Rupee Ended Lower Ahead Of Major Fed And ECB Rate Announcements

  • Forex Analysis
AJAY KEDIA

# USDINR trading range for the day is 81.72-82.18.
# Rupee ended lower as investors squared off their short dollar positions ahead of key rate decisions by the Fed and ECB.
# India central bank likely buying dollars to absorb inflows
# India’s unemployment rate surged to a four-month high in April.

# EURINR trading range for the day is 89.67-90.39.
# Euro dropped as Euro zone factory activity contracted further last month.
# The HCOB Germany Manufacturing PMI was revised slightly higher to 44.5 in April of 2023 from an initial 44
# Retail sales in Germany unexpectedly contracted 2.4% month-over-month in March of 2023.

# GBPINR trading range for the day is 101.96-102.62.
# GBP gains as investors anticipated the Bank of England's 25bps rate hike at its May meeting.
# UK Manufacturing PMI was revised higher to 47.8 in April 2023
# The Nationwide House Price Index in the UK dropped by 2.7 percent from a year earlier in April 2023.

# JPYINR trading range for the day is 59.61-60.17.
# JPY dropped as the Bank of Japan maintained its ultra-easy monetary policy
# The BOJ said it will remove forward guidance that pledges to keep interest rates at current or low levels.
# The au Jibun Bank Japan Manufacturing PMI held at a six-month high of 49.5 in April 2023.

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