October 27, 2023
New Delhi, India
USDINR
The trading range for USDINR was between 83.03 and 83.27 today. The Indian Rupee remained stable as global recession risks and Middle East geopolitical tensions were assessed. The macroeconomic outlook for India’s 2023-24 fiscal year remains positive, supported by strong domestic fundamentals. Investors are closely monitoring developments in the Middle East, including reports of a potential ground invasion of Gaza by Israel.
GBPINR
GBPINR was trading within a range of 100.54 to 101.4 yesterday. The British Pound (GBP) weakened as the UK’s labor market showed signs of slowing in August, coupled with a decline in business activity this month. The UK’s unemployment rate increased to 4.2% in the three months to August, up by 0.2 percentage points from the March-May period. Ratings agency Moody’s revised Britain’s outlook to “stable” from “negative.”
EURINR
In the previous session, the trading range for EURINR was between 87.75 and 88.29. The Euro declined as investors reacted to weaker-than-expected PMI data and prepared for an upcoming European Central Bank (ECB) meeting. Eurozone business activity in October experienced its most significant contraction since November 2020, and consumer morale in the Eurozone deteriorated to a seven-month low.
JPYINR
The trading range for JPYINR was between 55.5 and 55.64. The Japanese Yen (JPY) remained relatively stable as the US Dollar found support from a survey indicating that U.S. businesses were moving out of a five-month contraction. Pressure is mounting on the Bank of Japan to adjust its bond yield control amid rising global interest rates.
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