USDINR
On Thursday, USDINR is very much likely to commence between 83.00 – 83.10 levels as the dollar bounced from two-week lows as benchmark 10-year Treasury yields rose to 14-year highs, while sterling weakened after hotter-than-expected UK consumer price inflation fueled concerns about a deeper recession.
Unless RBI comes in again, no level is sacrosanct.
On Wednesday, The Indian rupee slipped past the 83 per US dollar mark for the first time as surging US Treasury yields prompted a broad rally in the greenback. The rupee closed at a record low of 83.02 against the greenback, down 6650 paise or 0.81% from the last close of 82.36.
USDINR INTRADAY
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 83.52 (83.27 – 82.53) 82.05
THE US TREASURY YIELDS
Treasury yields resumed their march higher as investors maintained expectations that the Federal Reserve will continue to aggressively raise interest rates to bring down soaring inflation, boosting demand for the U.S. currency.
The 🇺🇸 central bank is expected to lift rates by another 75 basis points when it meets on November 1-2, with an additional 50 or 75 basis point increases also likely in December.
THE UK ECONOMY
Investors expect sterling to remain under pressure amid an outlook for rising inflation and a recession in Britain which could lead the Bank of England to increase rates by 75 basis points rather than 100 bps at its November meeting.
🇬🇧 economy remains relatively murky, with ballooning borrowing costs, soaring consumer prices and a government in chaos with its credibility shot to bits unlikely to inspire much confidence.
THE JAPAN
🇯🇵 Finance Minister Shunichi Suzuki said on Wednesday that he was checking currency rates "meticulously" and with more frequency, local media reported.
Japan's finance ministry and the central bank to step into the market again, as the currency pair pushes toward the key psychological barrier at 150. A cross of 145 a month ago spurred the first yen-buying intervention since 1998 to prop up the currency.
Now it seems GOD only protect RUPEE 😁😁😁😁
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