USDINR
On Tuesday, The domestic unit (Rupee) is most likely to commence session between 81.45 – 81.55 levels against greenback as dollar, which is up sharply for the year, weakened also against other major currencies.USDINR stuck between 81.40 – 81.90 levels, near historical weak levels (81.96) Central bank come to play as well as near term firm level (below 81.50) market player come to buy.
USDINR INTRADAY TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 82.13 (82.00 – 81.47) 81.34
THE STERLING
The sterling rose against the dollar after media reports of the u-turn to its highest level since Sept. 22, the day before British Finance Minister Kwasi Kwarteng roiled markets with a new "growth plan" to cut taxes and regulation, funded by vast government borrowing.
THE YEN
The Japanese yen weakened past the 145 mark for the first time since Sept. 22, when authorities intervened to prop up the currency. Monday's fall came as finance minister Shunichi Suzuki said Japan stood ready for "decisive" steps in the foreign exchange market if excessive yen moves persisted.
The yen has been weakening due to Japan's policy of keeping interest rates pinned down at a time when they are rising elsewhere. After much speculation, authorities last month intervened in markets, spending a record of 2.8 trillion yen ($19.7 billion) to prop up the currency.
THE YUAN
Chinese authorities have rolled out an array of tried-and-true manoeuvres in recent weeks to slow the yuan's slide, showing relative success compared with other battered currencies, but analysts expect the yuan to weaken further in the months ahead with a risk of volatile gyrations along the way.
The Risk comes from Not knowing what you are doing.
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