USDINR
On Friday, USDINR is most likely to commence session with a weaker note between 74.65 – 74.75 as the greenback fell heavily on Thursday to an over two-week low as central banks play catch-up with the Federal Reserve while, at the same time, Fed officials have dialled back uber hawkish rhetoric.
ECB was "very unlikely" to raise rates this year, Lagarde said it would assess conditions very carefully and be "data-dependent". This leaves March as a key meeting where the ECB could signal an even more hawkish stance. Eurozone money markets are currently pricing an 80% chance of a 10 bps hike in June and an almost 100% chance of 40 bps of hikes by year-end, from a 90% chance of 30 bps hikes before Lagarde's press conference.
Bank of England raised interest rates to 0.5% and nearly half its policymakers wanted a more significant increase to contain rampant price pressures.
Day Trend: - BUY ON DIP
INTRADAY RANGE – 75.04(74.86 – 74.69)74.52
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