USDINR
On Thursday, The Rupee likely to commence between 82.00-82.10 levels against greenback as dollar slid after the Federal Reserve held interest rates steady.
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USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - SELL ON UPSIDE
INTRADAY RANGE – 82.47 (82.21 – 81.95) 81.69
THE FED
The rate-setting FOMC in a unanimous policy statement issued at the end of its latest two-day meeting, "holding the target (interest rate) range steady at this meeting allows the committee to assess additional information and its implications for monetary policy."
While signalling more rate increases, Fed Chair Jerome Powell said in a press briefing that the U.S. central bank was not so far away from its target on the benchmark fed funds rate.
Officials now expect the fed funds rate to top out at 5.6% this year, implying two more 25 bps increases in 2023, up from the 5.1% estimate in the last set of forecasts released in March.
THE MAJOR CENTRAL BANK
The ECB rate decision is up next on Thursday, with markets pricing in a 25 BPS hike and another in July before a pause for the rest of the year.
The BOJ due to announce a monetary policy decision on Friday, is expected to maintain its ultra-dovish stance and yield curve control settings.
THE OIL
Crude prices fell almost 2%, clawing back most of their gains from the previous session, after data showed crude stockpiles grew seven times more than expected last week.
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