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USDINR Settled Flat Amid High Crude Oil Prices and Sustained Dollar Demand

Published 25-03-2022, 08:41 am
USD/INR
0.05%
EUR/INR
0.30%
GBP/INR
-0.06%
JPY/INR
-0.50%
SPGI
1.38%
CL
0.95%

# USDINR trading range for the day is 76.1-76.64.
# USDINR settled flat amid high crude oil prices and sustained dollar demand by the importers and the banks.
# India's merchandise exports cross record $400 billion in FY22
# Fitch slashes FY23 India growth forecast to 8.5% on higher energy prices, inflation
 
# EURINR trading range for the day is 83.47-84.69.
# Euro dropped as business activity across Germany's private sector dipped in March as output price inflation hit a new record high
# The S&P Global (NYSE:SPGI) Germany Services PMI edged down to 55 in March of 2022 from 55.8 in February, much better than market forecasts
# The IHS Markit France Services PMI rose to 57.4 in March of 2022 from 55.5 in February and well above market expectations
 
# GBPINR trading range for the day is 100.17-101.31.
# GBP dropped after the Office for Budget Responsibility said net tax cuts announced offset only a sixth of the tax rises
# Rishi Sunak announced a 6-billion pound tax cut for workers, slashed fuel duty and signaled a future reduction in income tax.
# Data showed consumer prices in the UK jumped 6.2% from a year earlier in February, the highest since March 1992
 
# JPYINR trading range for the day is 62.46-63.42.
# JPY dropped as investors grappled with higher oil prices given Japan’s heavy reliance on foreign energy and ballooning import costs.
# The au Jibun Bank Japan Manufacturing PMI increased to 53.2 in March 2022 from a final 52.7 which was the lowest point since last September
# The au Jibun Bank Japan Flash Services PMI was up to 48.7 in March 2022 from 44.2 in the prior month

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