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Rupee ended lower, Euro falls vs. Dollar

Thursday,   23-Jun-2022   04:16 PM (IST)

The Indian rupee ended the session lower at 78.30/31 levels compared to its opening at 78.26/27 levels after touching the low of 78.3825/3925 levels on likely dollar buying by importers. Rupee rebounded versus the dollar today, a day after touching a historic low, amid dollar supplies from local exporters, as a decline in global oil prices improved the appetite for riskier assets. Rupee traded in the range of 78.2325-78.3825 levels today. Most regional currencies were mixed. India’s federal government bond yields ended higher as traders booked profits ahead of a fresh supply of debt tomorrow, offsetting an early drop that was triggered by a decline in U.S. Treasury yields and oil prices. India’s key equity gauge, the BSE Sensex, gained about 0.9%, in line with most Asian shares The Nifty50 closed at 15,557, up 143 points or 0.93 per cent. The 30-pack Sensex index closed 443 points, or 0.86 per cent, higher at 52,266. In the forward segment 1mth, 3mth and 6mth annualized premia ended the day at 2.73%, 2.71% and 2.75% respectively.

The euro fell across the board on Thursday after weak German and French PMI data confirmed the eurozone economy was struggling to gain traction, prompting traders to trim aggressive interest rate hike bets by the European Central Bank. The German economy, Europe's largest, suffered a sharp loss of momentum at the end of the second quarter, with falling exports acting as a drag and economic uncertainty and inflation weighing on domestic demand, a preliminary survey showed on Thursday. The French June flash manufacturing PMI number fell to 51.0 points from May's 54.6, well below a forecast for a smaller fall to 54.0 points. Following the data, money markets were pricing in about 30 basis points (bps) of rate hikes in July compared to 34 bps on Monday. Sterling trimmed some of its declines versus the euro and the dollar on Thursday after better-than-expected UK PMI numbers for June, but the pound remained vulnerable to political risks and recession fears. The PMI’s preliminary composite index held at 53.1 in June, above the median forecast of 52.6 in a Reuters poll of economists, and unchanged from May.