Rupee weakened sharply to three-week low as dollar surged to over one-year high after Federal Chairperson, Powell hinted at more rate hikes this year.
India’s wholesale price inflation accelerated at a faster-than-expected pace in June to the highest level in four-and-a-half years.
Activity in India’s service industry rebounded in June from a mild contraction the prior month, expanding at its quickest pace in a year.
TODAY EURINR TRADING
EURINR trading range for the day is 79.83-80.47.
Euro seen supported as the dollar retreated as investors cashed in on gains the currency made after two days of testimony by U.S. Federal Chairman Powell.
EU is said to prepare rebalancing measures in case of car tariffs
Eurozone’s construction output growth improved for a third straight month, preliminary data from Eurostat showed.
TODAY GBPINR TRADING
GBPINR trading range for the day is 89.46-90.23.
GBP recovered on short covering after prices tumbled as data showed British inflation failed to rise as expected.
UK Cabinet minister says Conservative Party has come to its senses and will work together on Chequers deal
Market expectations for a 25 basis point August interest rate rise by the Bank of England fell back to 72 percent from close to 80 percent earlier this week.
TODAY JPYINR TRADING
JPYINR trading range for the day is 60.96-61.32.
JPY gains as support seen after the Bank of Japan lowered purchases of longer-maturity bonds for the first time since January.
Japan’s exports to the United States fell for the first time in 17 months and Japanese business sentiment soured.
Japan’s global exports rose 6.7 percent in June, while imports gained 2.5 percent.
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