Euro Off One Week Low After ECB Keeps Rates Steady

Published on Oct 27, 2023 16:18

The Euro is witnessing some recovery after testing a one week low of 1.0540 per US dollar and currently lingers at 1.0580, up marginally on the day. Christine Lagarde, President of the European Central Bank (ECB), while explaining the ECB`s decision to leave the key interest rates unchanged in October, noted that it was premature to debate rate cuts. The European Central Bank or ECB kept its interest rates steady yesterday. The ECB Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information has broadly confirmed its previous assessment of the medium-term inflation outlook. Inflation is still expected to stay too high for too long, and domestic price pressures remain strong. The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.50%, 4.75% and 4.00% respectively. On the NSE, the EURINR futures are quoting at 87.93, up 0.17% on the day.