New Delhi, India
September 12, 2023
USD/INR:
During Monday trading session, the Indian Rupee (INR) continued to show depreciation with a loss of 0.02% from previous close of 83.0725, extending its reversal below the 83 per US dollar mark. The pair opened at 83.0500 and reached a daily high of 83.1150, demonstrating bullish momentum. During market hours the pair experienced a low of 82.8750 before ultimately closing at 83.0925. Furthermore, the US dollar index eased significantly, currently trading at 104.28, down 0.40% for the day, as the currency markets shifted their focus to this week’s crucial US inflation data.
GBP/INR: UK Labor Market Data and INR Resilience
The GBP/INR pair is closely monitoring the upcoming release of United Kingdom labor market data for July, scheduled for Tuesday. Today during the market session, GBP/INR opened at 103.70, reaching a daily high of 104.1125 and briefly touching its peak. It encountered a daily low of 103.6500 before settling at 103.91 by the end of the day. The previous close for the pair was at 103.67.
EUR/INR: ECB Policy Decision and Euro Strength
EUR/INR traders are eagerly awaiting Thursday’s European Central Bank (ECB) policy decision. The pair opened at 89.0175, recording a daily high of 89.2600. It briefly dipped to a daily low of 89.0050 before closing the day at 88.2175. The Indian Rupee continues to dip against the euro with 0.24% from the previous close of 89.0075, with market participants closely watching for potential ECB actions that may influence the euro’s performance against the INR.
JPY/INR: Japanese Yen Surges on BOJ Governor’s Remarks
The pair opened at 56.8275, reaching a daily high of 57.0250, while touching a low of 56.7325. Looking at the previous close of 57.5600 , JPY/INR saw a 0.33% gain.
