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USDINR

Observations

USDINR trading range for the day is 81.57-82.29 Rupee gave up most of the day's gains as the Chinese yuan fell and the dollar index rebounded slightly. Fed Chair Powell said interest rates are ‘likely to be higher’ than previously anticipated. Federal Reserve officials hinted against a 50bps rate hike in the central bank’s next meeting.

EURINR

Observations

EURINR trading range for the day is 87.01-87.55 Euro dropped as investors continued to assess the outlook for economic growth, inflation and interest rates globally. The S&P Global Eurozone Construction PMI rose to 47.6 in February 2023 from 46.1 in the previous month The S&P Global Germany Construction PMI increased to 48.6 in February of 2023 from 43.3 in January

GBPINR

Observations

GBPINR trading range for the day is 98.21-99.03 GBP gains boosted by data that showed business activity expanded at its fastest pace in eight months in February The final version of the S&P Global/CIPS UK services Purchasing Managers' Index (PMI) increased to 53.5 last month S&P Global said the recovery in business activity in the services sector, which grew for the first time since August

JPYINR

Observations

JPYINR trading range for the day is 60.27-60.89 JPY gains amid a greenback weakness, as investors cautiously awaited Fed Chair Powell’s congressional testimony for further guidance on Fed’s tightening plans. Bank of Japan Governor nominee Ueda doubled down on the importance of the bank’s ultra-easy monetary policy stance. The BOJ maintained its ultra-low interest rates and left its yield control policy unchanged at the January meeting

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