Euro Hangs Around $1.07 Levels; EURINR Plunges Below 89 Mark

Published on Sep 15, 2023 15:18

Euro recovered from the sharp plunge registered in the previous session after the central bank raised its key interest rate by 25 basis points to a record peak on Thursday but also signaled this will likely be its final increase in its more-than year-long fight against high inflation. EURUSD plunged by around 1% to $1.0633 yesterday post the rate decision. Sharply higher dollar on the back of improved economic data from the US that reinforced expectations that the Federal Reserve would hold interest rates at higher levels for long also weighed on the euro. However, mild pull back in dollar index from yesterday`s sharp surge is supporting euro back above $1.07 levels today. Currently, EURUSD pair is quoting at $1.0710, up 0.3% on the day. Meanwhile, on the NSE, EURINR September futures contract slipped below 89 mark and is trading sharply lower by 0.60% at 88.67.