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Daily Currency Snapshot

• The rupee depreciated on Thursday amid a surge in the US dollar index and weak domestic equity markets. However, softness in crude oil prices restricted further depreciation

• The US dollar rallied yesterday amid a rise in US 10 year’s treasury yields as comments from Fed Chair Jerome Powell dashed hopes that interest rate hikes will end soon. However, weaker than expected non manufacturing PMI data from the US capped further gains in the US dollar

• The Euro depreciated yesterday amid a strong US dollar. Further, the Euro was pressurised after European Central Bank President Christine Lagarde warned that a mild recession is possible but it would not be sufficient in itself to stem soaring prices

• The British pound edged lower by almost 2.00% yesterday after the Bank of England said borrowing costs were likely to go up less than markets expect and warned that the economy was heading for a longer recession even as it raised rates by the most in three decades

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