January 31, 2023
New Delhi, India
The last traded price of USDINR was 83.1250 down by -0.01%. The day’s range for USDINR is a high of ₹83.16 and a low of 83.12
The Indian Rupee traded in a tight range as traders awaited the outcomes of the Federal Reserve meeting and India’s federal budget. There are expectations that India will reduce its fiscal deficit by at least 50 basis points. The market anticipates the Federal Open Market Committee (FOMC) to maintain rates at 5.25–5.50%, unchanged at its January meeting.
The last traded price of GBPINR was 105.4350 up by 0.01%. The day’s range for GBPINR is a high of ₹105.44 and a low of 105.39
The British Pound steadied as traders looked forward to the first Bank of England policy meeting. UK inflation expectations fell as the Bank of England (BoE) prepared its rates message. Money markets are currently pricing in a 42% chance of a cut in May, with June given a 74% chance.
JPYINR Market Highlights:
The last traded price of EURINR was 90.0075 down by -0.17%. The day’s range for EURINR is a high of ₹90.01 and a low of 89.98
The Euro faced a decline as investors adopted a cautious stance ahead of a series of economic data releases. Slower wage growth is deemed necessary for potential eurozone rate cuts, as emphasized by ECB’s Knot. Despite indicators pointing to softening economic growth, the European Central Bank (ECB) held rates steady at a record high and dispelled talks of cuts.
The last traded price of JPYINR was 56.3300 down by -0.29%. The day’s range for JPYINR is a high of ₹56.34 and a low of 56.30
The Japanese Yen faced pressure after inflation in Tokyo fell below the Bank of Japan’s (BoJ) 2% target. The BoJ signaled its commitment to achieving the 2% inflation target, raising expectations of a rate hike in the coming months. The index of coincident economic indicators in Japan reached its lowest level since March, indicating economic challenges.