USDINR
On Friday , USDINR is likely to commence within range bound between 79.80 – 79.90 levels as dollar index slipped while the euro was steady in choppy trading as investors awaited Federal Reserve Chairman Jerome Powell's speech for further clues about the pace of the U.S. central bank's rate hikes.
Indian television company NDTV pursued an independent line critical of the government even as others embraced strident nationalism. Now a proposed takeover by tycoon Gautam Adani's conglomerate has raised fears that one of the country's last bastions of free media is under threat.
Indian shares reversed course to close lower, dragged down by tech and the expiry of monthly derivative contracts, while investors waited for clues on future rate hikes in the U.S. from a key central bank event.
USDINR TECHNICAL
Day Trend: - UPSIDE SELL
Weekly Trend: - HOLD
INTRADAY RANGE – 80.00 (79.91 – 79.82) 79.73
EURUSD
The euro/dollar's direction this week has largely been driven by soaring natural gas prices, which are correlated with a weaker euro because of the region's dependence on gas for its energy needs. That, plus worries about the global economy had sent investors into dollars earlier this week.
YUAN
china's yuan also rebounded from a two-year low against the dollar as official guidance was set at a firmer-than-expected level. Market participants said the guidance could be a sign that authorities are becoming increasingly uncomfortable with rapid losses in the yuan, which has fallen about 1.6% against the dollar so far in August.
ASIAN FX
Asian currencies rose slightly, benefiting from weakness in the dollar as traders awaited more cues on monetary policy from Federal Reserve Chair Jerome Powell this week.
HAPPY TRADING & JOYFUL WEEKEND
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