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USDINR

Observations

USDINR trading range for the day is 82.44-82.82

Rupee remained in range after Governor Shaktikanta Das said a change in the current stance would need a decisive moderation in prices.

In the meantime, some Fed officials hinted that more rate hikes were on the table to further cool inflation.

Investors are assessing the outlook for the dollar following its rally on the back of the repricing of U.S. rate expectations.

EURINR

Observations

EURINR trading range for the day is 88.59-89.29

Euro remained in range as investors continued to assess the outlook for growth, inflation and interest rates.

Annual inflation rate in Germany edged higher to 8.7% in January of 2023 from a four-month low of 8.6% in the previous month

Markets also shrugged off hawkish remarks from Fed officials who reaffirmed their commitment to fighting inflation with more rate hikes.

GBPINR

Observations

GBPINR trading range for the day is 99.59-100.77

GBP seen supported as investors awaited more comment from UK policymakers and Britain's fourth-quarter GDP data

UK House Price Balance Hits Near 14-Year Low

BoE chief economist Huw Pill said on Monday that the bank was prepared to do more to get inflation to target.

JPYINR

Observations

JPYINR trading range for the day is 62.77-63.61

JPY dropped as robust US jobs data suggested the Fed had more room for interest rate hikes.

The government approached BOJ Deputy Governor Masayoshi Amamiya about succeeding Haruhiko Kuroda as central bank head.

BOJ Governor Haruhiko Kuroda reiterated that the 2% inflation target must be achieved in a sustainable fashion

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