October 6, 2023
New Delhi, India
The Indian Rupee (INR) showed slight movements against the dollar. The USDINR pair had a marginal gain of 0.01%, closing at 83.2725 yesterday. Its trading range for the day was between ₹83.20 and ₹83.33. Over the last month, USDINR rates increased by 0.18%, reaching a three-month high. The central bank is expected to hold rates steady but adopt a hawkish tone, and India’s retail inflation is projected to ease by December.
EURINR displayed a gain of 0.08%, closing at 87.6400, with its trading range extending from ₹87.50 to ₹87.67. Over the past month, EURINR rates decreased by -1.49%, with a three-month high recorded on September 13, 2023. The Euro found support after investors reacted to hawkish comments from European Central Bank officials. In Germany, the Composite PMI was revised slightly higher to 46.4 in September 2023, indicating some economic stabilization.
GBPINR exhibited a slight increase of 0.07%, closing at 101.0925 in the last session. The trading range for GBP/INR extended from ₹100.99 to ₹101.29. Over the last month, GBPINR rates declined by -2.14%, with a three-month high noted on September 13, 2023. The British Pound gained ground as investors assessed indications of cooling inflation in the UK. The UK Services PMI was revised higher to 49.3 in September 2023, showing signs of improvement in the services sector.
JPYINR remained relatively stable with no significant change in its last traded price at 56.0000. The trading range for JPYINR ranged from ₹55.98 to ₹56.12. Over the last month, JPYINR rates decreased by -0.83%.Speculation about Japanese authorities potentially intervening to support the currency influenced the stability of the Japanese Yen. Japan’s Finance Minister Suzuki emphasized that currency rates should be determined by the market.
The US Dollar Index Futures decreased by 0.25% to 106.74 during this pre-market session.