USDINR
On start of the week, USDINR likely to be commence between 83.10 – 83.20 levels as dollar set for a fifth consecutive week of gains in its longest winning streak for 15 months, buoyed by demand for safer assets on worries over China's economy and bets that U.S. interest rates will stay high.
USDINR TECHNICAL
Day Trend: - HOLD
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 83.30 (83.19 – 83.08) 82.97
THE DOLLAR
On early Asian session the dollar began on a firm footing, following five straight weeks of gains, as investors looked ahead to Federal Reserve's Jackson Hole symposium for a guide on where rates might settle when the dust of this hiking cycle clears.
THE YUAN
The Yuan weakened against the dollar to 7.3058 in offshore trading after the PBOC set the official mid-point at 7.2004, more than 1,000 pips stronger than Reuters' estimate.
China's economic troubles have deepened, with property developer China Evergrande seeking Chapter 15 protection in a U.S. bankruptcy court. Concerns are also growing over default risks in its shadow banking sector.
THE FED MINUTES
Minutes from the Federal Reserve's last meeting showed this week that most members of the rate-setting committee continued to see "significant upside risks to inflation". Strong economic data this week, particularly retail sales, also bolstered the case for additional tightening.
THE YEN
The yen is also on intervention-watch, having fallen to levels around which authorities stepped in last year. It was steady at 145.21 per dollar in early trade.
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