Euro Falls Past $1.09 Levels; EURINR Slumps Below 91 Mark

Published on Aug 17, 2023 13:09

Euro slumped to a one and half month low against the dollar on Thursday tracking robust strength in the dollar overseas. EURUSD pair gave up its crucial $1.09 mark and is currently lingering at $1.0896, down marginally on the day. Dollar gains came on the back of a hawkish Fed in its FOMC minutes where the central bank reiterated its stance to hike interest rates to bring inflation to 2% levels. The Fed minutes stated that inflation remains elevated and that additional policy firming may be appropriate to return inflation to 2 percent over time. Hawkish comments from the FOMC minutes overnights dragged treasury yields and dollar higher. The benchmark US 10-year Treasury yields rose past the 4.25% mark, it`s highest since November 2007. The dollar index also surged up towards 103.50 overnight and is currently quoting at 103.32. Meanwhile, EURINR on the NSE futures slumped by nearly a percent during Asian hours on Thursday but slowly managed to reduce losses through European session although the pair continues to quote lower by more than half a percent. EURINR August futures are down 0.52% on the day at 90.52 after touching the day`s low at 90.27.