USDINR
On Thursday, USDINR is most likely to commence session within range of 79.35 – 79.45 levels as Oil prices eased but dollar on the front foot on early trade in Asia after minutes from the Federal Reserve's July meeting pointed to U.S. interest rates staying higher for longer to bring down inflation.
On Wednesday, The Indian rupee's gains against the U.S. currency are likely to be stalled by dollar outflows by corporates and the U.S. Federal Reserve's hawkish outlook. The rupee finished session at 79.44 per U.S. dollar, up from 79.6550 on Friday. The local currency had opened at 79.27.
FED MINUTES
Federal Reserve officials saw "little evidence" late last month that U.S. inflation pressures were easing, the minutes showed. The minutes flagged an eventual slowdown in the pace of hikes, but not a switch to cuts in 2023 that traders until recently had priced in to interest-rate futures.
OIL PRICE
On Thursday, Oil prices eased reversing course from the previous session, as rising output from Russia and worries about a potential global recession weighed on futures.
In supply, Russia has started to gradually increase oil production after sanctions-related curbs and as Asian buyers have increased purchases, leading Moscow to raise its forecasts for output and exports until the end of 2025, an economy ministry document reviewed by Reuters showed.
USDINR TECHNICAL
Day Trend: - BUY ON DIPS
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 79.74 (79.53 – 79.31) 79.10
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