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Published on 23/09/2022 10:45:36 AM | Source: ICICI Direct

Rupee future maturing on September 28 depreciated by 1.15% and hit a record low on Thursday - ICICI Direct

Posted in Currency Report| #Currency Tips #ICICI Direct

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Daily Currency Snapshot

• Rupee future maturing on September 28 depreciated by 1.15% and hit a record low on Thursday as the dollar surged on the Federal Reserve’s rate hike of 75 bps and maintaining a stance that is more hawkish than expected

• The US dollar traded flat yesterday after touching two decades high despite sharp interest rate hike by US Fed and strong economic data. The number of Americans filing new claims for unemployment benefits rose to 213,000, below market expectations of 218,000

• The Euro traded flat yesterday despite a rise in Germany 10 year’s bond yields. Further, sharp downside was prevented as the German government is expected to provide urgent financial support to regional state-owned energy providers, which are struggling to cope with soaring gas prices

• The pound traded flat yesterday despite interest rate hike by BoE. The BoE raised its benchmark rate by 50 basis points (bps) to 2.25%, as it targets consumer inflation near 40-year highs and vowed to "respond forcefully, as necessary" to rising prices

 

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