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Euro Stays Afloat On Dollar Weakness; EURINR Extends Slide Below 92 Mark

Published on Jul 20, 2023 12:49

EURUSD is staying largely steady at around 5 month high attained this week amid rising expectations of an ECB rate hike in it monetary policy meeting next week. Besides, slight weakness in the dollar index that briefly hit 100 mark in yesterday`s trades is back to near 15 month lows and quoting at 99.95, supporting the euro. The pair is currently quoting at $1.1243, up 0.07% on the day. Meanwhile, German producer prices in June came in higher than expected, supporting euro although the figure continues to point to a weakening demand trend. The German producer price index fell by 0.3% in June, following a 1.4% slide in May. On the NSE, EURINR futures are deepening slide on profit booking as the pair has gained nearly 3% since the beginning of this month. Currently, the pair is trading at 92.02, down 0.07% on the day after hitting an intraday low of 91.95.

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