February 5, 2023
New Delhi, India
The last traded price of USDINR was 83.0525 up by 0.14%.
USDINR traded within a range of 82.92-83.20, witnessing a strengthening Rupee fueled by US Dollar sales from both local and foreign banks. The Indian budget’s revision of the fiscal deficit to 5.8% of GDP in FY24 has a modest positive impact on the Rupee. Federal Reserve Chair Powell indicates that upcoming inflation data will dictate the timing of rate cuts.
The last traded price of GBPINR was 104.7600 down by -0.98%.
GBPINR ranges between 104.54-105.66, with the Pound dropping due to a downbeat market mood impacting risk-sensitive assets. The Bank of England maintains the key base rate at a 16-year high of 5.25% during its first 2024 meeting. The UK economy teeters on the brink of a technical recession, contracting by 0.1% in Q3 2023.
The last traded price of EURINR was 89.5750 down by -0.77%. The day’s range for EURINR is a high of ₹89.69 and a low of 89.54.
The Euro drops as investors digest inflation and GDP data from Europe’s largest economies. Concerns arise as Euro zone inflation and growth may be lower than anticipated, as noted by the ECB’s Vice President. However, there is a slight easing in the Euro zone factory downturn for the third consecutive month in January.
The last traded price of JPYINR was 56.0600 down by -1.09%.
JPYINR traded between 56.4-57.5, with the Japanese Yen gaining ground as troubles at New York Community Bancorp prompt a rush to safe-haven assets. Japan’s Manufacturing PMI in January remains at 48.0 after hitting a 10-month low in December. Japan’s unemployment rate falls to 2.4% in December, defying economists’ forecasts.