December 26, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 83.1650, down by -0.12%. The day’s range for USDINR was between ₹83.12 and ₹83.28.Rupee declined as local oil companies’ demand for the dollar weighed. The Reserve Bank of India (RBI) issued a strong warning on inflation in its monthly bulletin. India’s headline retail inflation rate rose to 5.55% in November, exceeding market expectations.
GBPINR
The last traded price of GBPINR was 105.8675, up by 0.52%. The day’s range for GBPINR was between ₹105.44 and ₹105.92. GBP steadied as traders digested the latest UK budget deficit snapshot. A steady US Dollar and increasing bets over an upcoming BoE rate cut are factors weighing on the Pound. BoE policymakers may continue favoring a restrictive policy stance until price stability is ensured.
EURINR
The last traded price of EURINR was 91.6300, up by 0.43%. The day’s range for EURINR was between ₹91.42 and ₹91.65. The Euro remained in range as traders assessed both economic and monetary policy outlooks. ECB’s de Guindos mentioned it’s too early to talk about an interest rate cut, while ECB’s Villeroy suggested rates may decrease next year to bring inflation back to 2% by 2025.
JPYINR
The last traded price of JPYINR was 58.5600, up by 0.47%. The day’s range for JPYINR was between ₹58.40 and ₹58.58. The Japanese Yen gained amid a turnaround in risk sentiment and an upward revision of Japan’s growth estimates. BOJ’s decision to maintain its ultra-dovish stance earlier this week might keep a lid on any further gains for the currency. Japan’s Cabinet Office estimated a real economic growth rate for fiscal 2023/24 at 1.6%.
