USDINR
On Tuesday, we are expecting USDINR is most likely to commence session between 79.75 – 79.85 levels as dollar gauge retreated, with the British pound and commodity-linked currencies leading gains.
India's dominant services industry grew faster than expected in August thanks to a solid expansion in demand and a continued easing in cost pressures, encouraging firms to hire at the quickest pace in more than 14 years, a private survey showed.
Reserve Bank of India Governor Shaktikanta Das said, The Indian central bank aims to anchor expectations around the depreciating rupee and will intervene to prevent an overshoot, ensuring the exchange rate reflects fundamentals.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 79.98 (79.88 – 79.78) 79.68
THE EURO
The euro sank below new 20-year low on Monday after Russia's halt to gas supplies down its main pipeline to Europe heightened fears about a deepening energy crisis across the region.
The euro slid to as low as $0.9877 in early European trade, the lowest level since 2002, before recovering to $0.993950, still 0.2% lower on the session.
THE OIL GAME
Crude has climbed to about $89.22 a barrel after OPEC+ agreed to cut 100,000 barrels a day in October. Gas prices surged in Europe on Monday, hurting the region’s shares, following Russia’s decision to keep a key pipeline offline.
THE CHINA
The offshore yuan strengthened in the wake of China’s announcement of a cut in the amount of foreign-exchange deposits banks must set aside as reserves. Officials in China also plan to speed up stimulus, stepping up support for an economy saddled with Covid lockdowns, a property slump and power shortages.
THE UK ENERGY MOVE
UK Prime Minister Liz Truss has drafted plans to fix annual electricity and gas bills for a typical UK household at or below the current level of £1,971 ($2,300). The policy could cost as much as £130 billion over the next 18 months.
LET'S MAKE SOME MONEY
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