USDINR
On Friday, The domestic unit is very much likely to commence between 82.70 – 82.80 despite dollar gained against major currencies after Federal Reserve Chair Jerome Powell signalled U.S. interest rates will likely peak at a higher level than markets expected, while sterling fell after the Bank of England raised rates but warned of a "very challenging outlook."
The Reserve Bank of India's monetary policy committee met on Thursday to discuss the bank's report to the government for having failed to meet its inflation targets for three straight quarters for the first time since it was set up in 2016.
Activity in India's dominant services industry gathered pace in October despite high inflationary pressures, underpinned by robust domestic demand, leading to the second fastest hiring pace in over three years, a private survey showed.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 83.09(82.89 – 82.69)82.49
THE BANK OF ENGLAND
The central bank forecasts inflation will hit a 40-year high 11% during the current quarter, but it pushed back against expectations for further steep rate hikes. The bank said Britain has already entered a recession that could potentially last two years, longer than during the 2008-09 financial crisis.
The BoE lifted UK interest rates to 3% from 2.25% in its largest single increase since 1989, as it battles the twin forces of a slowing economy and red-hot inflation.
THE YUAN
China will keep the yuan currency stable and increase flexibility of the yuan exchange rate, the central bank governor said.
THE TWITTER
Elon Musk has directed Twitter Inc teams to find up to $1 billion in annual infrastructure cost savings, according to two sources familiar with the matter and an internal Slack message reviewed by Reuters, raising concerns that Twitter could go down during high-traffic events like the U.S. midterm elections.
Happy weekend🍕🏠🎉
Comments