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USDINR

Observations

USDINR trading range for the day is 81.65-82.81 Rupee hit a one-month high, as comments from Fed official raised hopes that the Fed will stick with a 25-bps rate hike at its next meeting in March. India private sector growth accelerates India services sector growth strongest in 12 years

EURINR

Observations

EURINR trading range for the day is 86.91-87.77 Euro fell after data showed inflation in the euro zone was not as high as investors had feared based on national readings in recent days. Producer prices in the Euro Area dropped by 2.8 percent from a month earlier in January 2023 Investors now see the ECB's 2.5% deposit rate rising by a combined 100 basis points in March and May

GBPINR

Observations

GBPINR trading range for the day is 98.05-99.17 GBP dropped as the dollar rallied and speculation grew that the Bank of England may not hike interest rates any further. BOE Bailey raised the prospect that the central bank might not need to raise interest rates again, after hiking them to 4% from just 0.1% in December 2021. Bailey said "some further increase" in rates may turn out to be appropriate, "but nothing is decided".

JPYINR

Observations

JPYINR trading range for the day is 60.32-60.74 JPY dropped as dollar index steadied as investors continued to assess the outlook for Fed monetary policy in light of recent commentary from central bank officials Japan’s Composite PMI came in at 51.1 in February 2023, compared with the flash reading of 50.7 and after a final 50.7 a month earlier. Japan Services PMI was revised higher to 54.0 in February 2023 from preliminary estimates of 53.6.

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