February 12, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 83.0075, down by -0.06%. The day’s range for USDINR was between ₹83.01 and ₹83.05. Despite remaining in range, the Rupee sees robust influxes of foreign currency and a hawkish RBI. The RBI holds its benchmark interest rate steady at 6.5% and extends its “withdrawal of accommodation” policy, intervening in the forex markets to support the local currency.
GBPINR
The last traded price of GBPINR was 104.8575, up by 0.15%. The day’s range for GBPINR was between ₹104.82 and ₹104.87. The GBP remains stable as investors adjust their expectations of early interest rate cuts. BoE’s Breeden expresses confidence in rate stability, while the Halifax House Price Index shows growth in January 2024.
EURINR
The last traded price of EURINR was 89.6275, up by 0.17%. The day’s range for EURINR was between ₹89.60 and ₹89.64. The Euro gains ground as interest rate cut expectations persist, despite a decline in German industrial output and Eurozone consumer inflation expectations.
JPYINR
The last traded price of JPYINR was 55.6750, up by 0.00%. The day’s range for JPYINR was between ₹55.68 and ₹55.70. The JPY weakens as central bank commentary counters expectations of aggressive monetary policy shifts. Despite this, the value of loans in Japan increased in January 2024, while reduced Fed rate cut bets support USD bulls and limit losses for the pair.
