January 29, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 83.1625 up by 0.03%. The day’s range for USDINR is a high of ₹84.90 and a low of 83.15
The Indian Rupee closed marginally higher, attributed to a slight increase in the offshore Chinese yuan and a decline in the dollar index. Notably, the HSBC India Composite PMI surged to 61.0 in January 2024, indicating robust growth in the private sector. The HSBC Flash India Manufacturing PMI also rose to 56.9 in January 2024, marking the strongest performance in the factory sector in four months, signaling overall growth.
GBPINR
The last traded price of GBPINR was 105.6450 down by -0.14%. The day’s range for GBPINR is a high of ₹105.68 and a low of 105.60
The British Pound gained ground as investors anticipated delayed Bank of England rate cuts in the Eurozone and the U.S. Lower-than-expected budget deficit in December potentially allows for tax cuts in the upcoming March budget. However, there were concerning indicators in the UK, including a sharp decline in retail sales, an increase in the inflation rate, and an elevated risk of recession.
EURINR
The last traded price of EURINR was 90.2375 down by -0.38%. The day’s range for EURINR is a high of ₹90.30 and a low of 90.24
The Euro saw gains as traders digested data indicating a slight easing of the decline in eurozone business activity. The Eurozone private sector contracted at its smallest rate since last July, with the manufacturing slowdown showing signs of easing. HCOB Germany Manufacturing PMI rose to 45.4 in January, reaching its highest level in eleven months, suggesting positive momentum in the manufacturing sector.
JPYINR
The last traded price of JPYINR was 56.2900 down by -0.25%. The day’s range for JPYINR is a high of ₹56.32 and a low of 56.20
The Japanese Yen gained momentum following the Bank of Japan’s comments on phasing out stimulus and raising interest rates. Japan’s exports exceeded expectations, and geopolitical tensions further supported the Japanese Yen. However, the Bank of Japan lowered its core consumer prices forecast, leading to reduced expectations of policy tightening.
