Rupee Flat Against Dollar: Currency Market Analysis

Indian Rupee

November 2, 2023

New Delhi, India


In the last session, USDINR traded between 83.25 and ₹83.35, closing at 83.3350, marking a 0.09% increase. The total traded volume stood at 174,956 lots. The rupee remained steady against the buoyant U.S. dollar, and concerns arose over a possible dollar shortage, affecting overnight swap rates and forward premiums. India’s fiscal deficit surged to INR 7.02 trillion during April-September 2023-24.


The Euro fluctuated between ₹87.86 and ₹88.11, closing at 87.8925, indicating a -0.97% decrease. Total traded volume was 5,506 lots. Positive data from Germany bolstered the Euro’s strength, as inflation rates fell to a two-year low at 3.8%, and the economy experienced a 0.1% contraction in Q3. German import prices plummeted by 14.3% year-on-year in September 2023.


Yesterday, GBPINR traded in the range of ₹101.05 to ₹101.26, closing at 101.1050, demonstrating a -0.37% decrease. The total traded volume was 6,310 lots. The British pound gained ground with the expected interest rate maintenance by the Bank of England. Governor Andrew Bailey noted that September’s inflation data matched the bank’s projections. British lenders approved 43,328 mortgages in September, the lowest since January.


JPYINR fluctuated between ₹55.04 and ₹55.20, closing at 55.1975, indicating a -0.20% decrease. The total traded volume was 1,878 lots. The yen faced downward pressure as the Bank of Japan kept its policy rate unchanged at -0.1% and maintained the 10-year JGB yield target at around 0%. Retail sales in Japan grew by 5.8% year-on-year in September, marking a slowdown from previous months. Industrial production in Japan increased by 0.2% month-over-month in September, missing market forecasts.


CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.