USDINR
On Tuesday, USDINR is most likely to commence between 79.85 – 79.95 levels as Dollar eases off of 20-year high as euro boosted by rates view, On Last session (Monday) The rupee surpasses all-time lows 80.05/06 levels and hit 80.12/13 levels against greenback on dollar surge after hawkish comment in Jackson hole by Powell.
The rupee closed at 79.96 per U.S. dollar, down from 79.86 in the previous session. The local currency had dropped to a record low 80.12/13 earlier in the day before the RBI sold the dollar to boost the rupee. The intervention by the Indian central bank was confirmed by three traders to Reuters.
USDINR TECHNICAL
Day Trend: - UPSIDE SELL
Weekly Trend: - HOLD
INTRADAY RANGE – 80.27 (80.06 – 79.85) 79.64
MONEY MARKET
Money markets ramped up bets for a more aggressive Fed rate hike in September, with the chances of a 75 basis point hike now seen around 70%. U.S. Treasury yields soared, with two-year bond yields hitting a 15-year high at around 3.49%.
ECB TALK
The euro clawed higher, helped by comments from a European official that pointed to a possible 75-basis-point hike at the Sept. 8 ECB meeting.
ECB board member Isabel Schnabel warned on Saturday that central banks risk losing public trust and must act forcefully to curb inflation, even if that drags their economies into a recession.
YUAN
The Yuan plummeted over 0.605% to 6.9162, hitting its weakest level in 2 years. Data over the weekend showed Chinese industrial profits declined through July, indicating more weakness in the country’s economy.
HAPPY TRADING
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