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Daily Currency Snapshot

• Rupee future maturing on September 28 traded flat yesterday despite a drop in domestic equity markets. However, a drop in crude oil prices restricted further downside

• The US dollar marched higher on Tuesday after a report on the US services industry in August reinforced the view that the economy was not in recession. Further, strong ISM non-manufacturing PMI data from the US supported the US dollar

• The Euro depreciated yesterday amid weak economic data from the Euro area. Factory orders in Germany fell 1.1% MoM in July 2022, after a downwardly revised 0.3% drop in the prior month and worse than market forecasts of a 0.5% decline

• The pound traded flat despite strong economic data from the UK. The S&P Global/CIPS UK Construction PMI edged higher to 49.2 in August 2022 from 48.9 in July, compared to market forecasts of 48. The reading pointed to a second consecutive month of falling construction output

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