December 21, 2023
New Delhi, India
USDINR
The last traded price of USDINR (22 Dec 2023) was 83.2150, up by 0.02%. The rupee dropped as Fed policymakers tempered U.S. rate cut expectations, while demand for the greenback from importers also hurt. The day’s range for USDINR was a high of ₹83.22 and a low of 83.14. The Indian economy is projected to grow by 6.3% in FY24 and FY25, according to the IMF. Fed’s Goolsbee stated that the central bank is not pre-committing to cutting interest rates soon.
GBPINR
The last traded price of GBPINR (22 Dec 2023) was 105.2625, down by -0.37%. The British pound remained steady as investors turned cautious ahead of UK inflation data. The day’s range for GBPINR was a high of ₹105.80 and a low of 105.19. The UK inflation is expected to fall further due to the Bank of England’s tight interest rate policy. BoE Broadbent highlighted wage growth-related inflation.
EURINR
The last traded price of EURINR (22 Dec 2023) was 91.0025, up by 0.03%. The euro gained as traders continue to assess the monetary policy outlook, betting that major central banks will start cutting interest rates next year. The day’s range for EURINR was a high of ₹91.24 and a low of 91.00. ECB’s Villeroy mentioned that they will not raise interest rates anymore, and ECB officials pushed back against market expectations for a rate cut in the first half of next year.
JPYINR
The last traded price of JPYINR was 58.0900, up by 0.92%. The Japanese yen weakened after the central bank maintained its ultra-loose monetary policy. The day’s range for JPYINR was a high of ₹58.10 and a low of 57.82. The Bank of Japan kept its key short-term interest rate at -0.1% and that of 10-year bond yields at around 0%. The BoJ aims to achieve a price stability target of 2% in a sustainable manner, accompanied by wage increases.
