Euro Near Three Week Low, EUROINR Slumps Under 91 Mark

Published on Jan 05, 2024 15:34

Euro slipped today against the US dollar, adding to recent spate of losses amid weak economic cues. According to an estimate by the Federal Statistical Office (Destatis), German retail sales tumbled by 2.5% in November 2023, reversing a 1.1% increase in October. Retail sales were down 2.4% year-over-year. In October, retail sales were down 0.1% year-over-year. The latest data thus marks deterioration in the sales and will largely keep sentiments tepid for the single currency ahead of the US nonfarm payrolls data. EURUSD pair is currently quoting at 1.0950, down 0.30% on the day and holds near three week low. On the NSE, EUROINR futures are down 0.43% at 90.93. The counter saw accelerated slide after breaking under the 91 mark.