USDINR
We are expecting The Rupee very much likely commence on Thursday session with a weaker note between 76.70 -76.80 levels as the greenback hit a five-year high before the Federal Reserve next week is expected to hike rates, while the euro weakened on growth concerns after Russia cut off gas supplies to parts of the region.
THE DOLLAR IS THE KING
The dollar has gained on expectations that the U.S. central bank will be more hawkish than its peers. The Fed is expected to increase rates by 50 basis points at its May 3-4 meeting, as well as in June and July.
The greenback has also benefited from global growth concerns as Europe struggles with the fallout from Russia’s invasion of Ukraine and China enacts lockdowns in a bid to stem the spread of COVID-19.
Concerns over Chinese growth added to demand for the dollar, and further dented the outlook for other countries that are more exposed to the world's second-largest economy.
THE EUROPE
The euro fell 0.84% to $1.0544, the weakest since March 2017. The single currency has fallen 4.7% so far in April and is heading for its worst monthly loss in more than seven years.
Germany's economy ministry cut its economic growth forecast for 2022 to 2.2% from its late January prediction of 3.6% growth this year. French consumer confidence also fell more than expected in April.
THE CENTRAL AFRICA
The central African Republic has adopted bitcoin as an official currency, the presidency said on Wednesday, becoming the first country in Africa and only the second in the world to do so.
THE GOLD
Gold bulls backed off on Wednesday from the $1,900 support line for the yellow metal after unrelenting highs in the dollar, which revisited pandemic-era peaks.
It's been a strange month for gold which rallied towards $2,000 on seemingly little before plunging back below $1,900 on very little as well.
USDINR INTRADAY TECHNICAL
Day Trend: - BUY ON DIP.
Weekly Trend: - HOLD
INTRADAY RANGE – 76.94 (76.84 – 76.68) 76.42
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