Rupee Weakened Due To Dollar Demand From Local Oil Companies And Foreign Banks

# trading range for the day is 83.04-83.26.
# The rupee weakened due to dollar demand from local oil companies and foreign banks
# Government aims for a fiscal deficit to GDP ratio of 5.3% in FY25 but may miss the 5.9% target for FY24
# India’s foreign exchange reserves increased by $1.6 billion to $618.94 billion as of January 12, 2024.

# trading range for the day is 90.15-90.89.
# Euro gains as risk sentiment improved as investors remained cautious ahead of the ECB’s policy decision
# ECB policymakers agreed that inflation would be brought back towards the 2% target in 2025
# The euro zone’s current account surplus declined in November on lower primary income.

# trading range for the day is 105.43-106.01.
# GBP gains as BoE is expected to maintain its current restrictive policy stance.
# The escalated geopolitical situation improves the risk aversion sentiment and increases the demand for the Dollar.
# Public sector net borrowing, excluding public sector banks in the UK, narrowed to £7.8 billion in December 2023.

# trading range for the day is 55.79-56.89.
# JPY gains as the BOJ Governor’s latest remarks revived speculation about a possible shift in the country’s monetary policy.
# BOJ kept its key short-term interest rate at -0.1% and retained the 1% upper limit on the 10-year Japanese government bond yield
# The central bank also refrained from making any comments about a possible shift in monetary policy this year.