Rupee Declines as Rising Crude Prices and Middle East Conflict Add Pressure

Published 04-10-2024, 09:37 am
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# USDINR trading range for the day is 83.88-84.16.
# Rupee fell pressured by an uptick in crude prices amid intensifying Middle East conflict.
# The Asian Development Bank (ADB) retained India's growth forecast for the current fiscal at 7 percent.
# India Manufacturing PMI fell to 56.5 in September 2024, compared to the flash estimate of 56.7.

# EURINR trading range for the day is 92.58-93.16.
# Euro slipped as heightened geopolitical tensions in the Middle East weighed on sentiment
# Pressure was also seen as weaker-than-expected inflation data fueled speculation of further ECB rate cuts.
# The HCOB Eurozone Composite PMI was revised higher to 49.6 in September 2024 from a preliminary of 48.9.

# GBPINR trading range for the day is 109.02-112.12.
# GBP weakened after comments from BOE Governor raised bets the central bank will deliver another rate cut in November
# BOE Governor said the bank could move more quickly to cut interest rates if there is further good news on inflation.
# The S&P Global (NYSE:SPGI) UK Services PMI fell to 52.4 in September 2024, down from 53.7 in August.

# JPYINR trading range for the day is 57.18-57.98.
# JPY fell as new Prime Minister Shigeru Ishiba said that it was too soon for an additional rate
# A final reading showed that business activity in Japan remained expansionary for the eighth consecutive month in September
# The au Jibun Bank Japan Services PMI was revised lower to a three-month low of 53.1 in September 2024.

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