billion.
GBPINR
The last traded price of GBPINR was 105.3475 down by -0.01%. The day’s range for GBPINR was a high of ₹105.35 and a low of 105.28. The Pound stabilized as BoE Governor Andrew Bailey suggested potential interest rate cuts this year. UK’s monthly retail sales balance climbed to +2 in March 2024. The USD remained on the defensive due to the Fed’s projection of three rate cuts in 2024.
EURINR
The last traded price of EURINR was 90.2975 down by -0.06%. The day’s range for EURINR was a high of ₹90.32 and a low of 90.23. The Euro declined within a range of 90.35 to 90.71, following dovish comments from an ECB policymaker, raising expectations of rate cuts. Germany’s GfK Consumer Climate Indicator edged up to -27.4 for April 2024, while ECB’s Nagel hinted at potential rate cuts before summer due to inflation nearing the bank’s 2% target.
JPYINR
The last traded price of JPYINR was 55.3175 down by -0.07%. The day’s range for JPYINR was a high of ₹55.32 and a low of 55.20. The Yen weakened as uncertainty over BoJ’s policy direction hindered bullish bets. The BOJ maintained accommodative financial conditions without offering clarity on policy normalization pace. Despite consumer inflation above the 2% target, the outcome of spring wage negotiations remains uncertain.
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