USDINR ended the session where it opened for the day at 71.33

Abhishek Goenka IFA Global

The USDINR pair ended the session where it opened for the day at 71.33. Broad-based US dollar strength across the global market and some major state-owned banks buying the dollar, likely for the government's defence-related payments and oil marketing companies kept a lid on the gains. Equities indices continued its upswing for the second day in a row as streak ended up by 0.55%. The benchmark bond yield ended up marginally lower by 2bps to 6.58%. Eurozone manufacturing PMI came in well ahead of what was anticipated and in the case of Germany, PMIs for manufacturing and services sectors rebounded. Despite encouraging data release, the euro fell near two month low after the ECB's more dovish tone at Thursday's meeting. The UK economy returned to growth in January as the composite PMI reading for the UK hit 52.4 in January, up from 49.3 in December. This marked a 16-month high thereby reducing the probability of an imminent rate cut when its monetary policy committee (MPC) meets later this month.

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Abhishek Goenka

IFA Global

Mr. Abhishek Goenka is the Founder and CEO of IFA Global. He pilots the IFA Global strategic direction with a focus on relentlessly improving the existing offerings while constantly searching for the next generation of business excellence.

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