February 6, 2023
New Delhi, India
The last traded price of USDINR was 83.0550 down by -0.02%.
The USDINR pair saw a trading range of 82.84-83.08, with the Indian Rupee gaining strength following the presentation of the domestic budget. This positive sentiment was further bolstered by robust job additions in the US economy, with 353K jobs added last month. Additionally, Rupee forward premiums declined, indicating a favorable outlook with the 1-year implied yield falling by 3 bps to 1.82%.
The last traded price of GBPINR was 104.2600 down by -0.38%.
The GBPINR pair exhibited a trading range of 104.66-106.5, with the Pound Sterling gaining ground amidst assessments of monetary policy decisions and economic data. Bank of England Governor Bailey emphasized the precarious balance of the UK economy, acknowledging the looming risk of recession. Additionally, the Bank of England indicated that interest rates are under review, particularly as inflation is anticipated to dip below 2%.
The last traded price of EURINR was 89.2825 down by -0.12%.
In the EURINR space, the trading range oscillated between 90.13-90.61. The Euro rebounded as mixed inflation data tempered expectations for immediate interest rate cuts by the European Central Bank (ECB). Furthermore, the easing of the Euro zone factory downturn for the third consecutive month in January provided additional support. ECB President Lagarde’s assertion that it was premature to discuss interest rate cuts further underscored the cautious stance.
The last traded price of JPYINR was 55.9375 down by -0.18%.
Meanwhile, the JPYINR pair maintained a trading range of 56.66-57.02. The Japanese Yen remained stable following the Federal Reserve’s reluctance to consider a rate move in March. In Japan, consumer confidence advanced to 38 in January 2024, while housing starts declined by 4.0 percent year-on-year in December 2023.