December 22, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 83.2550, down by -0.02%. The day’s range for USDINR fluctuated between a high of ₹83.28 and a low of 83.24. The rupee held steady as a slight rebound in the greenback offset the positive momentum from dollar sales by exporters. The Reserve Bank of India (RBI) responded to the IMF, stating that their intervention in the currency market was not excessive, emphasizing the nuanced nature of currency market interventions, as expressed by RBI Governor Shaktikanta Das in October.
GBPINR
The last traded price of GBPINR was 105.5600, up by 0.23%. GBPINR experienced a high of ₹105.60 and a low of 105.44. The British Pound faced a sharp drop as UK inflation unexpectedly softened in November, with monthly headline inflation contracting by 0.2%. This surprise contraction may lead investors to speculate on the possibility of early rate cuts by the Bank of England
EURINR
The last traded price of EURINR was 91.5300, up by 0.32%. EURINR saw a high of ₹91.57 and a low of 91.51. The Euro advanced, benefiting from a positive market mood and a weaker US Dollar. Despite hawkish rhetoric from Fed officials, the US Dollar remained near recent lows. Eurozone CPI data confirmed a deflationary trend, raising questions about the ECB’s “higher for longer” view on interest rates..
JPYINR
The last traded price of JPYINR was 58.4425, up by 0.27%. JPYINR reached a high of ₹58.52 and a low of 58.40. The Japanese Yen gained ground as the US Dollar slipped, driven by expectations that the U.S. Federal Reserve might soon begin cutting interest rates. The Bank of Japan (BOJ) maintained its ultra-loose monetary policy, refraining from providing insights into potential adjustments in the coming year. Japan’s trade deficit also saw a significant decrease in November 2023 compared to the same month the prior year.
