IGI Logo

Daily Currency Snapshot

• Rupee future maturing on September 28 depreciated on Friday amid a sharp decline in domestic equity markets. However, a drop in crude oil prices prevented further downside

• The US dollar edged higher to a 22-year high as fears grew that a central bank prescription of raising interest rates to tame inflation will drag major economies into recession. Further, strong economic data from the US supported the dollar

• The Euro depreciated by 1.40% on Friday amid weak economic data from the eurozone. Eurozone Services PMI fell to 48.9 in September 2022 from 49.8 in August, pointing to a second consecutive month of contraction in services activity. It is also the lowest reading since February last year

• The pound tanked more than 3.4% on Friday in its biggest one-day fall since March 2020 as UK’s economic problems deepened in September as falling business activity indicates that the economy is likely in recession

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