February 8, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 82.9300, down by -0.08%. The day’s range for USDINR was between ₹82.90 and ₹82.99. The Rupee gained ground, supported by dollar sales from two large foreign banks. Fitch warns that achieving the fiscal deficit target of 4.5% of GDP by FY26 remains a challenge. The Reserve Bank of India continues its intervention in the currency market.
GBPINR
The last traded price of GBPINR was 104.7750, down by -0.02%. The day’s range for GBPINR was between ₹104.71 and ₹104.83. The GBP strengthened as fears of a UK recession faded, buoyed by prospects of early BoE rate cuts. BoE’s Breeden expressed less concern about the need for rate hikes, while the Halifax House Price Index rose by 2.5% year-on-year in January 2024.
EURINR
The last traded price of EURINR was 89.4525, up by 0.09%. The day’s range for EURINR was between ₹89.39 and ₹89.47. The Euro recovered as investors assessed the global monetary policy outlook. However, German industrial output fell by 1.6% month-over-month in December 2023, and Eurozone consumers trimmed their inflation expectations for the next 12 months.
JPYINR
The last traded price of JPYINR was 55.9000, down by -0.33%. The day’s range for JPYINR was between ₹55.90 and ₹55.98. The JPY recovered, benefiting from a pullback in the dollar. However, Japan’s reserve assets fell slightly in January 2024, and the index of leading economic indicators increased to 110.0 in December 2023.
