The USDINR pair made a flat opening at 74.50 levels and traded in the range of 74.41-74.55 with a downside bias. The pair finally closed at 74.42 levels. The RBI set the reference rate at 74.5343. Earlier in the day, the USDINR pair had risen by US dollar purchases by some big state-owned banks ahead of daily reference rate fixing. However, later the USDINR pair slipped because some private and foreign banks stepped in to sell the US dollar, likely for foreign fund inflows into Indian companies. 

Globally the US dollar remained elevated against other major currencies amid expectations that the Federal Reserve will tighten monetary policy more aggressively than previously anticipated. The outcome of the US Federal Reserve meeting is expected to provide cues on when the central bank will speed up paring its bond purchases and hike interest rates. Most global equity indices fell today as investors remained concerned about slowing growth and the prospects of monetary policy normalization by central banks globally. 

The retail sales in the UK slumped in December due to the spread of the Omicron variant of coronavirus and the related government restrictions. Retail sales fell by 3.7% m-o-m from last month, the biggest fall since January last year when the country was under a COVID-induced lockdown. Economists in a Reuters poll had forecast a 0.6% decline only. Oil prices fell today after rising to seven-year highs this week, after an unexpected rise in US crude and fuel inventories, and as investors took profits.

Download The Full Daily Currency Highlights

This report has been prepared by IFA Global. IFA Global shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. IFA Global nor any of directors, employees, agents or representatives shall be held liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. No liability whatsoever is accepted for any loss arising (whether direct or consequential) from any use of the information contained in this report. This statement, prepared specifically at the addressee(s) request is for information contained in this statement. All market prices, service taxes and other levies are subject to change without notice. Also the value, income, appreciation, returns, yield of any of the securities or any other financial instruments mentioned in this statement are based on current market conditions and as per the last details available with us and subject to change. The levels and bases of, and reliefs from, taxation can change. The securities / units / other instruments mentioned in this report may or may not be live at the time of statement generation. Please note, however, that some data has been derived from sources that we believe to be reliable but is not guaranteed. Please review this information for accuracy as IFA Global cannot be responsible for omitted or misstated data. IFA Global is not liable for any delay in the receipt of this statement. This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject IFA Global to any registration or licensing requirements within such jurisdiction. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. IFA Global reserves the right to make modifications and alterations to this statement as may be required from time to time. However, IFA Global is under no obligation to update or keep the information current. Nevertheless, IFA Global is committed to providing independent and transparent information to its client and would be happy to provide any information in response to specific client queries. Neither IFA Global nor any of its directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The information provided in these report remains, unless otherwise stated, the copyright of IFA Global. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright IFA Global and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.

Feed news Join Telegram

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD buyers attack 0.7100 amid sluggish Asian session, second-tier Aussie data eyed

AUD/USD buyers attack 0.7100 amid sluggish Asian session, second-tier Aussie data eyed

AUD/USD grinds higher after bouncing off 21-DMA, eyes to snap two-day downtrend. The pair picks up bids to refresh intraday high around 0.7100, extending the previous day’s rebound from 0.7035, amid broad US dollar weakness. RBA’s Ellis hints at more rate rises, FOMC Minutes raised doubts on rate lifts post-September.

AUD/USD News

EUR/USD eyes to regain 1.0700 post-Fed Minutes, US GDP in focus

EUR/USD eyes to regain 1.0700 post-Fed Minutes, US GDP in focus

EUR/USD stays on the way to reverse the pullback from a monthly high, picking up bids to 1.0685 during early Thursday morning in Asia. Second reading of Q1 2022 US GDP, Jobless Claims and housing data to decorate calendar amid multiple holidays in Europe.

EUR/USD News

Gold defends bounce off weekly support near $1,850 ahead of US GDP

Gold defends bounce off weekly support near $1,850 ahead of US GDP

Gold  treads water around $1,855, defending the previous day’s corrective pullback from a one-week-old support line during Thursday’s Asian session as sluggish markets and a lack of major data/events seem to restrict the metal’s immediate moves.

Gold News

What needs to happen for Axie Infinity price to recover

What needs to happen for Axie Infinity price to recover

Axie Infinity price displays reasons to believe in further momentum to the upside. Traders should approach the digital asset with relative caution, looking for one more fake-out before the rally occurs. Axie Infinity price appears to be unfolding as an extended impulse wave down.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Majors

Cryptocurrencies

Signatures