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Published on 27/01/2021 9:38:58 AM | Source: Kedia Advisory

USDINR trading range for the day is 72.84-73.06 - Kedia Advisory

Posted in Currency Report| #Currency Tips #Kedia Advisory

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USDINR

USDINR trading range for the day is 72.84-73.06.

USDINR traded in tight range as optimism about U.S. President Joe Biden's stimulus plans took precedence over the impact of COVID-19.

Barring another wave of COVID-19 infections, the worst is over for India’s economy and policymakers may soon have more room to support a recovery, RBI said.

The RBI expects Asia’s third-largest economy to contract by 7.5% in the current fiscal year to March

 

EURINR

EURINR trading range for the day is 88.42-89.02.

Euro prices dropped after the relatively weak manufacturing and services PMI numbers from the Eurozone.

The European Union had a weak start of the year, according to the flash PMI data released by Markit.

The services PMI declined from 46.4 in December to 45.0 in January as more countries went into lockdown.

 

GBPINR

GBPINR trading range for the day is 99.46-100.28.

GBP remained supported despite of weak economic numbers from the United Kingdom.

Pressure also seen following concerns over the escalating Covid-19 crisis and weak economic data.

BOE’s Bailey said earlier that the British economy was able to mitigate the lockdown measures, compared to the damages of last year.

 

JPYINR

JPYINR trading range for the day is 70.19-70.45.

JPY dropped after the relatively weak economic numbers from Japan and the overall strength of the US dollar.

The Japanese economy is set for a double-dip recession because of the ongoing state of emergency aimed at curtailing the pandemic.

According to Markit, the country’s manufacturing and services PMIs dropped to 49.7 and 45.7, respectively in January.

 

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