Rupee vs Dollar: INR Flat, Currency Market Analysis

Post Market Currency Update

November 7, 2023

New Delhi, India


The last traded price of USDINR was 83.2100 down by -0.08%. The day’s range for USDINR is a high of ₹83.24 and a low of 83.15. It traded within a narrow range in the last close, with capital outflows being countered by RBI intervention. India’s Services PMI and Composite PMI declined in October 2023, marking their lowest levels since March.


The last traded price of GBPINR was 103.3225 up by 1.51% in its previous close. The trading range was between a high of 103.35 and a low of 102.78 The Pound Sterling saw gains following the Bank of England’s decision to maintain stable interest rates. Governor Bailey indicated that rate cuts weren’t expected soon, but the UK’s economic outlook remains highly challenging.


The last traded price of EURINR was 89.4050 up by 0.84%. The day’s range for EURINR was between a high of ₹89.53 and a low of 89.20. The Euro gained ground, largely due to growing expectations that US interest rates may have reached their peak. In September 2023, Germany’s trade surplus decreased, while the ECB’s Schnabel noted that although euro zone inflation is on track, the bank can’t rule out rate hikes.


The last traded price of JPYINR was 55.6675 up by 0.28%. The day’s range for JPYINR was between a high of ₹55.75 and a low of 55.63. The Japanese Yen stabilized amidst a weaker dollar following the Fed’s decision to keep interest rates unchanged. Japan’s Kishida outlined a substantial government spending package aimed at cushioning the impact of rising inflation.