USDINR
Happy Friday, The Rupee is most liley to commence session between 81.50 – 81.60 levels as dollar rose on Thursday as U.S. Treasury yields increased and investors eyed hawkish comments from Federal Reserve officials, while the British pound fell as investors were left unimpressed by the UK government's latest budget.
SoftBank Group Corp on Thursday sold a 4.5% stake in Indian digital payments giant Paytm through block deals for $200 million, sources told Reuters, leading to a sharp fall in the shares of the Indian company.
USDINR TECHNICAL
Day Trend: - BUY ON DIP ( 4 TO 8 WEEKS )
Weekly Trend: - HOLD
INTRADAY RANGE – 81.92 (81.69 – 81.47) 81.24
THE USA DATA
Dollar stabilized in early asian session, after early gains as strong U.S. retail data and hawkish comments by Federal Reserve officials cast doubt about the U.S. central bank pausing interest rate hikes in the near future.
U.S. data, showed October retail sales rose 1.3%, more than expected, suggesting that the U.S. economy was holding up despite soaring inflation, denting hopes for a pause in rate increases.
THE YUAN
USD/CNY rose above 7.13, with the yuan hit by waning hopes that the country will ease back with its severe COVID-19 restrictions as the number of daily cases grew at its fastest pace in seven months this week.
THE OIL
Oil prices fell more than 3%, with demand squeezed by mounting COVID-19 cases in China and fears of more aggressive hikes in U.S. interest rates.
HAPPY WEEKEND🍕🏠🎉!!
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