THE USDINR
It’s not good Friday , We are expecting USDINR commence session with firm note between 76.50 -76.60 levels as overnight greenback hit a 20-year high against a basket of currencies on Thursday as a sharp stocks selloff boosted demand for the safe-haven currency. US market fall drastically overnight (-1000 points).
THE BANK OF ENGLAND
The Bank of England raised interest rates by 25 bps (1% Vs .75%) to their highest since 2009 but warned that the economy was at risk of recession. Sterling fell to its lowest level since June 2020 as central bank dovish note, last traded price 1.2345 its negative 2.25%.
THE EURO
The single currency has fallen as the region struggles with weaker growth and energy disruptions due to sanctions imposed on Russia after its invasion of Ukraine.
It fell to $1.0533, down 0.95%, and is holding just above a five-year low of $1.0470 reached last Thursday.
The euro was also dented after German data showed that industrial orders in March suffered their biggest monthly drop since last October.
THE RUSSIA AND CHINA PAYMENT SYSTEM
The Chinese and Russian central banks will discuss the use and promotion of their respective national payment systems in both countries, Beijing's envoy to Moscow told the TASS news agency in an interview published on Thursday.
The ambassador said China would make use of a clearing bank for operations in yuan on Russian territory to ensure the sustainable development of national trade, which Russia expects to reach $200 billion by 2024.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 76.85 (76.54 – 76.22) 75.91
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