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Euro slips in intraday moves against INR

Published on Jul 03, 2023 15:44

The Euro eased in global markets today and overall stayed under pressure amid weak economic picture for the Eurozone. The Eurozone`s final manufacturing PMI slipped to 37-month low. The final Eurozone PMI Manufacturing reading for June eased to 43.4, compared to May`s 44.8. The PMI Manufacturing Output Index also ended lower at 44.2, an 8-month low from May`s 46.4. This capped the modest gains seen in Euro after it fell to a two week low against the US dollar and the single currency currently quotes at 1.0932, down 0.20% on the day. On the NSE, the EURINR futures opened higher at 89.50 and moved up near 89.60 mark in early moves before giving up. The counter currently quotes at 89.38, up 0.16% on the day but down around 20 basis points in intraday moves. Overall movement looks rangebound for the pair with a brief tumble near 89.20 mark today likely highlighting the downside support levels.

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