February 23, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 82.9100 up by 0.06%. The day’s range for USDINR was a high of ₹82.91 and a low of 82.85. The Rupee ends little changed as state-run banks demand dollars on behalf of importer clients. Meanwhile, the Fed expresses concerns about the risks of cutting interest rates too soon, and India records a trade deficit of $17.5 billion in January 2024, the lowest in nine months.
GBPINR
The last traded price of GBPINR was 105.0000 up by 0.00%. The day’s range for GBPINR was a high of ₹105.04 and a low of 104.89. GBP steadies as investors digest somewhat dovish remarks from Bank of England policymakers, with Governor Bailey acknowledging investors’ bets on interest rate cuts this year. Public sector net borrowing in the UK was in surplus by £16.7 billion in January 2024.
EURINR
The last traded price of EURINR was 89.8000 down by -0.11%. The day’s range for EURINR was a high of ₹89.82 and a low of 89.69. The Euro remains range-bound as investors assess data indicating a slowdown in wage growth across the Eurozone. ECB reveals negotiated wage growth in the Eurozone decelerated to 4.5% in the final quarter of last year, with Lagarde preferring to await outcomes of first-quarter wage agreements before considering rate cuts.
JPYINR
The last traded price of JPYINR was 55.1150 down by -0.22%. The day’s range for JPYINR was a high of ₹55.15 and a low of 55.08. The JPY stabilizes amid fears of Japanese authorities intervening in markets to stem further weakness. Japan’s trade deficit narrows sharply to JPY 1,758.311 billion in January 2024, while the Reuters Tankan sentiment index for manufacturers in Japan falls sharply to -1 in February 2024.
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