April 3, 2023
New Delhi, India
Currency Market Highlights
USDINR
The last traded price of USDINR was 83.4150 down by -0.01%. USD/INR pair exhibited a trading range of 83.35-83.57, with the Rupee experiencing marginal changes as dollar sales by exporters helped counterbalance weakness in Asian currencies. Meanwhile, India’s Manufacturing PMI was revised slightly lower to 59.1 in March 2024 from preliminary estimates of 59.2. Additionally, the odds of the Fed maintaining rates unchanged in June rose to 41%, reflecting evolving market expectations.
GBPINR
The last traded price of GBPINR was 104.9450 up by 0.02%. GBP/INR traded within a range of 104.45-105.39, with the Pound remaining subdued due to risk aversion and easing UK inflation. UK’s shop price inflation grew by 1.3% in March, its slowest pace in over two years, while the S&P Global UK Manufacturing PMI was revised higher to 50.3 in March 2024 from a preliminary of 49.9.
EURINR
The last traded price of EURINR was 89.9625 up by 0.33%. EUR/INR saw a trading range of 89.34-90.32, with the Euro declining as investors anticipated more policy easing from the ECB compared to the Fed this year. Despite this, Eurozone Manufacturing PMI was revised higher to 46.1 in March 2024 from a preliminary estimate of 45.7, while Germany’s Manufacturing PMI was slightly revised upwards to 41.9.
JPYINR
The last traded price of JPYINR was 55.0525 up by 0.00%. In the JPY/INR pair, trading steadied within a range of 55.11-55.55, with the Japanese Yen stabilizing as Finance Minister Shunichi Suzuki reiterated warnings against sharp currency declines. A survey indicated a slight decline in sentiment among large manufacturers in Japan to +11 in Q1 from an upwardly revised +13 in Q4, while the au Jibun Bank Japan Manufacturing PMI stood at 48.2 in March 2024.
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