IGI Logo

Daily Currency Snapshot

The rupee appreciated yesterday amid a rise in risk appetite in domestic markets and FII inflows. Further, manufacturing PMI data from India showed the activity remained robust. S&P Global India Manufacturing PMI was up from 55.1 in September to 55.3 in October

Dollar slipped yesterday on expectations the US Federal Reserve may signal a slower pace of tightening at its upcoming meeting. In November, Fed is likely to hike rates by 75 bps and 50 bps in the December meeting

The Euro depreciated yesterday on growing concerns over stagflation. However, sharp downside was cushioned as the ECB is likely to continue with its rate hike after CPI data showed inflation came in hotter than expected. Additionally, ECB President Lagarde said the bank must keep raising interest rates to fight off inflation, even if the probability of a euro zone recession has increased

The pound depreciated yesterday on concerns that rising borrowing cost would hamper economic growth. Additionally, market participants remained cautious ahead of BoE’s monetary policy meeting where the central bank is likely to hike rates by 75 bps

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631

Above views are of the author and not of the website kindly read disclaimer