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Daily Currency Snapshot

• Rupee future maturing on September 28 depreciated by 0.34 on Friday amid weakness in domestic equities. However, a rise in crude oil prices restricted further downside

• The US dollar traded flat on Friday despite weak economic data from the US. The US unemployment rate rose to 3.7% in August 2022, the highest since February and above market expectations of 3.5%. The number of unemployed people increased by 344,000 to 6.014 million

• The Euro dropped almost 0.25% on Friday after a senior economist at German insurer Allianz said on Friday, the European Central Bank will have to cut its policy rate early next year. Further, expectations that the German economy is already in recession pressurised the Euro

• The pound edged lower against the dollar to its lowest level since March 2020 amid strong US dollar and fuelled by concerns about slowing growth in the British economy as inflation soared into double digits

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