Rupee Steady Against Dollar: Currency Market Analysis

Indian Rupee

October 30, 2023

New Delhi, India


The last traded price of USDINR was 83.26 down by -0.01%. The day’s range for USDINR was a high of ₹83.30 and a low of 83.23. The Indian Rupee (USDINR) showed a slight weakness, influenced by equity outflows and elevated U.S. Treasury yields, despite U.S. economic expansion in Q3. Federal Reserve Chair Powell highlighted persistently high inflation, hinting at potential additional monetary policy tightening.


The last traded price of GBPINR was 100.8900 up by 0.28%. The day’s range for GBPINR was a high of ₹101.25 and a low of 100.86. GBPINR witnessed a drop due to bleak economic data, suggesting a hold in rates by the Bank of England. The UK’s Services PMI fell in October, signaling a possibility of rate cuts priced by the end of next year.


The last traded price of EURINR was 87.8400 up by 0.07%. The day’s range for EURINR was between a high of ₹88.02 and a low of 87.80. EURINR declined due to falling Eurozone economic sentiment and disappointing PMI data, with the ECB maintaining interest rates at multi-year highs during the October meeting. The Eurozone’s private sector activity recorded a notable contraction in the October flash surveys.


The last traded price of JPYINR (03 Nov 2023) was 55.5550 up by 0.13%. The day’s range for JPYINR was between a high of ₹55.57 and a low of 55.49. JPYINR saw the yen weaken against the dollar as Treasury yields rose, leading to concerns about intervention due to the yen breaching 150 per dollar. Japan’s headline inflation rate dropped to a one-year low of 3% in September