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Daily Currency Snapshot

* The rupee appreciated yesterday on expectations that the US Federal Reserve could pivot to a less hawkish monetary stance after next week's meeting

* The US dollar advanced above 110 on Thursday, recovering from its lowest level in over a month amid stronger than expected economic data from the US. The US economy grew an annualised 2.6% QoQ in Q3 2022, beating forecasts of a 2.4% rise and rebounding from a contraction in the first half of the year

* The Euro declined yesterday as European government bond yields slid after the European Central Bank raised rates by an expected 75 basis points but hinted at a slower pace of future increases. Further, the Euro was pressurised by an uptick in the US dollar index

* The British pound traded flat yesterday despite Britain's new Prime Minister Rishi Sunak delaying the announcement of a plan to repair the country's public finances. Further, the pound was pressurised by weakness in UK 10 years bond yields

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