USDINR Dropped Ahead of Global Financial Ministers Meet

  • Forex Analysis

# USDINR trading range for the day is 75.96-76.52.
# USDINR dropped moving away from a 4-week high made early in the month, ahead of global finance ministers' meet and inflows into local stocks.
# But remains elevated amid expectations for aggressive Federal Reserve monetary tightening.
# The annual wholesale price inflation rate in India rose to a four-month high of 14.55 percent in March 2022

# EURINR trading range for the day is 82.33-83.65.
# Euro rose propelled by growing bets for an early ECB interest rate hike and optimism about Macron re-election.
# German producer prices rose 30.9% on the year in March, reflecting the effects of the war in Ukraine for the first time
# The ECB said that any adjustments to interest rates will take place sometime after the end of the Governing Council’s net purchases under the APP

# GBPINR trading range for the day is 99.26-99.86.
# GBP steadied with investor attention turning to potential policy signals from the Bank of England.
# IMF forecasts for British GDP growth this year were cut to 3.7% from January's forecast of 4.7%
# British consumer price inflation hit at a thirty-year high of 7% in March, traders are watching for indications on how the BoE views the rate outlook.

# JPYINR trading range for the day is 59.24-59.86.
# JPY remained under pressure as Japan flagged the currency’s recent “somewhat rapid” declines to its G7 counterparts
# No reason to change Japan's economic policy - IMF official
# Weak yen impact on Japan's economy a 'mixed bag'

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