January 2, 2024
New Delhi, India
USDINR
The last traded price of USDINR was 83.2300 up by 0.03%. The day’s range for USDINR is a high of ₹83.26 and a low of 83.17.
The Rupee strengthened amid rising expectations of a U.S. Federal Reserve easing the monetary policy cycle. The anticipation of Fed rate cuts has led to higher rupee premiums, with the 1-year implied forward USD/INR yield hovering near 1.80%. Fitch Ratings has projected India to be the world’s fastest-growing country, with resilient GDP growth of 6.5% during fiscal 2024–25.
GBPINR
The last traded price of GBPINR was 105.8975 down by -0.01%. The day’s range for GBPINR is a high of ₹105.94 and a low of 105.80
GBP advanced as investors leaned towards expectations of early rate cuts by the Federal Reserve. High inflation and recession fears in the UK may complicate the idea of the Bank of England remaining a laggard in cutting rates. The economic calendar is light due to the festive season.
EURINR
The last traded price of EURINR was 92.0025 down by -0.08%. The day’s range for EURINR is a high of ₹92.07 and a low of 91.97
The Euro gained ground, supported by a weaker US Dollar as U.S. yields continued to trend lower. Italy’s economy minister mentioned no rift with the EU over the eurozone bailout fund. In the European Union as a whole, consumer sentiment rose by 1.5 points to -16.0.
JPYINR
The last traded price of JPYINR was 58.7800 up by 0.09%. The day’s range for JPYINR is a high of ₹58.90 and a low of 58.72
The Japanese Yen gained ground as Japan showed improvement in retail trade. Retail sales in Japan rose 5.3% year-on-year in November 2023, accelerating for the first time in three months. However, industrial production in Japan declined by 0.9% month-over-month in November 2023.
