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USDINR

USDINR trading range for the day is 77.21-77.71.

USDINR dropped as India’s central bank is intervening in all foreign-exchange markets and will continue to do so to protect the rupee.

India wants central bank to lower bond yields

India's inflation likely accelerated to an 18-month high in April

EURINR

EURINR trading range for the day is 81.47-82.25.

Euro dropped as investors remain concerned over stagflation risk in Europe

Euro zone investor morale slumps, recession "becoming visible"

Expectations that ECB will raise interest rates much more slowly than the Federal Reserve make it difficult for the euro to attract investors

GBPINR

GBPINR trading range for the day is 95.08-96.18.

GBP remained under pressure on signs that a weakening economy will force the Bank of England to slow its interest-rate hiking cycle.

Reports showed British consumer spending stuttered in April as the cost-of-living crisis affects consumption.

Markets are currently pricing in a further 110 basis points of tightening from the BoE this year, taking the benchmark rate to just above 2.0%.

JPYINR

JPYINR trading range for the day is 59.21-59.95.

JPY gains on low level buying after pressure seen as worries about higher interest rates and their impact on economic growth dented risk appetite.

Japan March household spending posts first fall in 3 months

The au Jibun Bank Japan Services PMI was revised higher to 50.7 in April 2022

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