USDINR Drop As Economic Data Point To Global Economic Recovery After Fed Meeting

  • Forex Analysis
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#             USDINR trading range for the day is 74.63-75.29.
#             USDINR dropped with risk sentiment on the rise as economic data point to a global economic recovery ahead of Fed meeting
#             Investors tried to focus on the prospect of a global economic recovery, even as concerns over a deepening COVID-19 crisis in India mounted.
#             Domestic rating agency ICRA (NS: ICRA ) cut its 2021-22 growth estimate by 0.5 per cent on the upper end             
#             EURINR trading range for the day is 89.98-91.26.
#             Euro remained under pressure after the ECB Lagarde said the near term outlook for the euro area economy remained clouded with high uncertainty
#             Lagarde said that although inflation has picked up over recent months due to temporary factors, underlying price pressures remain subdued
#             ECB's Panetta: we must maintain stimulus until inflation hits 2%                
#             GBPINR trading range for the day is 103.73-104.47.
#             GBP remained under pressure amid firmness in rupee, though some support is seen amid hopes of a strong economic recovery in the UK
#             Britain's unemployment rate fell for the second month in a row to 4.9% while employment levels declined less than forecast.
#             Net speculative long positions on sterling slipped marginally, CFTC data showed.                
#             JPYINR trading range for the day is 68.86-69.7.
#             JPY dropped on profit booking after BoJ holds rates and revised lower 2021 inflation forecast
#             BOJ keeps yield targets unchanged as widely expected
#             BOJ cuts inflation forecast for current fiscal year

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