Rupee Traded In Range As Investors Anticipated Further Rate Hikes By The Fed.

  • Forex Analysis

# USDINR trading range for the day is 82-82.26.
# Rupee traded in range as investors factored in the possibility of additional rate hikes by the Federal Reserve.
# India monetary tightening cycle not over, inflation remains a concern: RBI minutes
# Fed’s Harker said that "some additional tightening may be needed to ensure the policy is restrictive enough".

# EURINR trading range for the day is 89.8-90.22.
# Euro dropped amid heightened economic uncertainties
# ECB’s Lane joined a chorus of Eurozone central bankers supporting an interest rate increase at the May meeting
# Eurozone Manufacturing PMI fell to 45.5 in April of 2023 from 47.3 in March, below forecasts of 48.

# GBPINR trading range for the day is 101.25-102.39.
# GBP dropped after economic data showed British consumers are buckling under the pressure of inflation.
# Retail sales in the United Kingdom fell more than expected
# The S&P Global/CIPS UK Services PMI increased to 54.9 in April 2023.

# JPYINR trading range for the day is 61.21-61.59.
# JPY remained supported after Japan’s core inflation remained well above the central bank’s target in March
# Japan’s inflation, will fall back below the central bank’s 2% target later in the year on decreased import costs.
# Japan services sector expands for 8th month.

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