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Euro Struggles To Sustain Above $1.06 Mark; EURINR Slips Into Negative

Published on Oct 18, 2023 16:34

Euro is seen struggling to sustain above $1.06 mark amid lack of direction from the dollar overseas. The dollar index has paused rally and is steadying around 106 mark awaiting further clarity on Federal rates from Powell speech this week. EURUSD is currently quoting at $1.0582, down 0.13% on the day. The inflation rate in the Euro Area was confirmed at 4.3% on-year in September, down from August`s 5.2% and the lowest since October 2021. The core inflation rate, with exception of food and energy prices, was also confirmed at 4.5% in September, marking its lowest point since August 2022. Meanwhile, on the NSE, EURINR October futures gave up intraday gains to edge lower by 0.07% at 87.95.

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