January 12, 2023
New Delhi, India
The last traded price of USDINR was 83.0500 down by 0.00%. The day’s range for USDINR was a high of ₹83.13 and a low of 83.04
The Indian Rupee remained relatively stable, awaiting key U.S. inflation data that could influence the outlook for interest rates. The U.S. experienced a rise in annual inflation to 3.4% in December, up from 3.1% in November. Indian Prime Minister Modi expressed optimism about India’s trajectory to become one of the top three global economies.
The last traded price of GBPINR was 106.0700 up by 0.14%. The day’s range for GBPINR was a high of ₹106.16 and a low of 106.06
The British Pound (GBP) gained ground as investors analyzed remarks from Bank of England Governor Andrew, who expressed confidence in consumers and the UK economy despite a rapid rise in borrowing costs. Money markets were pricing in around 115 basis points of BoE rate cuts in 2024.
The last traded price of EURINR was 91.1500 down by -0.05%. The day’s range for EURINR was a high of ₹91.27 and a low of 91.15
The Euro strengthened as investors considered comments from multiple ECB policymakers. Concerns about weak growth and a possible recession in the Eurozone were voiced by ECB’s de Guindos, who also noted a potential slowdown in the Eurozone’s services sector.
The last traded price of JPYINR was 57.3575 up by 0.24%. The day’s range for JPYINR was a high of ₹57.44 and a low of 57.31
The Japanese Yen (JPY) weakened as investors awaited U.S. and domestic inflation data. The Bank of Japan maintained ultra-loose monetary settings and made no comments on ending negative rates. Japan’s reserve assets rose to $1.295 trillion in December, marking the highest level since July 2022.