Rupee vs Dollar: INR stable, Currency Pairs Analysis

CurrencyVeda’s Analysis Report on Global Markets

November 13, 2023

New Delhi, India


The last traded price of USDINR, was ₹83.3325, marking a 0.04% increase. The currency traded within a range of ₹83.27 to ₹83.56, with a substantial total traded volume of 318,729 lots.

The rupee exhibited a narrow band as potential intervention from the RBI helped limit losses. Fed Chair Powell’s statement that it’s premature to definitively conclude interest-rate hikes influenced market sentiment. Moody’s Investor Service highlights strong domestic demand sustaining growth in the near term.


For EURINR, the last traded price, was ₹89.0250, experiencing a slight decrease of -0.03%. The day’s range was ₹88.86 to ₹89.13, with a total traded volume of 2,309 lots.

The euro gained ground as investors assessed global economic and monetary policy outlook. Concerns about inflation were expressed by ECB’s chief economist, and Ireland’s central bank chief hinted at potential further tightening. Eurozone consumers raised inflation expectations, posing a challenge for the ECB.


GBPINR recorded a last traded price of ₹101.7325 (17 Nov 2023), down by -0.45%. The day’s range was ₹101.73 to ₹102.14, and the total traded volume reached 3,766 lots.

GBP stabilized after BoE policymakers reiterated the need for restrictive policies. The RICS UK Residential Market Survey indicated a slight rise in house price balance. Britain experienced widespread falls in house prices, the most significant since 2009.


JPYINR’s last traded price (17 Nov 2023) was ₹55.0825, with a decrease of -0.22%. The day’s range was ₹55.08 to ₹55.19, and the total traded volume amounted to 754 lots.

JPY weakened due to hawkish signals from the US Federal Reserve, potentially widening interest rate gaps. BoJ Governor Ueda noted the link between sustained inflation and rising wages. Japan’s service sector sentiment unexpectedly dropped in October 2023.