USDINR
Happy Friday, Every day rupee delivers new lower levels against the greenback it seems the Indian central bank closely tracking the Chinese Yuan movement which is trading above 7.25 levels against the greenback, but it is surprising that why doesn’t the central bank think about inflation. When we let the domestic currency depreciate that leads import foreign inflation despite internal inflation already rock high.
We are expecting USDINR to commence Friday's session between 82.85-82.95 levels as US Federal Reserve is expected to continue raising interest rates as inflation remains stubbornly high, with some forecasting its benchmark overnight interest rate to peak above 5%. The rate is currently in the 3.00%-3.25% range.
On Thursday, USDINR hit a new high at 83.29/83.30, after that it seems the central bank intervene and take pair down to 82.75/76 levels.
USDINR INTRADAY
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 83.50 (83.12 – 82.53) 82.32
THE YEN
The Japanese currency dipped sharply from an interim high of 150.09 reached in overnight trading, tumbling to 149.63 within a minute, which raised speculation that the Ministry of Finance and Bank of Japan might be making stealth interventions at key levels.
The yen rebounded to hit new 32-year highs in afternoon trading in New York, however, getting as high as 150.25. It last traded at 150.18.
THE POUND
The British pound turned lower on the day after Truss said she would resign as prime minister. She was brought down by the announcement of an economic program that sent shockwaves through the markets and divided her Conservative Party just six weeks after she was appointed.
The pound rallied ahead of the resignation announcement and later hit session highs, before changing course and turning lower. It was last down 0.05% on the day at $1.1206.
Wish you all very happy deepawali... Happy weekend
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