Rupee Rose Beyond 82 Per Dollar After Foreign Banks In India Dumping The Greenback

  • Forex Analysis

# USDINR trading range for the day is 81.76-82.2.
# Rupee gained to strengthen past the 82-per-dollar level, as foreign banks in India were seen selling the greenback.
# India's forex reserves rise for the second week, hit over 9-month high
# India's central bank bought $254 million in the spot foreign-exchange market in February

# EURINR trading range for the day is 89.85-90.41.
# Euro steadied as markets continued to grapple with global economic uncertainties and the prospect of further monetary tightening
# German business morale slightly weaker than forecast
# Germany's Manufacturing PMI fell to 44 in April of 2023, pointing to the biggest contraction in the manufacturing sector since May 2020

# GBPINR trading range for the day is 101.61-102.17.
# GBP remained in range as markets expect the Bank of England to continue tightening policy to bring down inflation.
# UK house prices show a weak rise in April – Rightmove
# British consumer prices at 10.1% in March, the only country in Western Europe with double-digit inflation.

# JPYINR trading range for the day is 60.65-61.33.
# JPY dropped amid firm expectations that the US Federal Reserve will raise interest rates further next month.
# BOJ's forecasts must be quite strong to consider tweaking YCC – Gov Ueda
# Latest data showed that Japan’s core inflation remained well above the central bank’s target in March.

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