USDINR
On Friday, The domestic unit (Rupee) is likely to commence with weaker note between 82.75 – 82.85 levels against greenback as dollar soared on Thursday, led by strong gains against the yen, sterling, and commodity currencies, as investors fretted about the risk of recession with the Federal Reserve likely to raise interest rates well into next year.
India's current account deficit likely rose to its highest in nearly a decade in the July-September quarter as elevated commodity prices and a weak rupee stretched the trade gap even further.
On Thursday, The rupee last traded at 82.7850/7950 to the dollar, down from 82.3975 in the previous session. Dollar sales by a large foreign bank had briefly lifted the local currency to near 82.40, according to traders.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL FOR MIDTERM
INTRADAY RANGE – 83.36 (82.99 – 82.62) 82.25
THE UK
The BOE raised rates by 50 basis points as widely expected following an unprecedented 75-basis point hike in November.
The pound extended losses and short-dated UK government bonds edged higher after the Bank of England slowed the pace of tightening as the economy enters a recession.
The nine-member Monetary Policy Committee split three ways on the decision as officials tried to balance the risk of inflation getting entrenched against squeezing too hard on growth.
THE OIL
Oil prices slid about +2% as traders worried about the fuel demand outlook due to a stronger dollar and further interest rate hikes by global central banks.
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