Forex Market News

USDINR trading range for the day is 64.27-64.5

USDINR trading range for the day is 64.27-64.5. Rupee rose after the U.S. Federal Reserve raised interest rates in line with expectations while keeping the outlook unchanged. The government’s announcement of 200 billion rupees worth of bond buyback also helped sentiment for domestic bonds. FM Jaitley says achieved fiscal targets due to focus on spending control, innovative revenue raising efforts.
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EURINR trading range for the day is 76.02-76.44

EURINR trading range for the day is 76.02-76.44. Euro remained supported as the dollar is down after the Federal Reserve raised the benchmark U.S. interest rate to a range of 1.25% to 1.5%. Eurozone industrial production increased unexpectedly in October, after falling in the previous month, data from Eurostat showed. Industrial production rose a seasonally adjusted 0.2 percent month-on-month in October, reversing September’s 0.5 percent fall.
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GBPINR trading range for the day is 86.22-86.97

GBPINR trading range for the day is 86.22-86.97. GBP gained ahead of the next day’s Bank of England policy meeting, which will be closely watched for clues on the future path of UK monetary policy. The Bank said in November that inflation was near its peak and would then fall slowly over the next three years to just above 2 percent. Numbers showed workers’ total earnings, excluding bonuses, rose by an annual 2.3 percent during that period.
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JPYINR trading range for the day is 57-57.34

JPYINR trading range for the day is 57-57.34. JPY gained as the dollar remained on the defensive after Fed raised interest rates as expected, but left its rate outlook for the coming years unchanged. Japan’s ruling bloc approved a plan to slash the corporate tax rate to around 20 percent from 30 percent. Japan’s industrial production rebounded as initially estimated in October, latest figures from the Ministry of Economy, Trade and Industry said.
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USDINR trading range for the day is 64.44-64.7.

USDINR trading range for the day is 64.44-64.7. Rupee fell after unexpectedly high November consumer inflation created the prospect the RBI could raise interest rates sooner than expected. Data showed annual inflation accelerating to a 15-month high of 4.88 percent in November, driven by a surge in food prices. The RBI’s monetary policy committee (MPC) holds its next policy meeting in early February.
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EURINR trading range for the day is 75.7-76.2

EURINR trading range for the day is 75.7-76.2. Euro dropped as the dollar rose after upbeat wholesale inflation data suggested that weakness in inflation could be waning. Germany’s economic sentiment weakened more-than-expected in December amid political uncertainty, a closely-watched survey revealed. Investor focus, meanwhile, is expected to shift to monetary policy as the Federal Open Market Committee (FOMC) got its two-day meeting underway.
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GBPINR trading range for the day is 85.86-86.52

GBPINR trading range for the day is 85.86-86.52. GBP traded in range with investors betting it would have little effect on how soon the Bank of England would raise interest rates again. Consumer price inflation hit an annual rate of 3.1 percent in November, the data showed. The BoE is widely expected to keep rates unchanged at 0.5 percent on Thursday.
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