February 29, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 82.9100 up by 0.01%. USDINR saw a trading range of 82.93 to 82.99, with the Rupee ending flat as dollar demand from domestic oil companies offset gains from sustained inflows. Despite India’s projected growth of 6.5% in FY25, down from 6.9% this fiscal year according to Ind-Ra, investors’ sentiment remained cautious, reflected in a decreased likelihood of a rate cut at the Fed’s policy meeting in May.
GBPINR
The last traded price of GBPINR was 104.9200 down by -0.20%. GBPINR traded between 105.02 and 105.38, with the British Pound remaining in range as investors took a breather from significant economic data releases. Bank of England’s Bailey observed signs of an upturn in the UK economy, although the futures market indicated expectations of a rate cut in August, with a slim chance in June.
EURINR
The last traded price of EURINR was 89.7050 down by -0.29%. EURINR traded in a range of 89.92 to 90.28, with the Euro tracking weakness in global markets amidst a lack of fresh catalysts. Despite the GfK Consumer Climate Indicator for Germany rising to -29.0 heading into March 2024, Eurozone firms may be absorbing wage increases, according to ECB’s Lagarde, impacting the Euro’s stability.
JPYINR
The last traded price of JPYINR was 55.1150 down by -0.13%. JPYINR had a trading range of 55.34 to 55.64, with the Japanese Yen stabilizing following the release of warmer consumer inflation figures from Japan. Despite the annual inflation rate dropping to 2.2% in January 2024, and the core consumer price index rising 2% in the same period, slowing from December’s 2.3% gain, the Yen’s performance remained steady.
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