Dollar vs Rupee: Currency Market Highights


January 24, 2023

New Delhi, India


The last traded price of USDINR was 83.1450 down by -0.03%. The day’s range for USDINR was a high of ₹83.17 and a low of 83.14

The Indian Rupee experienced a weakening trend due to increased dollar demand from local oil companies and foreign banks. In terms of fiscal targets, the government aims to maintain the fiscal deficit to GDP ratio at 5.3% in FY 2025; however, there is a risk of missing the target of 5.9% for FY 2024. Additionally, on January 12, India’s foreign exchange reserves are expected to witness an increase by $1.6 billion, reaching $618.94 billion by the year 2024.


The last traded price of GBPINR was 105.6050 down by -0.07%. The day’s range for GBPINR was a high of ₹105.61 and a low of 105.55

The British Pound gained ground, driven by expectations that the Bank of England (BoE) will maintain its current restrictive policy stance. The heightened geopolitical situation contributed to increased risk aversion and a surge in demand for the U.S. dollar. In the UK, public sector net borrowing, excluding public sector banks, was limited to £7.8 billion in December 2023.


The last traded price of EURINR was 90.3775 down by -0.04%. The day’s range for EURINR was a high of ₹90.38 and a low of 90.34

The Euro saw gains as risk sentiment improved, with investors remaining cautious ahead of the European Central Bank’s (ECB) policy decision. ECB policymakers reached a consensus on bringing inflation back to the 2% target in 2025. However, challenges surfaced in November due to a decrease in primary income, leading to a decline in the euro zone’s current account surplus, reaching levels last seen in 2010.


The last traded price of JPYINR was 56.2875 up by 0.10%. The day’s range for JPYINR was a high of ₹56.33 and a low of 56.19

The latest comments from the Bank of Japan (BOJ) Governor reignited speculations about a potential change in the country’s monetary policy, supporting the Japanese Yen. The BOJ opted to maintain its key short-term interest rate at -0.1% and upheld an upper limit on 10-year Japanese government bond yields at 1%. Notably, the central bank refrained from providing explicit commentary on potential changes in monetary policy throughout the year.