USDINR
On Friday, USDINR is most likely to commence between 76.05 - 76.15 levels as the dollar remained under pressure on Friday, a day after the Bank of England and European Central Bank adopted more hawkish stances than markets had expected, giving a boost to sterling and the euro.
Sterling edged up to $1.3323, after surging as high as $1.33755 for the first time since Nov. 24 in the previous session, when the BoE surprised most market participants to become the first major central bank to raise interest rates since the beginning of the pandemic.
The U.K. central bank raised the Bank Rate by 0.15 percentage points to 0.25% and committed itself to more hikes in the coming months as it attempts to bring surging retail inflation back to its target of 2%.
Euro held about steady at $1.1322 after touching the highest this month at $1.13605 0.5%.
The ECB outlined plans toward removing stimulus over coming quarters, although it also emphasized policy flexibility.
The different paths taken by major central banks underline deep uncertainties about how the fast-spreading Omicron variant will hit economies and about how much each should do to fight surging inflation, which is hitting hard in the United States and Britain, but less so in Europe.
The Bank of Japan announces a policy decision later on Friday, but no change is expected to the core elements of its ultra-loose policy with inflation still stuck well below the central bank's target.
Day Trend: - USDINR BUYING TREND SEEMS ABOUT TO CHANGE
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