February 1, 2023
New Delhi, India
USDINR
The last traded price of USDINR was 82.9900 down by -0.09%. The day’s range for USDINR is a high of ₹83.05 and a low of 82.96
The Indian Rupee remained in a tight range as traders awaited the outcomes of both the Federal Reserve meeting and India’s federal budget. There are expectations that India will reduce its fiscal deficit by at least 50 basis points. Market sentiment anticipates the Federal Open Market Committee (FOMC) to maintain rates at 5.25–5.50%, unchanged at its January meeting.
GBPINR
The last traded price of GBPINR was 105.2800 down by -0.07%. The day’s range for GBPINR is a high of ₹105.38 and a low of 105.28
The British Pound steadied as traders looked forward to the first Bank of England policy meeting. UK inflation expectations fell as the Bank of England (BoE) prepared its rates message. Currently, money markets are pricing in a 42% chance of a cut in May, while June is given a 74% chance.
EURINR
The last traded price of EURINR was 89.7700 down by -0.30%. The day’s range for EURINR is a high of ₹89.85 and a low of 89.76
The Euro faced a drop as investors adopted a cautious stance ahead of a series of economic data releases. Slower wage growth is considered necessary for potential eurozone rate cuts, as highlighted by ECB’s Knot. Despite indicators showing softening economic growth, the European Central Bank (ECB) held rates steady at a record high and dismissed talks of cuts.
JPYINR
The last traded price of JPYINR was 56.5700 up by 0.55%. The day’s range for JPYINR is a high of ₹56.64 and a low of 56.54
The Japanese Yen faced pressure after inflation in Tokyo fell below the Bank of Japan’s (BoJ) 2% target. Despite this, the BoJ signaled its commitment to achieving the 2% inflation target, raising expectations of a rate hike in the coming months. The index of coincident economic indicators in Japan reached its lowest level since March, indicating economic challenges.
