December 29, 2023
New Delhi, India
USDINR:
The last traded price of USDINR was 83.2175 down by -0.18%. The day’s range for USDINR was a high of ₹83.33 and a low of 83.19. The rupee weakened due to month-end dollar demand from oil companies. Meanwhile, India’s total trade in GDP has significantly expanded, reaching nearly 50% in 2022 from around 15% in the early 1990s. Fitch Ratings anticipates India’s GDP growth to be 6.5% during fiscal 2024–25.
GBPINR
The last traded price of USDINR was 83.2175 down by -0.18%. The day’s range for USDINR was a high of ₹83.33 and a low of 83.19. The British Pound strengthened as investors speculated that the Bank of England (BoE) might delay its rate-cut campaign compared to the Federal Reserve. Market expectations suggest the Fed is likely to cut rates sooner than the BoE, raising concerns about a potential recession in the UK economy.
EURINR
The last traded price of EURINR was 92.5450 up by 0.47%. The day’s range for EURINR was a high of ₹92.64 and a low of 92.35. The Euro gained ground on anticipation of the Fed initiating interest rate cuts in the first quarter of 2024. Euro zone consumer confidence also saw improvement, rising by 1.8 points in December. The European Commission reported a flash estimate, indicating that euro zone consumer morale improved to -15.1 this month.
JPYINR
The last traded price of JPYINR was 59.1600 up by 1.00%. The day’s range for JPYINR was a high of ₹59.20 and a low of 58.86. The Japanese Yen remained steady as board members discussed the potential timing of exiting the central bank’s massive stimulus. Japan’s housing starts fell more than estimated, and BOJ Governor Kazuo Ueda recently highlighted the likelihood of Japan’s economy moving away from the low-inflation environment.
