USDINR
USDINR is stuck in a tight range between 77.70 – 77.40 from a couple of days, any side break out gives short term direction. We are expecting the Rupee likely to commence the Thursday session between 77.45 – 77.55 levels as the greenback trading in defensive mode despite the FED minutes May meeting showing that most participants believed 0.50% rate increases would likely be appropriate in June and July.
India has no immediate plans to lift a ban on wheat exports, but will continue with deals which are done directly with other governments, Commerce Minister Piyush Goyal told Reuters.
India's retirees feeling the pinch as inflation surges, Some older people are putting off retirement, Saving rates have dropped as people withdraw more money, Government vows to help, but state pensions are tiny
THE FED MINUTES
All participants at the May 3-4 policy meeting backed the Fed's 50 basis point rate increase this month to combat inflation they agreed had become a key threat to the economy's performance and was at risk of accelerating without central bank action, the minutes of the session showed.
THE US 10 YEAR YIELDS
U.S. 10-year Treasury yields hit 3-1/2-year highs earlier in May and briefly hit six-week lows on Wednesday after data showed new orders for U.S.-made capital goods rose less than expected in April.
EURCHF
The euro also pulled back 0.34% against the Swiss franc, which has firmed in recent days after Swiss central bank officials said they would not hesitate to tighten policy if inflation stayed above target ranges.
THE RBNZ
Reserve Bank of New Zealand became the latest central bank to raise interest rates by 0.50%. The move was expected; it also provided hawkish guidance on its policy path, noting a larger and earlier hike reduced the risk of inflation becoming persistent.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 77.74 (77.59 – 77.44) 77.29
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