The Indian rupee little changed at 65.20 pair now at 65.17 against 65.18 previous close.
Pair to tip in 65.00- 65.30 range today.
USD/INR little changed as robust India GDP data balances fears of quicker pace of US monetary tightening. Late yesterday, data showed India’s economy grew by higher-than-expected 7.2% in December quarter; prior quarter’s GDP revised higher to 6.5%. Sensex up 0.2%, shrugging off weak overnight US cues and weakness in most regional markets.
Global Currency
The dollar held firm on Thursday, drawing support after the Federal Reserve's new chief Jerome Powell struck an optimistic tone on the U.S. economy in a boost to rate hawks that sent global stocks tumbling.
The euro dropped to $1.21835 EUR=EBS , its lowest since Jan. 18. Against the yen, the single currency dropped to 129.86yen EURJPY= , its weakest level since early September and down5.6 percent from its 2 1/2-year high hit just a month ago. Euro zone inflation slowed to a 14-month low in February, data showed on Wednesday.
The pound fell to $1.3746 GBP=D4 , its lowest level since mid-January. The euro firmed to 0.88625 pound EURGBP=D4 ,having risen almost 1 percent from this week's low of 0.8772touched.
Global Markets
Oil prices extended declines on Thursday after official data showed a larger-than-expected increase in U.S. crude inventories and a surprise build in gas line stocks. U.S. crude inventories rose by 3 million barrels last week, compared with analyst expectations for a build of 2.1 million barrels, weekly data by the Energy Information Administration(EIA) showed
Gold prices dipped on Thursday, pulled down as the dollar remained strong following comments from Federal Reserve Chairman Jerome Powell that fanned concerns hikes in U.S. interest rates.
