USDINR
On Tuesday, The domestic unit (Rupee) likely to commence in range bound at 83.20-83.30 levels against greenback as Federal Reserve's hawkish outlook that has led to an increase in Treasury yields and a strengthening of the greenback.
USDINR TECHNICAL
Day Trend: - HOLD
Weekly Trend: - HOLD
INTRADAY RANGE – 83.33 (83.26 – 83.19) 83.12
THE JAPANESE YEN
The yen strengthened sharply against the dollar, leading some market participants to believe Japanese policymakers had intervened to support the currency, although others said the size of the move was not convincing enough. Dollar break above the 150 level for the first time since October 2022, before tumbling to a low of 147.30 as the yen surged.
THE OIL PRICE
Oil rose in early Asian trade on Wednesday, supported by tightening global crude supply ahead of a panel meeting of OPEC+ ministers. The Organization of the Petroleum Exporting Countries and allies, or OPEC+, is expected to keep output policy unchanged when it meets on Wednesday, after members Saudi Arabia and Russia extended output cuts to the end of the year.
THE GOLD
The selloff in gold slowed the first time in nearly two weeks on Tuesday after the yellow metal hit a new 7-month low on the back of the virtually non-stop surge in Treasury yields and the dollar’s accompanying surge to 11-month highs.
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