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USDINR

Observations

USDINR trading range for the day is 82.58-82.96 Rupee advanced as investors digest the latest economic data and try to gauge the next monetary policy steps The Indian economy expanded 4.4% year-on-year in the three months to December of 2022, below 6.3% in the three months to September India's fiscal deficit widened to INR 11.91 trillion in April 2022-January 2023 from INR 9.38 trillion a year earlier.

EURINR

Observations

EURINR trading range for the day is 87.61-88.25 Euro remained supported as investors repositioned for further interest rate increases from both the ECB and the Fed. German January import prices down 1.2% m/m, up 6.6% y/y Euro area consumer morale confirmed at 1-year high

GBPINR

Observations

GBPINR trading range for the day is 99.51-100.45 GBP rose lifted by the announcement of a deal between the UK and the EU over post-Brexit trading arrangements for Northern Ireland. Investors are pricing in a further 25 bps rate hike by the BoE in March, the highest levels since late 2008. MPC member Jonathan Haskel said earlier this month the BoE needed to be "really, really careful" about the risk of high inflation becoming embedded

JPYINR

Observations

JPYINR trading range for the day is 60.46-61.42 JPY dropped as Bank of Japan Governor nominee Ueda doubled down on the importance of the bank’s ultra-easy monetary policy stance. Japan housing starts grow the most in 15 months Japan industrial output drops more than expected

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