USDINR
On Tuesday, USDINR likely to commence between 81.95 – 82.05 levels as dollar edged higher and the UK pound was near a 14-month peak as investors digested a slew of monetary policy decisions by central banks last week and looked ahead to a crunch decision by the Bank of England on Thursday.
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USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 82.15 (82.01 – 81.89) 81.77
THE FX MARKET
Currency market moves have been dominated by central bank efforts globally to curb high inflation, with the dollar index sliding to its biggest weekly fall since January last week after the U.S. Federal Reserve skipped a rate rise.
The pound is changing hands near 14-month highs against the dollar on expectations UK rate rises will outpace other major economies. The pound edged down 0.2% at $1.2799.
Investors expect the Bank of England to hike rates by at least 25 basis points when it meets on Thursday, as it battles inflation running at more than four times its target.
Most Asian currencies fell amid growing uncertainty over U.S. monetary policy and interest rate hikes, with the Chinese yuan retreating ahead of a widely expected rate cut this week.
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