USDINR
On last trading session (Thursday) market had witnessed any comprehensive USDINR fall there is strong buying sentiment despite dollar as well as oil corrected. We are expecting USDINR commenced Friday session between 79.60 – 79.70 levels despite bearish bets on emerging Asian currencies eased on hopes that monetary tightening will cool red-hot inflation, with short bets on the Thai baht falling sharply after the first rate hike in the country in nearly four years.
INDONESIA
The Indonesian rupiah also featured among the least shorted currencies, as the country's economy remains on track for recovery but rising inflation and global recession risks have prompted calls for Bank Indonesia (BI) to hike interest rates.
Indonesia, Southeast Asia's largest economy, is one of the last countries in the region to maintain its pandemic-era loose monetary policy.
FX ASIA
Short bets on the Indian rupee, the South Korean won and the Taiwan dollar eased to their lowest level since April 21.
The Asian currency positioning poll is focused on what analysts and fund managers believe are the current market positions in nine Asian emerging market currencies: the Chinese yuan, South Korean won, Singapore dollar, Indonesian rupiah, Taiwan dollar, Indian rupee, Philippine peso, Malaysian ringgit and the Thai baht.
USDINR TECHNICAL
Day Trend: - BUY IN DIPS
Weekly Trend: - HOLD
INTRADAY RANGE – 80.39 (79.88 – 79.38) 78.87
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