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USDINR

Observations

USDINR trading range for the day is 82.75-83.03 Rupee held a narrow range despite surging U.S. yields and a fall in Asian peers, helped by a possible intervention from the central bank. Fed agreed that it was appropriate to raise the target range for the federal funds rate by 25bps at the first monetary policy meeting of 2023 U.S. yields have been persistently rising on back of the ongoing reassessment on how high the Federal Reserve could raise rates.

EURINR

Observations

EURINR trading range for the day is 88.03-88.47 Euro dropped on economic uncertainties and fears that the US Federal Reserve will continue hiking rates to tame inflation. Annual inflation rate in Germany was confirmed at 8.7% in January of 2023, higher than a downwardly revised 8.1% in December Investors digested better-than-forecast business activity figures for February

GBPINR

Observations

GBPINR trading range for the day is 99.77-100.71 GBP steadied as an unexpected bounce in British business activity, suggesting the economy could be sidestepping a deep recession. Britain's preliminary "flash" Purchasing Managers' Index, which jumped to 53.0 in February from 48.5 in January. Data showed Britain's government ran an unexpected budget surplus in January

JPYINR

JPYINR trading range for the day is 61.29-61.71 JPY dropped as investors fretted about the prospect that the US Federal Reserve will continue hiking rates to tame inflation. The sentiment of Japanese manufacturers remained gloomy in February as a slowing global economy held back the country’s recovery Japan says economy in modest recovery, caution over global slowdown

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