October 31, 2023
New Delhi, India
USDINR
The Indian Rupee closed nearly unchanged, supported by intermittent dollar sales from the central bank. Meanwhile, U.S. PCE inflation data indicates a gradual moderation in price pressures, while India’s foreign exchange reserves declined.
Yesterday, The USDINR opened at 83.2525, with a day’s range between 83.25 and 83.2725. It traded at a previous close of 83.2650, closing at 83.2675, displaying a marginal increase of 0.00%. The total traded volume (lots) for USDINR amounted to 14,502.
GBPINR
GBP saw gains due to short covering, with attention shifting to the upcoming Bank of England meeting. Labour market data hinted at a reduction in inflationary pressures, while domestic factors are poised to influence the pound’s trajectory ahead of the BoE rate-setters’ meeting next week.
In the last session, starting at 101.0700, the GBPINR traded between a high of 101.1375 and a low of 101.0575. Its previous close was at 100.9475, and it concluded the day at 101.1175, marking a 0.17% increase. The total traded volume (lots) for GBPINR stood at 1,785.
EURINR
The Euro stabilized following the ECB’s decision to maintain interest rates, yet Eurozone business activity in October witnessed a significant contraction. Markets are anticipating key figures for GDP growth and inflation from major economies next week.
The EURINR initiated at 88.2025 and fluctuated within a range from 88.18 to 88.2325 in the previous close. It closed at 88.2275 from a previous 88.0725, showcasing an increase of 0.18%. The total traded volume (lots) for EURINR was 987.
JPYINR
The Japanese Yen remained stable as the dollar experienced gains from robust U.S. growth figures. Expectations are for the Bank of Japan to coordinate with the government on monetary policy, while core inflation in Tokyo unexpectedly accelerated.
Commencing at 55.5000, the JPYINR observed a high of 55.6325 and a low of 55.4925. Previously closing at 55.6550, it concluded the day at 55.5100, registering a decrease of -0.26%. The total traded volume (lots) for JPYINR was 891.
