Currency Update as on Friday, 6 October 2023 By Kedia Advisory
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USDINR
* USDINR trading range for the day is 83.21-83.45.
* Rupee closed little changed as both weakness and subsequent recovery in dollar index failed to budge out of the narrow trading range
* The S&P Global India Services PMI increased to 61.0 in September 2023 from 60.1 in August, beating market forecasts of 59.5
* The RBI is likely to maintain interest rates for the fourth consecutive time at its October meeting.
EURINR
* EURINR trading range for the day is 87.51-87.91.
* Euro remained in range amid concerns that central banks will set interest rates at increasingly restrictive levels for years to come.
* The HCOB Eurozone Construction PMI edged slightly higher to 43.6 in September of 2023 from 43.4 in August
* Data from Germany showed that trade turnover contracted at a considerable pace in August
GBPINR
* GBPINR trading range for the day is 100.83-101.57.
* GBP pared gains after data showed the biggest slump in UK construction activity since 2020
* Bank of England survey showed British firms see prices rising more slowly.
* The S&P Global/CIPS UK construction PMI tumbled to 45.0 in September from August's 50.8, its lowest since May 2020
JPYINR
* JPYINR trading range for the day is 56.02-56.46.
* JPY steadied on weaker-than-expected US jobs data which lowered the odds that Fed would raise interest rates
* The latest money market data from the Bank of Japan indicated that it did not conduct yen-buying operations when the currency plunged to 150 per dollar on Tuesday.
* The au Jibun Bank Japan Services PMI was revised higher to 53.8 in September 2023
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