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USDINR

Observations

USDINR trading range for the day is 81.85-82.45 Rupee strengthened as a broadly weak dollar aided sentiment with foreign banks likely selling the greenback in the local market. World Bank lowers India FY24 growth forecast to 6.3% India Services PMI declined to 57.8 in March 2023 from February’s 12-year high of 59.4

EURINR

Observations

EURINR trading range for the day is 89.58-90.26 Euro gains amid expectations the European Central Bank will keep raising interest rates in the coming months to combat inflation. ECB’s Holzmann said another 50bp hike was “still on the cards” if the recent banking turmoil did not worsen. Germany factory orders rise the most since 2021

GBPINR

Observations

GBPINR trading range for the day is 101.9-102.92 GBP rose as investors assessed views on the Bank of England's policy path, as well as the UK's economic outlook. BoE’s Tenreyro said the central bank would probably need to start cutting interest rates sooner than previously thought Money markets currently expect the BoE to raise rates by another 25 basis points in May to 4.50%

JPYINR

Observations

JPYINR trading range for the day is 62.29-62.95 JPY rose as softening US data fueled expectations that the Federal Reserve may not need to tighten further The Composite PMI was revised higher to 52.9 in March 2023 from a flash figure of 51.9 Japan Services PMI was revised higher to 55.0 in March 2022 from a preliminary reading of 54.2.

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