USDINR
Happy Friday, The domestic unit getting heat from FED minutes that support aggressive interest rate hike for calm the inflation. We are expecting USDINR commence session with frim note between 79.75 – 79.85 levels against previous closing at 79.68 – 79.69 levels.
The Reserve Bank of India said on Thursday, Inflation in India may still require a monetary policy response going forward as it remains above the target range even though it has eased in recent months.
ASIAN FX
The Indian rupee fell 0.41%, while the South Korean won lost 0.305%. The Japanese yen was unchanged around 135.08. Bucking the trend, the Philippine peso rose 0.21%, ahead of a widely anticipated interest rate hike by the central bank later in the day.
DOLLAR
The U.S. dollar index surged to a one-month high as Federal Reserve officials spoke of the need for further rate hikes, and investors re-evaluated Wednesday's minutes from the U.S. central bank's July meeting as being more hawkish than originally thought.
TURKEY
On Thursday, Turkey's central bank shocked markets by cutting its main interest rate by 100 basis points to 13%, saying it needed to keep driving economic growth despite inflation hitting nearly 80% and a monetary tightening trend among its peers worldwide.
USDINR TECHNICAL
Day Trend: - BUY ON DIPS
Weekly Trend: - HOLD
INTRADAY RANGE – 80.03 (79.84 – 79.65) 79.46
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