New Delhi, India
September 8, 2023
USD/INR
The Indian Rupee (INR) showed resilience in the market session, closing at 83.06 against the US Dollar (USD). This marked a 20 paise increase from the previous close of 82.26. Several factors contributed to this rise. Firstly, a firm trend in domestic equities provided support for the INR. Additionally, suspected intervention by the Reserve Bank of India (RBI) played a role in limiting the depreciation of the Rupee. While the Rupee had experienced a four-day losing streak, it managed to regain some ground against the USD, reflecting market dynamics and central bank intervention.
The USD/INR pair opened at 83.19 but saw a low point of 83.95 during the market session.
GBP/INR
The GBP/INR exchange rate concluded the market session at 103.63, indicating a negative movement compared to the previous close of 103.82. Also, the British Pound (GBP) continues to face fluctuations driven by various factors. One notable factor influencing GBP/INR is the uncertainty surrounding interest rates. A member of the Bank of England expressed concerns about further rate hikes, impacting the Pound’s performance. Additionally, the UK’s residential property market has faced challenges, with declining home prices and warnings of worse to come. These factors have contributed to the Pound’s mixed performance in recent sessions.
GBP/INR began today’s market session at 103.92 and touched a low point of 103.60.
EUR/INR
EUR/INR closed at 89.00, displaying minor fluctuations. The Euro (EUR) had tested a three-month low in the previous session and continued to exhibit caution. The currency has been impacted by a tepid economic outlook, reflected in today’s rate, which suggests resilience in the face of external factors. Germany’s industrial production decline in July, falling by 0.8%, added to concerns about the Eurozone’s economic performance. EUR/INR experienced a decline, falling below the 89.30 mark in morning trades, signaling ongoing economic challenges within the Eurozone.
EUR/INR opened at 89.24 and reached a low point of 88.90 in today’s market hours.
JPY/INR
JPY/INR concluded the market session at 56.55, maintaining relative stability. The Japanese Yen (JPY) has consistently held its position in recent sessions. Today’s rate reflects this stability, with minor fluctuations. The Japanese Yen’s movements are influenced by market sentiment and global economic conditions, and it has managed to hold its ground despite fluctuations in other currency pairs.
JPY/INR opened at 56.76, hitting a low point of 56.52 during today’s session.
Dollar Index Overview(USDX)
The US Dollar Index (DXY) saw a slight correction ahead of the weekend after recent gains that pushed it to a six-month high above the 105 mark. This pullback was influenced by a moderation in US Treasury yields and a series of remarks from US Federal Reserve officials. The Fed’s comments offered mixed views on the US economic and monetary dynamics, leading to some uncertainty in the currency market.
