Rupee Rose As Rbi Sold Dollars To Support Currency

Published 30-09-2022, 09:45 am
USD/INR
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SPGI
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# USDINR trading range for the day is 81.52-82.46.
# Rupee closed slightly higher after a choppy session in which the Reserve Bank of India likely sold dollars to support the local currency.
# Icra maintains a 7.2 percent GDP forecast for FY23
# S&P Global (NYSE:SPGI) Ratings retained India's economic growth projection at 7.3% in the current fiscal with downside risks

# EURINR trading range for the day is 79.09-80.39.
# Euro seen supported after ECB officials reiterated their hawkish stance, advocating a 75-bps-rate hike at the next policy meeting.
# The ECB already started the tightening cycle by raising key interest rates by 125bps since July and pledging to continue to increase the borrowing cost
# ECB President Lagarde recently reinforced the central bank must keep raising interest rates to tame inflation

# GBPINR trading range for the day is 87.75-90.09.
# GBP recovered after prices seen pressure as investors worry over a new tax cut plan, soaring debt levels, high prices, and a looming recession.
# UK PM Truss says her economic plan was needed to tackle difficult problems
# UK car production up for a fourth straight month

# JPYINR trading range for the day is 56.68-57.18.
# JPY dropped as hawkish remarks from Fed and the rejection of a possible currency agreement among major economies supported the dollar.
# BOJ board agreed must be vigilant to sharp yen moves
# Japanese Finance Minister Shunichi Suzuki issued a fresh warning about the weakening yen, saying that authorities stood ready to respond.

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