USDINR
The Indian Rupee stuck in range between 83.20 – 83.40 after surpassed historical lower at 83.29-83.30 level against greenback. USDINR Pair records new all time higher level at 83.48-49 levels. We are witnessing that central bank regularly building FX reserve on higher levels despite domestic index near all time higher levels.
We are on wait watch mode until unless pair price shows comprehensive direction. FX trader at Monex USA in Washington said the increased chances of earlier rate cuts by the Fed in 2024 compared with the European Central Bank and the Bank of England are "combining to pressure the dollar today."
USDINR TECHNICAL
Day Trend: - HOLD
Weekly Trend: - HOLD
INTRADAY RANGE – 83.45 (83.26 – 83.07) 82.88
THE DOLLAR INDEX
U.S. dollar slid against most major currencies, with a measure tracking the greenback's value on track for its biggest monthly drop in a year, weighed down by expectations that the Federal Reserve could start cutting interest rates by the first half of next year.
THE OIL PRICE
Oil prices fell, with the Brent benchmark dipping below $80 a barrel as investors awaited this week's OPEC+ meeting and expected curbs on supplies into 2024.
Higher crude stockpiles in the United States have also put downward pressure on prices, analysts said. However, four analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to Nov. 24.
THE GOLD
Gold prices came close to a one-month high, rising past key levels as caution before a string of key economic readings fed safe haven demand for the yellow metal.
Weakness in the dollar, amid growing bets that the Federal Reserve was done raising interest rates, also benefited the yellow metal, as did signs of weakening economic conditions across the globe.
Comments