Currency Market Updates: USD/INR, EUR/INR, GBP/INR, JPY/INR Trading Ranges and Economic Insights


April 2, 2023

New Delhi, India


The last traded price of USDINR was 83.3775 down by -0.02%. USDINR pair saw a trading range of 83.32-83.52, with the Rupee depreciating due to aggressive dollar bids from local oil companies, importers, and equity-related outflows. Meanwhile, personal spending in the US experienced a significant increase of 0.8% month-over-month in February 2024, marking the largest gain since January 2023. Additionally, India’s current account deficit narrowed to 1.2% of GDP in Q3 FY24, offering insights into the country’s economic landscape.


The last traded price of GBPINR was 104.6800 down by -0.57%.  GBPINR encountered a trading range of 104.94-105.62, with the Pound depreciating as the UK economy entered a recession in Q4. The British economy contracted by 0.2% year-on-year in the fourth quarter of 2023, while the current account deficit in the UK rose to £21.2 billion, equivalent to 3.1% of GDP, in the same period.


The last traded price of EURINR was 89.5675 down by -0.52%. EURINR observed a trading range of 89.86-90.54, with the Euro declining as investors tempered their expectations for substantial interest rate reductions by the Fed. ECB’s Piero Cipollone expressed growing confidence within the ECB regarding inflation trends reverting to the 2% target by mid-2025. However, German retail sales dropped by 1.9% month-over-month in February 2024, indicating challenges within the Eurozone’s largest economy.


The last traded price of JPYINR was 55.0100 down by -0.35%. In the JPYINR pair, trading remained steady within a range of 55.29-55.57, with the Japanese Yen stabilizing as Japanese authorities signaled readiness to intervene in the currency markets. Bank of Japan policymakers were divided on the economy’s strength to withstand an exit from ultra-loose monetary policy, while Japan’s top currency diplomat, Masato Kanda, emphasized readiness to respond to disorderly FX movements. As traders navigate through these currency pairs, they monitor economic indicators and central bank policies to inform their trading decisions amidst evolving market conditions.


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