USDINR
Fresh week commence with blood bath in Forex market as Dollar index trading above 20 year higher levels. On Monday USDINR most likely to commence between 81.25 – 81.35 levels as dollar is the King, There is two way for RBI to control currency depreciation that is either intervene aggressively in FX market or hike more than expected interest rate with hawkish stance.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 81.84 (81.39 – 80.88) 80.40
THE DOLLAR
The dollar stood ascendant, as the prospect of high interest rates and poor growth shakes markets.
THE STERLING
On Monday, Sterling slumped to a record low as investors piled in to dollars and out of almost everything else, spooked by the prospect of high interest rates and poor growth ahead.
The pound plunged nearly 4.95% at one point to $1.0329, breaking below 1985 lows as confidence in Britain's economic management and assets evaporated. Even after stumbling back to $1.05, the currency is down 7% in two sessions.
PREVIOUS WEEK
The stocks and bonds crumbled after the United States and half a dozen other countries raised rates and projected pain ahead. Japan intervened in currency trade to support the yen. Investors lost confidence in Britain's economic management.
WELCOME TO FOREX STORM🌪🌀
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