December 15, 2023
New Delhi, India
The Currency markets witnessed notable movements in the last session, Here is our daily analysis of Indian currency trading pairs:
USDINR
The last traded price of USDINR was 83.3175 down by -0.16%. The day’s range for USDINR was a high of ₹83.42 and a low of 83.29.
The Indian Rupee stayed within a tight range against the US Dollar, impacted by data revealing that the Indian Consumer Price Index (CPI) exceeded the Reserve Bank of India’s (RBI) 4.0% target. Meanwhile, the Federal Reserve maintained the funds rate at a 22-year high of 5.25%-5.5% but hinted at potential three-quarter percentage point cuts in 2024, according to projections in the “dot plot.” Headline inflation in India remained within the RBI’s tolerance range of 2–6% for the third consecutive month.
GBPINR
The last traded price of GBPINR was 105.5500 up by 1.00%. The day’s range for GBPINR was a high of ₹105.55 and a low of 105.23.
In the realm of British Pound trading, the currency experienced a decline following an unexpected contraction in October’s GDP, revealing a 0.3% shrinkage in the British economy compared to September 2023. The UK jobs report added to the economic concerns, indicating a deceleration in wage growth over the three months leading up to October.
EURINR
The last traded price of EURINR was 91.0900 up by 1.26%. The day’s range for EURINR is a high of ₹91.09 and a low of 90.83.
The Euro faced downward pressure, influenced by the upcoming European Central Bank (ECB) monetary policy meeting. German wholesale prices fell by 3.6% in November compared to the previous year. Despite this, the ZEW Indicator of Economic Sentiment for Germany rose to 12.8 in December 2023.
JPYINR
The last traded price of JPYINR (22 Dec 2023) was 59.0000 up by 2.79%. The day’s range for JPYINR was a high of ₹59.03 and a low of 57.50.
In the Japanese Yen market, the currency saw a decline as investors adjusted their expectations regarding interest rate hikes from the Bank of Japan ahead of its upcoming monetary policy decision. The Bank of Japan’s index for big manufacturers’ sentiment climbed to 12 in the fourth quarter of 2023 from 9 in the third quarter, posing a significant communication challenge for Japan’s central bank chief at the next week’s monetary policy meeting.
