February 26, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 82.9100 down by -0.03%. The day’s range for USDINR was a high of ₹82.92 and a low of 82.88 with the Indian Rupee gaining ground. This uptick was supported by strengthened Asian peers and increased dollar inflows into domestic share and bond markets. Furthermore, positive economic indicators, such as India’s Manufacturing PMI rising to 56.7 and Services PMI climbing to 62.0 in February 2024, contributed to the Rupee’s resilience.
GBPINR
The last traded price of GBPINR was 104.9700 down by -0.16%. The day’s range for GBPINR was a high of ₹105.00 and a low of 104.93, with the British Pound strengthening as investors adjusted their projections for future central bank rate cuts. Despite the S&P Global Flash UK Manufacturing PMI edging up to 47.1 in February 2024, from January’s 47, Bank of England’s (BoE) Greene emphasized the need for more evidence before considering rate cuts, influencing market sentiment.
EURINR
The last traded price of EURINR was 89.7150 down by -0.11%. The day’s range for EURINR was a high of ₹89.74 and a low of 89.69, with the Euro gaining momentum amidst investors’ reduced expectations for European Central Bank interest rate cuts. The Eurozone’s Services PMI surged to 50 in February 2024, marking a seven-month high, while the Composite PMI rose to 48.9 from the previous month’s 47.9. These positive figures bolstered the Euro’s position in the market.
JPYINR
The last traded price of JPYINR was 55.1375 up by 0.10%. The day’s range for JPYINR was a high of ₹55.17 and a low of 55.11, with the Japanese Yen remaining under pressure amidst uncertainty surrounding Bank of Japan (BoJ) policies. Despite flash Japan PMIs failing to impress investors, fears of intervention helped limit deeper losses amid subdued USD price action. The cautious market sentiment reflected ongoing concerns about the yen’s future trajectory.
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