USDJPY Tests Two Week Low, Yen Maintains Winning Run Against INR

Published on Jul 10, 2023 12:14

A combination of firm economic cues and continued bargain buying is keeping the Japanese Yen well supported. The Japanese Yen moved up impressively against the US dollar today, adding to recent gains as the US dollar index slipped following a moderation in the critical jobs data. The USDJPY tested a two week low near 142 mark and was also well supported on Japan`s leading index which strengthened in May to reach its highest level in six months. The leading index, which measures future economic activity, rose to 109.5 in May from 108.1 in April. The US dollar index slipped near a two and half week low on Friday. The USDJPY leveled off thereafter and currently quotes at 142.50, up 0.24% on the day as intraday highs around 143 are failing to hold on. The Yen also moved up against the Indian Rupee in last week and edged up again today. On the NSE, the JPYINR futures are currently quoting at 58.27, up 0.40% on the day. The futures are up more than 100 basis points in last one week.