USDINR Fell as Major Central Banks Laid Out Plans to Unwind Pandemic-Era Stimulus

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# USDINR trading range for the day is 75.89-76.45.
# USDINR remained under pressure as major central banks laid out plans to unwind pandemic-era stimulus, with the Bank of England surprising markets with a rate hike.
# Consumer inflation increased less than expected last month
# Fitch ratings cut India’s GDP forecast to 8.4% for the current fiscal year but raised the growth projection to 10.3% for the next fiscal year.

# EURINR trading range for the day is 85.78-86.72.
# Euro rose after the ECB said it will cut bond buys under its 1.85 trillion-euro Pandemic Emergency Purchase Programme and will end the scheme as expected in March.
# The European Central Bank said it would continue to cut its bond purchases.
# Germany's producer prices rose at the fastest pace in seven decades in November

# GBPINR trading range for the day is 100.59-101.99.
# GBP settled flat on profit-booking paring all gains seen after BOE became the first major central bank to raise interest rates since the beginning of the pandemic.
# The BoE raised its main interest rate to 0.25% from a historic low of 0.1%.
# The UK private sector posted a sharp slowdown in December amid tighter pandemic restrictions and renewed business uncertainty

# JPYINR trading range for the day is 66.76-67.4.
# JPY gained after the Bank of Japan decided to taper its corporate debt purchases to pre-pandemic levels
# The BOJ also maintained its short-term interest rate target at -0.1% and that for 10-year bond yields around 0%, as widely expected.
# The manufacturing sector in Japan continued to expand in December, albeit at a slower pace

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