Yen Soars Against US Dollar, JPYINR Extends Recovery

Published on Jul 06, 2023 13:05

The Japanese Yen recorded strong gains against the Indian Rupee today as the currency moved up above the 57 mark and the firm trend in Yen overseas supported the Japanese currency. The Yen is leveling off a near eight month low against the US dollar and USDJPY pair currently quotes at 143.60, down around 0.70% on the day. Yen has been supported this week by the fact that Japanese business sentiment improved in the second quarter of the year. This has helped the currency ride over the prospects of higher interest rates in the US as observed in the latest FOMC meeting minutes yesterday. Most FOMC members thought further hikes are on the way. While this pushed up the dollar index towards 103 mark, the Yen swung the other way round and also saw good bounce against the Indian Rupee. On the NSE, the JPYINR futures are currently quoting at 57.69, up 0.68% on the day, gaining throughout the session and witnessing continued of a recovery after falling around 5% in last month.