New Delhi, India
September 13, 2023
USD/INR
The USD/INR pair closed at 83.01, marking a minimal increase of 0.02% compared to the previous session’s close of 83.0025. It had a trading range between a high of 83.0350 and a low of 82.9375. The pair opened at 82.9700 and the spot rate ended at 82.9800.
Market attention is focused on the upcoming release of US CPI data, which could potentially impact this currency pair and also other pairs, since impact on major currencies like the Dollar significantly impacts the global economy. Despite some positive effects from robust data in the Indian economy, global factors remain challenging, including trends in Asian equity markets and rising US bond yields and oil prices. It’s worth noting that if Brent crude oil surpasses $100 per barrel, it might negatively affect the Rupee.
GBP/INR
GBP/INR closed at 103.55, indicating a slight gain of 0.05% from the previous session’s closing rate of 103.5025. The day’s range extended from a high of 103.6800 to a low of 103.3200. It opened at 103.5500, and the spot rate settled at 103.4812.
This occurred after data revealed a weakening UK labor market in July, with the unemployment rate rising to 4.3%, although wages, excluding bonuses, surged by 7.8% year-on-year. This substantial wage growth might concern the Bank of England (BOE).
EUR/INR
EUR/INR closed at 89.20, showing a modest increase of 0.21% compared to the previous session’s close at 89.0125. The trading range for the day stretched from a high of 89.2900 to a low of 89.1350. The pair opened at 89.1750, and the spot rate concluded at 89.0510.
The European Central Bank anticipates that eurozone inflation will continue to exceed 3% next year, strengthening the case for a tenth consecutive interest rate increase. As a result, EURINR is holding steady in anticipation of the ECB meeting and the US CPI inflation report.
JPY/INR
JPY/INR closed at 56.52, reflecting a marginal decrease of 0.30% relative to the previous session’s close of 56.6875. The day’s high reached 56.6450, and the low was at 56.4450. It began the trading session at 56.6450, and the spot rate finished at 0.5633.
Rising US bond yields and an upward trajectory in oil prices act as double-positive factors for USDJPY, which can influence JPYINR.
Disclaimer:
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