Euro Off Three Month Low Against US Dollar, EURINR Lingers Around 89.10 Mark

Euro is attempting a bounceback from three month low against the US dollar today. The single currency lost heavily in last session, sliding around 0.60% and eased near 1.0700 mark amid a sharp pullback in equities and a spurt in the US dollar following elevated US inflation data. The annual inflation rate in the US stood at 3.1% in January 2024 following a rise to 3.4% in December. However, compared to the previous month, the CPI edged up 0.3%, the most in four months. EUR/USD pair currently trades at 1.0724, up marginally on the day. Euro found some support on upbeat economic cues. German economic sentiment strengthened to its highest level in a year in February, survey data from the think tank ZEW revealed Tuesday. The ZEW Indicator of Economic Sentiment rose more sharply to 19.9 in February from 15.2 in January. On the NSE, the EURINR futures are quoting at 89.10, down 0.52% on the day after edging near 89.20 mark in intraday moves.

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