USDINR
On Tuesday, USDINR likely to commence between 82.60 – 82.70 levels despite dollar dipped against a basket of currencies, as investors waited on key data due later this week and kept an eye out for potential intervention to shore up the Struggling Japanese currency.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 82.82 (82.69 – 82.55) 82.42
THE YEN
Bank of Japan Governor Kazuo Ueda said on Saturday that the bank will maintain the current approach to monetary policy, as underlying inflation in Japan remains "a bit below" its 2% target.
THE DOLLAR
Investors also raised bets that the U.S. central bank could hike rates again this year after Fed Chairman Jerome Powell said on Friday that further rate increases may be needed to cool still-too-high inflation, while also promising to move with care at upcoming meetings.
THE EURO
Europe is stagnating, that not only is the European Central Bank talking about tightening monetary policy further, government budgets for the next year also look like they are going to be cut.
THE YUAN
China's Yuan steadied against the dollar, buoyed by the Chinese central bank persistently setting stronger-than-expected daily-mid-points. The spot Yuan was roughly flat at 7.2905 per dollar.
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