January 11, 2023
New Delhi, India
USDINR:
The last traded price of USDINR was 83.0100 down by -0.05%. The day’s range for USDINR was a high of ₹83.06 and a low of 82.99.
The Indian Rupee (INR) continued its upward trajectory, marking a sixth consecutive session of gains against the US Dollar (USD). This surge is attributed to anticipated foreign inflows. Additionally, the National Statistical Office’s optimistic estimate of a 6.2% growth in the Indian economy for the next fiscal year further bolstered the Rupee. Market sentiment is currently reflecting a 66% probability of the Federal Reserve easing rates in March, influencing USDINR trading in the range of 82.91-83.35.
GBPINR:
The last traded price of GBPINR was 105.9900 up by 0.26%. The day’s range for GBPINR was a high of ₹106.01 and a low of 105.96.
The British Pound (GBP) experienced a further decline ahead of Bank of England Governor Bailey’s speech. Concerns loom over the UK economy, with indications suggesting a possible shift into a technical recession. The market mood remains downbeat, especially with anticipation building around upcoming US Inflation data. GBPINR is projected to trade between 105.44-105.92.
EURINR:
The last traded price of EURINR was 91.1525 up by 0.19%. The day’s range for EURINR was a high of ₹91.22 and a low of 90.95.
The Euro (EUR) stabilized in the pre-market session as investors dissected comments from European Central Bank (ECB) policymakers. However, caution prevails following the ECB Vice President’s acknowledgement of a potential technical recession in 2024. The ECB’s plan to reduce interest rates once the 2% inflation target is met adds an element of uncertainty. EURINR is expected to trade within the range of 90.8-91.22.
JPYINR:
The last traded price of JPYINR was 57.1175 down by -0.37%. The day’s range for JPYINR was a high of ₹57.20 and a low of 57.12.
The Japanese Yen (JPY) weakened in response to disappointing domestic wage growth data. Elevated US bond yields continue to provide support to the US Dollar, enhancing prospects for further gains. A positive risk tone further undermines the JPY, pushing USD/JPY to a fresh weekly high. JPYINR is forecasted to fluctuate within the range of 57.35-57.85.
