Rupee vs Dollar: Currency Market Analysis, Rupee Stable

Indian Rupee

December 11, 2023

New Delhi, India


The last ptraded price of USDINR was 83.4000, up by 0.02%. The day’s range was ₹83.35 to ₹83.40. The rupee faced marginal losses as regional risk appetite weakened, coupled with a rise in crude oil prices. Finance Minister Nirmala Sitharaman highlighted India’s robust second-quarter growth, asserting its leading position globally. The 1-year implied yield reflected a slight increase, reaching 1.64%.



GBPINR settled at 104.9500, down by -0.05%, with a daily range of ₹104.71 to ₹105.04. GBP showed stability as investors gained confidence in potential rate cuts by major central banks early next year. UK house prices experienced a slower decline in November, and futures markets suggested expectations for the first BoE cut might be deferred until June.



EURINR’s last traded price was 89.9000, up by 0.05%, within a range of ₹89.87 to ₹90.00. The euro faced pressure as German industrial production declined by 0.4% month-over-month in October. ECB’s Schnabel indicated that further interest rate hikes were “rather unlikely,” and the downturn in euro zone business activity showed signs of easing.



JPYINR rose to 57.7675, up by 0.38%, with a range of ₹57.71 to ₹58.11. The yen strengthened after BOJ Governor Ueda suggested a potential early exit from the negative interest-rate policy. Japan’s coincident index reached a 4-month high, while the leading index hit its lowest point in three months.