Weekly Currencies Fundamental Report – 5th May 2023

USDINR: In the holiday shortened last week, the Indian Rupee traded in a range bound manner to positive bias owing to controlled volatility due to low trading volumes. Also, the Asian markets traded in green which further helped the local unit. There was a brief fall in DXY and US stocks in the wake of the government’s seizure of First Republic Bank and the bank’s subsequent sale to JPMorgan Chase.