Euro Extends Downside Further Below $1.08 Mark; EURINR Futures Stay Choppy

Published on Dec 13, 2023 16:09

Euro extends downside against the dollar on Wednesday awaiting the outcome of FOMC policy decision scheduled for the week. The dollar index ticked up higher to 103.57 as traders await insights from the final policy for the year. Weaker than expected industrial production data from Euro zone also weighed on the currency. Industrial production in the Euro Area declined by 0.7% month-over-month in October, following a revised 1.0% drop in the previous period and surpassing the anticipated decrease of 0.3%. On a yearly basis, industrial production decreased by 6.6% in the euro area and by 5.5% in the EU. EURUSD pair extended decline further below $1.08 to be currently quoting at $1.0779. Meanwhile, EURINR futures on the NSE stayed choppy through the day and are currently quoting at 89.99, marginally lower on the day.