February 16, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 83.0100 down by -0.05%. USDINR saw a trading range of 82.99 to 83.11 for the day. The Rupee experienced minimal changes, with early gains eroded by a slight uptick in the dollar index. Retail inflation in India dropped to 5.1% in January 2024, marking a three-month low. Investors are currently factoring in a 17.5% chance of a rate cut in March and approximately 63% in May.
GBPINR
The last traded price of GBPINR (16 Feb 2024) was 104.3000 up by 0.09%. GBPINR recorded a trading range of 104.57 to 105.17 for the day. The Pound stabilized as investors grew more confident in the Bank of England’s commitment to maintaining current interest rates for the time being. Key triggers for the week ahead include UK employment and inflation data. Additionally, British house prices exhibited a robust annual growth rate of 2.5% in January.
EURINR
The last traded price of EURINR (16 Feb 2024) was 89.0500 up by 0.17%. EURINR fluctuated within a range of 89.34 to 89.88 throughout the day. Euro investors remained cautious, awaiting crucial US inflation data that could influence global interest rate expectations. Uncertainty surrounding potential Fed rate cuts kept USD bulls on the defensive, providing some support to the Euro. However, speculations about ECB rate cuts might limit gains for the shared currency ahead of the US CPI report.
JPYINR
The last traded price of JPYINR was 55.2775 up by 0.14%. JPYINR remained within a range of 55.76 to 56 for the day. Investors adopted a cautious stance, awaiting US consumer inflation data and seeking clues about the potential trajectory of interest rates. Despite discussions around exiting the negative interest rate policy, Bank of Japan’s Uchida suggested that aggressive tightening is improbable. Traders now await the release of key US inflation figures later in the week.
