Euro Zooms Past $1.1100; EURINR Rally Above 91 Mark

Published on Jul 13, 2023 11:19

EURINR NSE futures pair jumped above 91 mark during Asian hours on Thursday. Sharp plunge in the dollar index is seen benefiting most currencies in the dollar basket, with euro carrying highest weight in the basket. Euro has zoomed past $1.11 mark, its highest level in more than a year. Meanwhile, the dollar index that measures the greenback against a basket of currencies is lingering at a 15-month low of 100.14. Softer than expected US inflation data that came in at an annual 3% in June, its lowest since Mach 2021 is expected to keep the Federal policymakers to turn less hawkish on interest rate hikes. This coupled with slower pace of growth in jobs market as revealed last week is dragging down the US benchmark treasury yields alongside dollar. US 2 year and 10 year yields are off recent highs and quoting at 4.7% and 3.8% respectively, reducing beats of a Federal rate hike soon. On the NSE, EURINR is quoting at 91.52, up 0.85% on the day. The pair has briefly touched similar levels in August 2013.