December 4, 2024
New Delhi, India
USDINR
The last traded price of USDINR (05 Jan 2024) was 83.2975 down by -0.04%. The day’s range for USDINR was a high of ₹83.35 and a low of 83.27
The rupee weakened, influenced by U.S. dollar demand from oil companies and foreign banks. India’s Finance Ministry expects the economy to surpass the government’s growth estimate of 6.5% in FY24. Eyes are on the US labor data, including the Nonfarm Payrolls (NFP), which will be a focal point this week.
GBPINR
The last traded price of GBPINR (05 Jan 2024) was 105.1950 down by -0.45%. The day’s range for GBPINR was a high of ₹105.39 and a low of 105.18
GBP lost gains as the UK manufacturing sector experienced a setback in growth. Projections suggest lower-than-expected UK factory activities due to the festive mood. The Bank of England may consider reducing interest rates earlier amidst deepening recession fears.
EURINR
The last traded price of EURINR (05 Jan 2024) was 91.0250 down by -0.66%. The day’s range for EURINR was a high of ₹91.43 and a low of 91.02
The euro faced a decline as euro zone factory activity contracted for the 18th consecutive month. Bank lending in the euro zone remained weak in November, as indicated by ECB data. ECB members express caution about lowering borrowing costs, emphasizing that the inflation goal has not been met.
JPYINR
The last traded price of JPYINR (05 Jan 2024) was 58.3625 down by -0.77%. The day’s range for JPYINR is a high of ₹58.78 and a low of 58.36
JPY remained in range as investors stayed cautious amid ongoing market holidays in Japan. BoJ minutes revealed an agreement to maintain an easy policy, putting downward pressure on JPY. Wage growth and market expectations suggest the BoJ may pivot away from an ultra-dovish stance.
