INR 83.50-0.03
EUR 1.0676
POUND 1.2465
JPY 154.26
CHF 0.9098
AUD 0.6451
CNY 7.2353
Gold 2374.29
Silver 28.37
BRENT CRUDE 87.45
DOLLEX 105.875
3M USD SOFR 5.32656
6M USD SOFR 5.30154
1Y USD SOFR 5.21009
Range for the day: 83.30 – 83.65
INR open once again around record low levels of 83.50 levels and trade with a relative appreciative bias as dollar takes a breather amidst a decrease in demand of “safe haven” assets. Fed Chairman Jerome Powell failed to provide clarity on the timing of rate cuts in his recent speech as inflation remains sticky which will keep the dollar supportive. However, the uptick in UK CPI released yesterday and reversal in Euro keeps the dollar index under check, cheering the rupee. Furthermore, a sharp drop in oil prices from $90/bbl to $87/bbl relieves the pressure on the rupee. The fall in US Treasury yields cites risk tolerant sentiment of investors which shall keep the Indian equities higher. The central bank of India will continue to curtail any sharp losses in rupee.