March 5, 2023
New Delhi, India
USDINR
Rupee concluded the day with minimal change, as a slight increase in the Dollar and demand from importers offset earlier gains. The last traded price of USDINR was 82.9175 up by 0.02%. The day’s range for USDINR was a high of ₹82.93 and a low of 82.91. reflecting the Rupee’s resilience amidst external pressures. The decline in the ISM Manufacturing PMI in the US to 47.8 in February, coupled with India’s Manufacturing PMI revision to 56.9, highlighted the contrasting economic landscapes influencing the currency pair.
EURINR
The last traded price of EURINR was 89.9925 up by 0.01%. The day’s range for EURINR was a high of ₹90.01 and a low of 89.98. EUR/INR witnessed a decline, with the Euro trading within a range of 89.6-89.96, as traders digested the latest inflation figures and monetary policy outlook. Weak demand continued to contract Eurozone manufacturing activity, with the consumer price inflation rate in the Euro Area declining to 2.6% year-on-year in February 2024.
GBPINR
The last traded price of GBPINR was 105.2050 up by 0.13%. The day’s range for GBPINR was a high of ₹105.21 and a low of 105.18. GBP/INR experienced a drop as investors sought clarity on the Bank of England’s interest rate reduction plans. Policymakers expressed concerns about the pace of wage growth and service inflation, while the S&P Global UK Manufacturing PMI revised up to 47.5 in February 2024, marking the highest level in ten months.
JPYINR
Meanwhile, The last traded price of JPYINR was 55.1575 down by -0.05%. The day’s range for JPYINR was a high of ₹55.17 and a low of 55.16. JPY/INR saw weakness as BOJ’s Ueda cautioned against premature conclusions regarding sustained achievement of the 2% inflation target. The au Jibun Bank Japan Manufacturing PMI stood at 47.2 in February 2024, while Japan’s consumer confidence index advanced to 39.1, reflecting improving sentiment despite economic challenges.
