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USDINR

USDINR trading range for the day is 79.97-80.25.

USDINR remained supported as the International Monetary Fund has cut India’s growth forecast for the ongoing financial year

Federal Reserve officials raised interest rates by 75 basis points for the second straight month

RBI will meet between Aug. 3 and Aug. 5 to decide on rates, with most market participants predicting a 50 basis points hike.

EURINR

EURINR trading range for the day is 81.19-81.91.

Euro seen supported after lending to euro zone companies accelerated in June

Gas supply concerns push German consumer sentiment to record low – GfK

PMI surveys showed the Eurozone economy is set to contract in July

GBPINR

GBPINR trading range for the day is 96-97.26.

GBP gains as investors braced for an even more aggressive tightening from the Bank of England.

The PMIs data showed the British economy fared much better than the Euro Area in July and retail sales in June decreased less than expected.

Latest positioning data show investors have consolidated their bearish bets on the pound at $4.3 billion

JPYINR

JPYINR trading range for the day is 58.38-59.02.

JPY gains as Bank of Japan policymakers saw wage hikes as key to sustainably achieve their 2% inflation target, minutes of the June meeting showed

The central bank flagged “sharp volatility” in the currency market and warned of its negative impact on the economy and prices.

Traders geared up for an impending interest rate hike from the US Federal Reserve aimed at curbing persistently high inflation.

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