USDINR Gained Amid the Sharp Rise in Global Oil Prices

  • Forex Analysis

# USDINR trading range for the day is 75.04-76.06.
# USDINR gained as the sharp rise in global oil prices raised concerns about its impact on domestic inflation.
# RBI at its policy review lowered its full-year inflation projection to 5.3% from 5.7%
# India's benchmark 10-year bond yield closed at the session high of 6.34%, its highest since April 17, 2020.

# EURINR trading range for the day is 86.78-87.92.
# Euro remained supported as investors continue bracing for higher inflation and a more hawkish response from the world's major central banks.
# ECB said to study new bond-buying program for when PEPP ends
# Germany's wholesale price inflation accelerated to the fastest since 1974, data from Destatis showed.

# GBPINR trading range for the day is 102.17-103.35.
# GBP remained in range as UK jobs data came in largely in line with forecasts, keeping expectations for future rate rises from the Bank of England intact.
# UK wants a Brexit deal that works for Northern Ireland, minister says
# UK jobs hit record high as Bank of England mulls first rate hike

# JPYINR trading range for the day is 66.25-67.18.
# JPY fell as traders wagered surging energy prices would drive Japan’s demand for dollars
# Japan wholesale inflation spikes, squeezing corporate profits
# Domestic final goods prices, which loosely track the consumer price index, rose 1.8% from a year earlier

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