Rupee Traded In A Range As Concerns About European Lender Dented Risk Appetite

  • Forex Analysis

# USDINR trading range for the day is 82.57-83.01.
# Rupee traded in a range as concerns over a European lender dented broader risk sentiment.
# India likely to keep April-Sept borrowing under 60% of FY24 goal
# RBI may have intervened to stem depreciation in the rupee, as the central bank has protected those levels in the past.

# EURINR trading range for the day is 87.45-88.47.
# Euro settled flat as Credit Suisse (SIX: CSGN ) will get some support from the central bank of Switzerland to borrow up to CHF 50 billion.
# The ECB raised interest rates by 50 bps as expected, further pushing borrowing costs to the highest level since late 2008
# German economy expected to contract slightly in 2023 – Ifo

# GBPINR trading range for the day is 99.39-100.39.
# GBP dropped as investors assessed the possible impact of the European and US banking system turmoil, as well as stubbornly high inflation
# The unemployment rate in the United Kingdom came in at 3.7 percent in November 2022 to January 2023
# Average weekly earnings, including bonuses in the UK, rose 5.7% year-on-year to GBP 630 in the three months to January of 2023

# JPYINR trading range for the day is 62-62.78.
# JPY gains amid a flight to safety after Credit Suisse's woes added pressure to the global banking sector.
# 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
# Japan's core machinery orders, jumped 9.5% month-on-month in January 2023, accelerating from a downwardly revised 0.3% rise in December.

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