USDINR Rates: Rupee Holds Steady Amid War Tensions

usdinr rates

October 23, 2023

New Delhi, India


News on USDINR: During the last session, USDINR closed at 83.12 with a drop of 0.15%. The trading range for the day was between 83.21 and 83.33.Over the past month, USDINR rates have declined by -0.06%. The Indian Rupee remained stable due to likely U.S. dollar sales by the RBI, preventing the local unit from reaching a record low. Notably, Capex is projected to rise by 29% for 13 states, but the fiscal deficit is expected to widen in FY24, according to Icra. Additionally, the GDP growth is estimated at 6.3% for 2023-24, as per the FICCI Economic Outlook Survey.

Tensions in the Middle East, particularly the Israel-Hamas war, and hints of a possible rate pause by the US Fed in the upcoming November 2023 meeting are factors to watch.


News on GBPINR: The last traded price was 100.88, reflecting a minimal decrease of 0.05%. The day’s trading range for GBPINR extended from ₹100.55 to ₹101.04. Over the past month, GBPINR rates have decreased by -0.97%. The trading range for GBPINR today is expected to be between 101.15 and 101.89. The British Pound (GBP) gained ground after recent UK data revealed that inflation remained high in September. UK inflation held steady at 6.7% in September, slightly above expectations. However, data also showed that overall pay growth in the UK decelerated from 8.5% to 8.1%


News on EURINR: The last traded at 88.0500, reflecting a 0.17% increase. The day’s trading range for EURINR spanned from ₹87.82 to ₹88.10. Over the past month, EURINR rates have declined by -0.70%. The trading range for EURINR today is expected to be between 87.75 and 88.35. The Euro has steadied as investors balance concerns about the escalating Middle East conflict. Notably, Eurozone labor market conditions remain strong, as indicated by Lagarde, while the region’s financial stability is perceived as fragile due to stagnant growth, according to the ECB.


News on JPYINR: The last traded price was 55.54, reflecting a decrease of -0.26%. The day’s trading range for JPYINR extended from ₹55.49 to ₹55.65. Over the past month, JPYINR rates have fallen by -1.52%. The trading range for JPYINR today is expected to be between 55.67 and 55.87. The Japanese Yen (JPY) experienced significant downward pressure from the US dollar, as strong US economic data reinforced the view that the Federal Reserve will maintain higher interest rates. Additionally, industrial production in Japan declined by 0.7% month-on-month in August 2023. Investors are closely watching for insights from Federal Reserve Chair Jerome Powell’s speech to guide their outlook on monetary policy.

Note: Latest gbpinr, eurinr, jpyinr and usdinr rates were taken from Moneycontrol


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