Rupee vs Dollar: Currency Market Analysis

Post Market Currency Update

December 18, 2023

New Delhi, India


The last traded price of USDINR was 83.0025 down by -0.39%. The day’s range for USDINR was a high of ₹83.34 and a low of 82.95. The Rupee gained ground after the U.S. Federal Reserve took a dovish stance on policy rates. Additionally, India’s wholesale prices exceeded expectations, rising by 0.26 percent year-on-year in November 2023. RBI Governor Das emphasized the continued vulnerability of the Indian economy to recurring and overlapping food price shocks.


The last traded price of GBPINR was 105.9775 up by 0.41%. The day’s range for GBPINR is a high of ₹106.39 and a low of 105.83. GBP strengthened, supported by a weakening dollar following hints from the Fed about a potential aggressive 75 basis point rate cut in the coming year. The Bank of England (BOE) voted by a majority of 6-3 to maintain its benchmark interest rate at a 15-year high of 5.25%, marking the third consecutive time. In the UK, the house price balance showed improvement in November.


The last traded price of EURINR (22 Dec 2023) was 91.0075 down by -0.01%. The day’s range for EURINR was a high of ₹91.68 and a low of 90.93T. he Euro appreciated after the Federal Reserve’s “dot plot” projections suggested three 25bps rate cuts in the upcoming year. Meanwhile, the European Central Bank (ECB) maintained interest rates at multi-year highs for the second consecutive meeting. Euro zone industrial production, however, declined more than expected in October.



The last traded price of JPYINR (22 Dec 2023) was 58.6175 down by -0.57%. The day’s range for JPYINR is a high of ₹58.80 and a low of 58.55J.PY saw an uptick following indications from U.S. Federal Reserve officials about multiple rate cuts next year. In Japan, core machinery orders rose by 0.7% month-on-month in October 2023, although at a slower pace than in September. Industrial production growth in Japan was revised higher to 1.3% month-over-month in October 2023.