Rupee Strengthened Ahead Of The Expected Quarter-Point Rate Hike By Fed

  • Forex Analysis

# USDINR trading range for the day is 81.79-82.01.
# Rupee strengthened aided by a broad decline in the dollar ahead of the expected quarter-point rate hike by the Fed
# The Federal Reserve raised the fed funds rate by 25bps to a range of 5%-5.25%, marking the 10th increase
# India services PMI highest since 2010 and India composite PMI climbs to near 13-year high.

# EURINR trading range for the day is 90.02-90.68.
# Euro gains as the ECB is expected to announce its seventh consecutive interest rate hike
# Euro zone banks slowed lending further in March, ECB says
# Euro zone banks tighten credit even as demand for it collapses – ECB.

# GBPINR trading range for the day is 101.91-102.79.
# GBP gains as data highlights a few bright spots in Britain's economy
# Investors focused more closely on the outlook for UK rates relative to others
# British factory output and new orders contracted at the start of the second quarter of 2023.

# JPYINR trading range for the day is 60.14-60.98.
# JPY gains as the dollar pulled back on growing recession fears and persistent concerns over the banking sector
# 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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