January 18, 2023
New Delhi, India
The last traded price of USDINR was 83.1100 down by -0.03%. The day’s range for USDINR is a high of ₹83.18 and a low of 83.10
In the USDINR trading scenario, the day’s range is anticipated to fluctuate between 82.93 and 83.41. The Indian Rupee depreciated, influenced by a regional risk-off sentiment amidst persistently high inflationary pressures, which cast shadows on the country’s interest rate outlook. December witnessed India’s wholesale inflation reaching a nine-month high of 0.73%. Additionally, the ongoing tensions in the Red Sea are expected to contribute to an increase in oil prices in India.
GBPINR price hit a three month high of 106.69 on 28-12-2023 and a three month low of 101.87 on 15-11-2023. GBPINR rates are down by -1.03% over the last one month.
In the GBPINR context, the trading range is expected to span from 104.67 to 105.63. The British Pound experienced a decline, prompted by data signaling a slowdown in the labor market. Regular pay growth in the UK decelerated to 6.6% in September-November, marking the weakest rate since November-January 2023. Total pay growth also fell to 6.5%, below the forecasted 6.8%, and the lowest since Q1 of the previous year.
The last traded price of EURINR was 90.3900 down by -0.12%. The day’s range for EURINR is a high of ₹90.42 and a low of 90.36
Moving to EURINR, the trading range for the day is projected to be between 90.36 and 90.8. The Euro faced a decline following remarks from ECB policymakers who resisted expectations of interest rate cuts. Joachim Nagel emphasized the premature nature of discussions on cuts, citing elevated inflation levels. Furthermore, Eurozone industrial activity contracted for the third consecutive month in November.
The last traded price of JPYINR was 56.4350 down by -0.53%. The day’s range for JPYINR is a high of ₹56.50 and a low of 56.44
Lastly, in the JPYINR scenario, the trading range is projected to be between 56.71 and 57.09. The Japanese Yen weakened due to easing domestic inflation, alleviating pressure on the Bank of Japan to raise interest rates. Japan’s wholesale inflation remained flat in December, marking the 12th consecutive month of slowing. Producer prices in Japan exhibited no year-on-year growth in December, surpassing market forecasts.