January 16, 2023
New Delhi, India
The last traded price of USDINR was 82.9775 up by 0.09%. The day’s range for USDINR was a high of ₹83.00 and a low of 82.94
The Indian Rupee strengthened, buoyed by favorable macroeconomic developments and positive corporate news. Notably, India’s merchandise trade deficit narrowed to USD 19.8 billion in December 2023. Additionally, the country witnessed a 0.73 percent year-on-year increase in wholesale prices in the same month, contributing to the positive sentiment surrounding the Rupee.
The last traded price of GBPINR was 105.2250 down by -0.28%. The day’s range for GBPINR was a high of ₹105.26 and a low of 105.23
The British Pound experienced a slide, anticipating a busy week ahead with markets eagerly awaiting employment and inflation figures from the UK. Investors sought clues on when the Bank of England might initiate monetary policy adjustments. Despite the uncertainties, the UK economy exhibited slightly stronger growth than expected in November.
The last traded price of EURINR (19 Jan 2024) was 90.6100 down by -0.16%. The day’s range for EURINR was a high of ₹90.67 and a low of 90.60
The Euro faced a decline as investors processed statements from various ECB policymakers during the week. Emphasizing caution, ECB officials highlighted the importance of awaiting additional data before deciding on rate normalization. Germany’s wholesale prices mirrored the cautious sentiment, dropping by 2.6% year-on-year in December 2023.
The last traded price of JPYINR was 56.8325 down by -0.26%. The day’s range for JPYINR was a high of ₹56.87 and a low of 56.80
The Japanese Yen depreciated as the Bank of Japan resisted expectations of an imminent interest rate hike. The BOJ is contemplating revising its inflation outlook for fiscal year 2024, considering a mid-2% range in the upcoming quarterly forecast. Despite the currency’s depreciation, Japan’s service sector confidence displayed resilience, rising by 1.2 points to 50.7 in December 2023.