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Euro Supported As Dollar Comes Under Pressure; EURINR Settles With Good Gains

Published on Oct 31, 2023 17:38

Euro is seen supported by a pull back in dollar overseas. EURUSD is trading at $1.0679, up 0.4% on the day. Meanwhile, dollar index edged lower, breaching below 106 mark and currently seen at 105.86, amid cautious trades ahead of FOMC due this week. Meanwhile, data from Eurozone showed inflation fell more than expected to 2.9% in October but the economy unexpectedly contracted 0.1% in Q3, worst than forecasts of a flat reading, and signaling the ECB`s tightening campaign that lifted borrowing costs to record levels is weighing on the economy. Retail sales in Germany contracted 4.3% in the year to September. On the NSE, EURINR front month November futures contract settled at 88.90, up 0.76% on the day.

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