JPYINR trading range for the day is 55.36-55.56 - Swastika Investmart
USDINR
* USDINR trading range for the day is 82.98-83.8.
* Rupee strengthened aided by likely intervention from the central bank and an uptick in the offshore Chinese yuan.
* S&P ups India growth forecast to 6.8% for FY'25
* India's foreign exchange reserves reached an all-time high of $642.49 billion.
EURINR
* EURINR trading range for the day is 90.35-90.71.
* Euro dropped as dovish comments from a typically hawkish ECB policymaker boosted hopes that the bloc's central bank might start cutting rates soon.
* The GfK Consumer Climate Indicator for Germany edged up to -27.4 heading into April 2024
* ECB’s Nagel said that the ECB might consider rate cuts before the summer break as inflation continues to fall towards the bank's 2% target
GBPINR
* GBPINR trading range for the day is 105.26-105.66.
* GBP steadied as Bank of England Governor Andrew Bailey hinted at potential interest rate cuts this year.
* The monthly retail sales balance in United Kingdom, climbed to +2 in March 2024
* The Fed’s projected three rate cuts in 2024 keep the USD on the defensive and lend support.
JPYINR
* JPYINR trading range for the day is 55.36-55.56.
* JPY dropped as the uncertainty over BoJ’s future policy steps holds back traders from placing aggressive bullish bets.
* BOJ indicated that financial conditions would remain accommodative and fell short of offering any guidance about the pace of policy normalization.
* Consumer inflation in Japan remains above the central bank's 2% target, which, along with the positive outcome of spring wage negotiations.
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