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Daily Currency Snapshot

• Rupee future maturing on September 28 appreciated yesterday after touching an all-time low of 81.72 on expectations that the RBI may raise interest rates by 50 basis points

• The US dollar edged higher on Tuesday amid better economic data from the US. New orders for US manufactured durable goods declined 0.2% MoM in August 2022, following a revised 0.1% drop in July and compared to market forecasts of a bigger 0.4% fall

• The Euro depreciated on Tuesday after the European Central Bank vicepresident Luis de Guindos said one has to take into consideration the fact that there is going to be a slowdown in the economy and simultaneously higher interest rates will have a clear impact on the solvency of corporates

• The pound rebounded yesterday from its all-time low after BoE chief economist Huw Pill said the BOE is likely to deliver a "significant policy response" to Finance Minister Kwasi Kwarteng's huge tax cuts but wants to wait until its next scheduled meeting in November before making its move

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