JPYINR ZOOMS NEAR 60 MARK BEFORE MODERATING ON TEPID JAPANESE INDUSTRIAL PRODUCTION DATA

Published on Jul 14, 2023 14:32

The Japanese Yen moved up against the Indian Rupee today, extending recent bullish move but showed signs of some leveling off following the staggering surge in last few days. The USDJPY also showed some reversal after a tepid industrial output data from Japan. USDJPY had slumped to a near two month low before edging up as the US dollar index hovered around a 16 month low.

In a critical data today, Japan`s industrial production contracted more than initially estimated in May, the latest data from the Ministry of Economy, Trade, and Industry showed on Friday. Industrial production dropped by a seasonally adjusted 2.2 percent month-on-month in May, reversing a 0.7 percent rise in April. This was also the first decline in four months. In the flash report, the rate of decline was 1.6 percent. On a yearly basis, industrial production recovered by 4.2 percent in May after a 0.7 percent decrease in the prior month. The USDJPY currently hovers around 138 mark, up 0.20% on the day. On the NSE, the JPYINR futures hit around 59.90 mark in initial trades before moderating and currently trade at 59.57, up 0.17% on the day but well under the 60 threshold it had approached in morning.