February 28, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 82.9000 down by 0.00%. The day’s range for USDINR was a high of ₹82.91 and a low of 82.89, with the Indian Rupee recording slight gains attributed to anticipated inflows. However, demand for the Dollar from state-run banks tempered further appreciation. Simultaneously, India’s foreign exchange reserves experienced a slight decline, reaching $616.1 billion. RBI Governor Das urged caution against premature actions that could undermine policymakers’ achievements, emphasizing a prudent approach to monetary policy.
EURINR
The last traded price of EURINR was 89.9500 up by 0.03%. The day’s range for EURINR was a high of ₹90.04 and a low of 89.89. EUR/INR maintained its stability, as investors exercised caution ahead of crucial economic data releases. Germany’s Ifo Business Climate indicator witnessed a marginal uptick to 85.5 in February 2024, while median consumer expectations for Euro Area inflation edged up to 3.3% in January 2024.
GBPINR
The last traded price of GBPINR was 105.1450 down by -0.03%. The day’s range for GBPINR was a high of ₹105.20 and a low of 105.03. GBP/INR stable, as investors reevaluated the Bank of England’s policy outlook post the release of British PMI data. The UK’s GfK Consumer Confidence indicator unexpectedly fell to -21 in February 2024, while the preliminary Manufacturing PMI for February surpassed expectations, reaching 47.1 versus the anticipated 47.0.
JPYINR
The last traded price of JPYINR was 55.1750 up by 0.11%. The day’s range for JPYINR was a high of ₹55.25 and a low of 55.13, with the Japanese economy grappling with a technical recession. Japanese authorities signaled readiness to intervene to prevent further weakness in the Yen, acting as a limiting factor on gains. BOJ’s Ueda emphasized the central bank’s commitment to guiding policy in response to rising trend inflation. As traders and investors navigate through these currency pairs, they remain vigilant for insights into market trends and potential trading opportunities amidst evolving global economic dynamics.
Also Read: UK And Japan’s Recession: Why Major Economies Are Facing Economic Downturn?
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
