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USDINR

USDINR trading range for the day is 76.19-76.85.

USDINR gained amid losses in the stock market and weighed by sharp gains in global crude oil prices

The Indian 10Y bond yield edged lower towards 7.1%, but remained close to a 35-month high of 7.2% hit on April 11th.

The central bank raised its inflation forecasts while lowering the outlook for GDP growth.

EURINR

EURINR trading range for the day is 82.12-83.04.

Euro remained in range on uncertainty about the timing of interest rate hikes in the Euro Area.

The ECB said that any adjustments to interest rates will take place some time after the end of the Governing Council’s net purchases under the APP

Investors are also concerned about the hit to economic growth from the war in Ukraine and surging commodity prices

GBPINR

GBPINR trading range for the day is 99.01-100.21.

GBP gained as investors covered some of their short positions and as 10-year British government bond yields rose to their highest in more than seven years.

The CPI report showed the annual inflation rate accelerated to 7% in March, the highest since 1992

Markets expect the Bank of England to raise rates to 1% during the meeting on May 5th and see 140 basis points of hikes by year-end.

JPYINR

JPYINR trading range for the day is 59.09-60.73.

JPY dropped as the Bank of Japan so far resisted the global shift towards tighter monetary policy.

The BOJ has also repeatedly intervened to keep benchmark bond yields around zero.

Japan business lobby head says premature for BOJ to debate policy tweak

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