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USDINR

USDINR trading range for the day is 77.7-78.

USDINR dropped after RBI’s more than expected hike of 50 bps in key interest rate and pledge to fight surging inflation figures.

The Reserve Bank of India raised its key repo rate by 50 bps to 4.9% during its June meeting, after May's surprise 40 bps off-cycle hike.

The RBI raised its inflation projection for 2022/23 to 6.7% from 5.7% earlier, while maintaining its growth projection at 7.2%.

EURINR

EURINR trading range for the day is 83.04-83.94.

Euro gains as the Euro Area GDP expanded by 0.6% on quarter in Q1 2022, twice a 0.3% growth in the previous estimate

Retail sales in the Euro Area decreased 1.3% month-over-month in April of 2022, the first decline so far this year

Investors continue to worry over rising consumer prices, interest rates and slow economic growth.

GBPINR

GBPINR trading range for the day is 97.27-98.19.

GBP remained supported despite investor nervousness about a confidence vote on British Prime Minister Boris Johnson that left him politically vulnerable.

In the UK, the Bank of England already hiked borrowing costs four times to 1%, the highest level since early 2009.

Markets are currently pricing in 138bps of BoE rate hikes by year-end, as inflation runs at 40-year highs

JPYINR

JPYINR trading range for the day is 57.71-59.

JPY dropped as traders awaited a European Central Bank meeting likely to leave Japan alone among peers in sticking to ultra-easy monetary policy.

Yen dumped on crosses as BoJ looks lonely with easy policy

Japan's Q1 GDP falls less than first thought on stronger consumption

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