USDINR
The domestic unit stuck in range bound, there is strong possibility USDINR trying to built-up base near 81.85 – 81.95 levels for short to medium term. The pair likely to start fresh week between 81.95 - 82.05 levels despite dollar trading two week high.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 82.16 (82.04 – 81.92) 81.80
THE FOREX MARKET
The dollar and euro made firm starts on Monday to a week full of central bank meetings, while the yen was struggling as investors expect the Bank of Japan will be the odd one out as policymakers hike rates in Europe and the United States.
The yen had dived on the dollar and crosses last week following a Reuters report that the Bank of Japan was leaning towards keeping its yield curve control policy unchanged, though volatility gauges have spiked as the meeting looms as a risk.
The ECB is also expected to be near the end with the German technical recession easing and growth holding elsewhere.
The kiwi, which broke below its 200-dma on Friday. It is under pressure as the central bank believes it is finished hiking rates and export prices have dragged as China's post-pandemic recovery has disappointed.
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