TODAY Wednesday, 24^th September, 2025

USD/INR:

The Indian rupee is poised to hit another all-time low at open on Wednesday as the fallout from the U.S. H-1B visa fee hike, coupled with weakness in other Asian currencies, compounds pressure on the currency.

The 1-month non-deliverable forward indicated the rupee  will open in 88.85-88.90 range versus the U.S. dollar, dipping past the record low of 88.7975 hit on Tuesday.

The rupee on Tuesday suffered its steepest one-day drop in a month.

The currency has been under sustained pressure from hefty U.S. tariffs on Indian goods, and sentiment worsened further after Washington raised H-1B visa fees, which could disrupt the deployment of Indian IT talent to the U.S., potentially slowing IT services export growth.

Analysts at Emkay Global warn that this could drag IT services export growth below 4% in fiscal year 2026, down from an earlier projection of 5%.

MAJOR WORLD CURRENCIES:

USD:

GBP/USD:

The GBP/USD pair loses ground to near 1.3510 during the early European session on Wednesday. The Pound Sterling (GBP) weakens against the US Dollar (USD) on downbeat UK S&P Global Purchasing Managers’ Index (PMI) data for September. The Bank of England (BoE) External Member Megan Greece is set to speak later on Wednesday. 

Economic activity in the UK's private sector expanded at a softer pace in September than in August, with the S&P Global Composite PMI declining to 51 from 53.5. This figure came in worse than the estimations of 52.7. Additionally, the Manufacturing PMI eased to 46.2 in September from the previous reading of 47.0, while the Services PMI fell to 51.9 during the same period from 54.2. 

EUR/USD:

EUR/USD struggles to build on Monday's gains and trades below 1.1800 in the European session following the mixed September PMI data from Germany and the Eurozone. Investors will pay close attention to US PMI data and Fed Chairman Jerome Powell's speech later in the day.

Preliminary HCOB Manufacturing PMI in Germany declined to 48.5 from 49.8 in August, reflecting an ongoing contraction in the private sector's economic activity. On a positive note, HCOB Services PMI improved to 52.5 from 49.3 in this period.

In the Eurozone, the HCOB Manufacturing PMI declined to 49.5 from 50.7, pointing to a contraction in the manufacturing sector, while the Services PMI edged higher to 51.4 from 50.5.

Gold:

Gold extends its impressive rally and trades at a new record-high above $3,780 on Tuesday. Escalating geopolitical tensions, the Fed's dovish policy outlook and signs of cooling in major European economies seem to be allowing the precious metal to continue to attract investors. 

Spot Gold keeps rallying to record levels, reaching $3,73 a troy ounce on Monday and holding nearby in the American session. Despite a generalized optimism, demand for the bright metal continues amid broad US Dollar (USD) weakness.

Financial markets are still digesting the latest United States (US) Federal Reserve (Fed) monetary policy announcement. The US central bank lowered the benchmark rate as expected in the September meeting, and hinted at additional cuts in November and December. American data scheduled for this week will help speculative interest confirm or deny their beliefs on the matter.

S&P Global will publish the preliminary estimates of the September Purchasing Managers’ Indexes (PMIs) on Tuesday, anticipated to show business activity expanded at a healthy pace. The final Q2 Gross Domestic Product (GDP) estimate will be out on Thursday, while on Friday, the country will release updated Personal Consumption Expenditures (PCE) Price Index figures, the Fed’s favorite inflation gauge.

USD/INR Cash/Tom/Spot Levels: (in Paisa)

(Updated as on 24^th September, 2025 @ 09.00am)

 Cash/Tom:   0.05/1.00         Cash/Spot:0.10/2.00

 Tom/Spot:   0.05/1.00           Spot/Next: 0.15/2.500

Cash Date:    24.09.2025

Tom Date:      25.09.2025

Spot Date:     26.09.2025

Outlook for the day 22^nd September: Rupee expected to trade in range of 88.60 to 88.90

MAJOR WORLD CURRENCIES: as on (23^rd September, 2025)

Foreign Currencies

Updated:17:30 hrs.(12:00 GMT) on 23^rd September 2025

Precious Metals

Updated:17:30 hrs.(12:00 GMT) as on 23^rd September 2025

Stock Indices

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