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Daily Currency Snapshot

• Rupee future maturing on September 28 depreciated yesterday amid weakness in domestic equity markets. However, a sharp drop in crude prices restricted major downsides in the currency pair

• The US dollar depreciated yesterday amid weak economic data from the US. The trade deficit in the US narrowed by $10.2 billion to a ninemonth low of $70.7 billion in July 2022, broadly in line with market forecasts of $70.3 billion

• The Euro appreciated by almost 0.80% amid Germany's relief package to help citizens and companies cope with soaring inflation that will amount to €13 billion ($12.86 billion) this year. Further, strong GDP data from the eurozone supported the Euro

• The pound fell to its lowest level against the US dollar since 1985 on Wednesday amid a looming recession and concerns that tax cuts and increased public spending under a new government could exacerbate price pressures

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