Rupee Stable Against Dollar: Currency Market Analysis

A Research by CurrencyVeda

December 8, 2023

New Delhi, India


The last traded price of USDINR on December 8, 2023, was 83.3800, showing a modest increase of 0.04%. The trading range for the day is was between 83.29 and 83.45. The rupee strengthened as likely dollar inflows and rising forward premiums coincided with a drop in U.S. Treasury yields. In economic news, the Indian government sought approval for additional spending of 1.29 trillion rupees in the current fiscal year, and the Confederation of Indian Industry (CII) forecasts India’s economy to grow at 6.8% in the current fiscal.



GBPINR’s last traded price on December 8, 2023, was 104.8950, reflecting a decrease of -0.07%. The day’s trading range hoveered between 104.8 and 105.3. The British Pound weakened as traders speculated on signals from the Bank of England’s next policy meeting. BOE Governor Bailey expressed the central bank’s commitment to bringing inflation down to its 2% target, and market attention has shifted to potential rate cuts in the coming weeks.



The last traded price of EURINR on December 8, 2023, was 89.8125, showing a decline of -0.15%. The trading range for the day was between 89.79 and 90.29. The Euro faced pressure as major eurozone economies experienced a decline in business activity. Germany’s factory orders declined by 3.7% month-over-month in October 2023, and the Eurozone composite PMI for November surpassed expectations, arriving at 47.6.



JPYINR’s last traded price on December 8, 2023, was 57.4250, marking an increase of 1.51%. The trading range for the day was between 56.59 and 57.01. The Japanese Yen depreciated after a downward revision of Japan’s Services PMI to 50.8 in November 2023. BOJ’s Himino mentioned no preset schedule for an exit from ultra-easy policy, and the sentiment index for manufacturers in Japan rose to +12 in December from +6 in November.