January 8, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 83.1050 down by -0.08%. The day’s range for USDINR is a high of ₹83.14 and a low of 83.07 The total traded volume (lots) for USDINR is 65,765.
The Indian Rupee is gaining strength due to increased dollar inflows, in contrast to other Asian currencies facing challenges amid expectations of rate cuts. In the US, private sector employment showed a positive trend with a rise of 164,000 jobs in December, accompanied by an annual pay increase of 5.4%, as reported by ADP. Meanwhile, the Reserve Bank of India (RBI) remains focused on accumulating inflows and bolstering currency reserves whenever possible.
GBPINR
The last traded price of GBPINR was 105.5800 up by 0.29%. The day’s range for GBPINR is a high of ₹105.61 and a low of 105.51 The total traded volume (lots) for GBPINR is 1,255.
The British Pound has seen gains as market sentiment improves following a subdued start to the year. Discussions about potential rate cuts from the Federal Reserve are ongoing, while the Bank of England emphasizes the likelihood of higher interest rates. However, the UK faces the possibility of entering a mild recession, contributing to a gloomy economic outlook.
EURINR
The last traded price of EURINR was 90.9350 up by 0.09%. The day’s range for EURINR is a high of ₹90.97 and a low of 90.86 The total traded volume (lots) for EURINR is 2,068.
The Euro has strengthened with an improvement in risk sentiment, although uncertainties persist regarding potential interest rate cuts. The Eurozone Composite PMI has maintained its November level, signaling a sustained decline in business activity across the region. In Germany, while the Composite PMI has been revised upward, it still indicates a contraction in the private sector.
JPYINR
The last traded price of JPYINR was 57.6225 up by 0.50%. The day’s range for JPYINR is a high of ₹57.64 and a low of 57.51 The total traded volume (lots) for JPYINR is 940.
The Japanese Yen depreciated due to a stronger US dollar and diminished expectations for interest rate cuts by the US Federal Reserve. BOJ Governor Kazuo Ueda expressed hope for a balanced increase in inflation and wages within the Japanese economy. Additionally, the Japan Manufacturing PMI for December 2023 was revised upward to 47.9 from the initially reported flash figure of 47.7.
