USDINR
On Tuesday, USDINR is likely to commence session between 82.60 – 82.70 levels as dollar muted in early Asian session, with the yen in demand following a report that the Japanese authorities could be set to adjust the country's inflation target.
On Monday, The Indian rupee rose against the dollar as the greenback declined against its major peers, while forward premiums added to last week's surge. The rupee last traded at 82.6950 per U.S. dollar, up from 82.87 in the previous session.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL FOR MIDTERM
INTRADAY RANGE – 83.04 (82.78 – 82.52) 82.26
THE BOJ
The BoJ holds its final meeting for the year early Tuesday and is widely expected to hold interest rates at the current ultra-low levels. However, any commentary on a possible shift in tone will be closely watched.
THE MAJOR CENTRAL BANK
The Federal Reserve, the European Central Bank, the Bank of England and the Swiss National Bank, among others, raised interest rates by 50 basis points last week, and hinted at further hikes ahead with inflation remaining highly elevated.
THE RUBLE
The ruble slumped to its weakest point in more than seven months against the dollar and was on course for its biggest single day drop since July amid fears that sanctions on Russian oil will hit the country's export revenue.
The ruble has dropped almost 10% in December. That weakening stems from concerns that an oil embargo and price cap will reduce Russia's oil export revenues, increasing the budget deficit as imports gradually recover.
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