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Daily Currency Snapshot

• US$INR future maturing on August 26 appreciated by 0.09% on Monday amid weakness in crude oil prices. However, sharp declines in domestic equity markets restricted further downside

• The US dollar edged up almost 0.70% on Monday amid growing fears that interest rate hikes in the US and Europe, aimed at curbing inflation, would weaken the global economy. Further, US dollar the was supported by a rise in US 10-year treasury yields

• The Euro depreciated by almost 0.90% on Monday amid a sharp rise in the US dollar index. Further, the Euro was pressurised after Bundesbank said in a report that recession in Germany, the eurozone's biggest economy, is increasingly likely and inflation will continue to accelerate and could peak at more than 10% this autumn

• The pound depreciated almost 0.50% on Monday as surging energy costs and a summer of strikes highlighted the UK cost of living crisis and intensified fears of a further economic slowdown. However, further downside was cushioned by a rise in UK 10 years bond yields

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