USDINR
Happy Friday, The domestic currency is most likely to commence within range between 81.60 – 81.70 levels as dollar extended losses after the minutes from the Federal Reserve's November meeting supported the view that the central bank would downshift and raise rates in smaller steps from its December meeting.
On Thursday, India's main indexes closed at record highs, powered by a rally in shares of IT companies and public sector banks, with sentiment bolstered by signals the U.S. Federal Reserve may slow the pace of interest rate hikes.
On Thursday, Amazon Inc said it would shut down its online learning platform for high-school students in India less than two years of its launch, without citing a reason. The Amazon Academy platform, launched early last year amid a boom in virtual learning during the COVID-19 pandemic, offered coaching for competitive exams including Joint Entrance Examination (JEE), which allows entry into top engineering colleges across India.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 81.94 (81.76 – 81.58) 81.40
THE EURO
The euro held onto gains after the account of the European Central Bank's October meeting showed policymakers feared that inflation may be getting entrenched, justifying their outlook for further rate hikes.
THE YUAN
The yuan volatile after Chinese state media quoted the cabinet as saying that Beijing will use timely cuts in banks' reserve requirement ratio (RRR), alongside other monetary policy tools, to keep liquidity reasonably ample.
THE HONG KONG DOLLAR
Hong Kong dollar has been pinned near the weaker end of its band, although it has lifted a bit in recent weeks as markets start to price a peak in U.S. rates. It was last at 7.8102 per dollar.
THE UKRAINE
Ukraine's Finance Minister Serhiy Marchenko has said more Western support is needed to help it meet its growing reconstruction costs following this week's escalation of Russian missile attacks.
Every Financial Market Follow the cycle!!
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