USDINR
On Thusday, USDINR is very much likely to commence between 81.35-81.45 levels as dollar was supported by stronger-than-expected U.S. retail sales data as investors also looked for clues from Federal Reserve speakers on the path for interest rates.
On Wednesday, A government order said “India has raised a windfall tax on crude oil to 10,200 Indian rupees ($125.22) per tonne from 9,500 rupees per tonne”.India has also cut export tax on diesel to 10.50 rupees per liter from 13 rupees per liter, the order said.
USDINR TECHNICAL
Day Trend: - BUY ON DIP ( 4 TO 8 WEEKS )
Weekly Trend: - HOLD
INTRADAY RANGE – 81.87 (81.52 – 81.18) 80.83
THE POLAND CONCERN
Euro gained against the greenback and the yen as geopolitical concerns eased after Poland and NATO said on Wednesday that Tuesday's explosion, which killed two in Poland, was probably from a stray missile from Ukraine's air defenses and not an intentional Russian strike.
THE BRITISH BUDGET
On Thursday, Britain is set to announce a new budget with expectations for tax hikes and spending cuts. The pound fell to a record low of $1.0327 in September after finance minister Jeremy Hunt's predecessor Kwasi Kwarteng announced a package of unfunded tax cuts.
THE USA DATA
On Wednesday, the Commerce Department said that October retail sales rose 1.3% compared with economist expectations for 1.0%, with estimates ranging from a 0.1% drop to a 2.0% jump.
U.S. data had suggested last week's cooler-than-expected consumer price inflation was not a one-off, fueling hopes that the U.S. Federal Reserve can slow aggressive rate hikes that had sent the dollar soaring against the pound, euro and yen this year.
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