October 13, 2023
New Delhi, India
The Indian Rupee (INR) saw a slight gain, with USDINR closing at 83.29, up by 0.04%. It traded within a range of ₹83.29 and ₹83.17 during the day. The consumer price index increased 0.4% last month after a 0.3% gain in August, with year-on-year consumer prices easing. Traders now see an increased probability of a rate hike in December from the Fed.
In the last session, GBPINR saw a slight uptick, closing at 102.51, up by 0.16%.The day’s trading range was between 102.64 to 102.33. The Bank of England has paused its interest rate hike cycle, but this decision was made by a slim majority. There is a noticeable difference between market expectations for an interest rate hike and statements from Fed members. The International Monetary Fund (IMF) lowered the UK’s GDP forecast for 2024.
EURINR experienced a minor gain, closing at 88.50, up by 0.20% in the previous session. The daily trading range was between ₹88.59 to ₹88.40. European Central Bank (ECB) policymakers expressed cautious optimism that inflation was on its way back to 2%. Market participants look to ECB President Christine Lagarde’s comments for guidance.
In the last session, JPYINR closed at 56.01, down by 0.30%. The day’s trading range was ₹56.04 to ₹55.93. Japan’s machine tool orders dropped, underscoring the risk to the BOJ’s policy normalization efforts.