October 26, 2023
New Delhi, India
USDINR
The USDINR trading range for the day was between between 83.07 and 83.25. The rupee ended lower, tracking a decline in Asian currencies. Forward premiums have also fallen. S&P Global’s PMIs for the US beat expectations, indicating the robustness of the US economy in October. However, the likelihood of intervention by the RBI is helping prevent a breach of the rupee’s record low.
GBPINR
GBPINR’s trading range for the day was between 100.84 and 101.5. The British Pound (GBP) has weakened amid concerns over rising bond yields and the escalating Israel-Hamas conflict. Moody’s credit rating agency has dropped its negative outlook on the UK. British consumer price inflation was at a 1.5-year low of 6.7% in September.
EURINR
EURINR had a trading range between 87.79 and 88.53. The euro is struggling as investors prepare for an upcoming European Central Bank meeting later in the week. Policymakers are likely to leave interest rates unchanged after 10 consecutive hikes that raised borrowing costs to multi-year highs. ECB chief economist Philip Lane stated that there is still a considerable way to go before contemplating rate cuts.
JPYINR
The trading range for JPYINR was between 55.48 and 55.64. The Japanese Yen (JPY) has remained within a range as concerns over an escalating conflict in the Middle East dampen market sentiment. Japan’s Prime Minister Kishida has vowed measures to cushion the blow from rising inflation. The core consumer price index in Japan, which excludes fresh food but includes fuel costs, rose 2.8% in September 2023 from a year ago.
