USDINR
On Thursday, Rupee is very much likely to commence session with firm note between at 81.55-81.65 levels as dollar fell across the board, on Wednesday after minutes from the Federal Reserve's November meeting showed that most policymakers at the central bank agreed it would soon be appropriate to slow the pace of interest rate hikes.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 81.95 (81.83 – 81.59) 81.23
THE FED MINUTES
Nov. 1-2 meeting, at which the Fed raised its key rate by three-quarters of a percent for the fourth straight time in an effort to combat decades-high inflation, showed officials were largely satisfied they could stop front-loading the rate increases and move in smaller steps.
The minutes also showed an emerging debate within the Fed over the risks the rapid policy tightening could pose to economic growth and financial stability, even as policymakers acknowledged there had been little demonstrable progress on inflation and that rates still needed to rise.
THE NZD
The New Zealand dollar hit a three-month high, after the country's central bank lifted interest rates by a record amount despite warning the economy might spend an entire year in recession.
THE RUSSIA
The Russian rouble strengthened ahead of three OFZ treasury bond auctions by the finance ministry, as the market awaited information on a price cap on Russian oil exports.
Russia has sharply increased its domestic borrowing in recent weeks after a months-long hiatus. The finance ministry sold a record volume of government debt in a single day at last week's auctions and will once again offer three papers at auctions later on Wednesday.
THE OIL
Oil prices fell more than 3%, continuing a streak of volatile trading, as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level and as gasoline inventories in the United States built by more than analysts expected.
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