6 Mar 2023

INR strengthens on foreign capital flow expectations

INR strengthened from close to record lows on expectations that India will see global capital flows, as US and Eurozone fight inflation and bring down growth

author dp
Team INRBonds
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  • USD traded lower as manufacturing PMI data for Feb 23 stood below market expectation. Dollar index fell by 0.65%.
  • US Manufacturing PMI stood flat at 47.7 during Feb 23 as compared to 47.4 in previous month and market expectation of 50.
  • The US initial jobless claim came down to 190000 at the end of last week from 192000 at the end of previous week.
  • The Eurozone seasonally-adjusted unemployment rate stood at 6.7% in January 2023, unchanged from December.
  • As per preliminary estimation, the consumer price inflation in the Euro Area inched lower to 8.5% in February 2023, the lowest since last May, but above market expectations of 8.2%.
  • The Japanese yen appreciated by 0.46% on a weekly basis.
  • The Indian rupee appreciated 1.22% on a weekly basis.

        

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