October 17, 2023
New Delhi, India
The Indian rupee closed at 83.29 with a minor drop of -0.03% from the previous close. It fell to 83.26 against the U.S. dollar on Monday, marking its lowest level in one year against the greenback. The trading range was between 83.31 and 83.26. The rupee’s drop comes amid rising concerns about oil prices and ongoing Middle East conflicts.
GBPINR closed at 101.32 with a drop of -0.09% yesterday. GBPINR traded within the range of 101.44 and 101.18. Ongoing tensions in the Middle East continued to affect the supply and costs of oil prices, leading investors to flock to safe-haven currencies. Fears of rising global inflation and cautious global trade, due to escalating conflicts, made Sterling less attractive to investors. The UK’s GDP data for September showed a reading of 0.2%, offering a brief moment of relief for the UK economy, but concerns about a looming recession persist.
EURINR closed at 87.77 with a slight uptick of 0.08% in the last session. It traded within 87.81 and 87.51. The Euro fell as investors rushed to the dollar following the release of hotter-than-expected inflation data from the US. The IMF expects Germany’s economy to shrink by 0.5% this year before growing 0.9% next year. Spanish consumer inflation rose to 3.5% year-on-year in September, driven by energy costs.
JPYINR closed at 55.85, staying flat from the previous close. The day’s range was a high of 55.92 and a low of 55.82. The Japanese Yen depreciated under immense pressure from the dollar after hotter-than-expected US consumer inflation data. Japan’s largest banks plan to raise housing loan rates after the Bank of Japan’s policy tweak. The restart of Japan’s tourism industry offers hope for a service-sector recovery, as indicated by PMI data.