USDINR
On Tuesday, USDINR is likely to commece bewteen 81.75 – 81.85 levels as dollar gained against after data showed that U.S. services industry activity unexpectedly picked up in November, prompting speculation the Federal Reserve may lift interest rates more than recently projected.
Oyo Hotels and Homes Pvt Ltd said it is cutting 600 jobs in its corporate and technology departments. India's IPO-bound Oyo will cut 10% of its 3,700-employee base, while at the same time hiring 250 people, it said in a statement.
India's ruling Bharatiya Janata Party (BJP) is set to win a comfortable majority in Prime Minister Narendra Modi's home state of Gujarat, three exit polls showed on Monday, cementing the party's fortunes ahead of national elections due in 2024.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL FOR MID-TERM
INTRADAY RANGE – 82.65 (82.05 – 81.45) 80.85
THE USA DATA
The Institute for Supply Management its non-manufacturing PMI increased to 56.5 last month from 54.4 in October, indicating that the services sector, which accounts for more than two-thirds of U.S. economic activity, remained resilient in the face of rising interest rates. Economists polled by Reuters had forecast the non-manufacturing PMI slipping to 53.1.
The upbeat reports have raised optimism the economy could avoid recession next year, with growth just slowing sharply, while also spurring speculation about how high rates will rise.
THE PHILIPPINE
Philippine consumer prices rose more than expected in November, taking the annual increase to a 14-year high of 8.0%, the statistics agency, exerting more pressure on the central bank to stay on its monetary tightening path.
The Philippine central bank last month delivered a second consecutive 75-basis-point interest rate hike and its governor, Felipe Medalla, flagged another, but possibly smaller, rate increase at the Dec. 15 meeting, in step with the U.S. central bank's policy moves.
THE BOJ CHIEF
Bank of Japan Governor Haruhiko Kuroda said it was premature to debate the chance of reviewing the bank's monetary policy framework as more time will be needed to sustainably achieve its 2% inflation target.
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