USDINR Steadied as Private Banks Absorbed Foreign Banks’ Dollar Sales

  • by THO
  • 1 week ago
  • news
  • 1

# trading range for the day is 74.29-74.45.
# USDINR ended steady because state-owned and private banks persistently absorbed foreign banks’ dollar sales for overseas investments.
# RBI’s Das: Inflationary pressures are a concern, inflation is transitory, and policy is required to support growth
# India’s foreign exchange reserves rose to $621.46 billion compared with $620.58 billion a week earlier.

# trading range for the day is 87.26-87.6.
# Euro steadied as the eurozone posted a large surge in its trade surplus with the rest of the world in June from May
# Germany’s wholesale prices increased at the fastest pace since 1974, largely due to the low base effect
# Investors turned to the dollar amid expectations of early tapering by the US Federal Reserve.

# trading range for the day is 102.48-102.94.
# GBP dropped as investors looked for fresh catalysts after Britain’s growth figures for the second quarter came in as expected.
# GDP figures, which came in line with expectations added to signs Britain’s economy is on a path to recovery.
# The UK economy recovered at a stronger pace in the second quarter as the easing of coronavirus restrictions boosted consumer spending

# trading range for the day is 67.27-67.67.
# JPY remained supported as producer prices in Japan were up 5.6 percent on year in July, the Bank of Japan said
# Japan’s export boom extended into July but consumer prices likely fell
# Traders are anticipating that the economic recovery in Japan will take longer

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