Rupee Firmed as the market sentiment improved After The Rescue Of Crisis-Hit Banks

  • Forex Analysis

# USDINR trading range for the day is 82.4-82.76.
# Rupee firmed as the broader market sentiment improved following the rescue of crisis-hit banks in the United States and Europe
# India's trade deficit shrank in Jan and Feb, prompting economists to lower CAD forecasts further for FY23, FY24
# India's foreign exchange reserves fell to $560 billion as of March 10, from $562.40 billion a week earlier

# EURINR trading range for the day is 87.58-88.3.
# Euro dropped as concerns over a widespread banking crisis faded after authorities and banks in the US and Europe stepped in to support troubled lenders
# Euro zone inflation eased a touch in February but underlying price growth continued to accelerate on a surge in services costs
# ECB policymakers said the Euro Area banking sector was resilient and that they were monitoring current market tensions closely

# GBPINR trading range for the day is 99.93-100.65.
# GBP rose as fears of a banking crisis in the US eased after a group of big US banks announced a $30 billion rescue package for First Republic Bank
# BOE has seen hiking interest rates by 25 bps next week, before ending its current policy tightening cycle
# British finance minister Jeremy Hunt pledged to halve inflation, reduce debt and get the economy growing

# JPYINR trading range for the day is 60.82-63.14.
# JPY dropped as a rescue package for First Republic Bank eased market concerns about another bank failure in the US.
# Minutes from the BOJ’s meeting showed that members reiterated the need to maintain ultra-easy policies
# Japan's trade deficit increased to JPY 897.7 billion in February 2023 from JPY 711.5 billion in the same month a year earlier.

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