USDINR
Domestic unit (Rupee) will deliver some strength in opening trader against greenback corrected from 24 years high. We are expecting USDINR commence Thursday session between 79.70 – 79.80 levels against previous closed at 79.90/91 levels.
India's August fuel consumption was little changed from the previous month, government data released on Wednesday showed, even as diesel demand dropped to the lowest this year during monsoon season in the world's No. 3 oil consumer.
On Bangladesh Prime Minister Sheikh Hasina is visiting New Delhi. , Bangladesh has sought a "predictable supply" of rice, wheat, sugar, onions, ginger and garlic from its neighbour India as well as assistance in getting the petroleum products it needs, the two sides said in a joint statement on Wednesday.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 79.97 (79.86 – 79.63) 79.43
DOLLAR
The dollar surged to a 24-year peak against the yen and a 37-year high versus sterling on Wednesday, as Japan's dovish monetary policy and Europe's economic problems contrasted with a relatively stronger U.S. economy and a hawkish Federal Reserve determined to bring down inflation to its 2% inflation target.
THE ECB
The ECB (European Central Bank) is seen likely to deliver a massive 75 bps rate hike on Thursday, but these expectations have done little to support the euro given a battered European economy and Russia's decision to keep the key Nord Stream 1 gas pipeline shut indefinitely.
THE YEN
The U.S. currency soared as high as 144.99 yen, hitting the level for the first time since August 1998. It is now within a large leap of its 1998 high of 147.43. The dollar was last up 0.9% at 144.09 yen.
At current dollar/yen levels, speculation are also growing that Japan could intervene to prop up the currency.
FX markets were most dramatic on the yen, whose tumble, even by its own recent standards, has been precipitous. Since the beginning of August, the yen has plummeted by 10.1% against the dollar.
CANADA
On Wednesday, the Bank of Canada raised interest rates by 75 bps to a 14-year high, as expected, and said the policy rate would need to go even higher as it battles raging inflation.
ALL EYES ON ECB MOVE- HAPPY TRADING!!
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