USDINR
Happy New Year everyone, USDINR is likely to commence on Wednesday between 82.75 – 82.85 levels as dollar climbed strongly ahead of the week's key economic data.
On Tuesday ,The Indian rupee declined against the U.S. currency, fuelled by the dollar's surge versus its major peers and importer hedging, though the Reserve bank of India's likely intervention kept the drop short of the 83-per-dollar mark.
On Tuesday, Adani Enterprises said it will raise the amount it pays New Delhi Television Ltd stockholders who tendered their shares in the conglomerate's open offer to match what it paid the news broadcaster's founders for their stake.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 83.26 (82.98 – 82.70) 82.42
THE FED
The Fed raised interest rates by 50 basis points last month, a reduction in size after delivering four consecutive 75 basis point hikes, but has said it may need to keep interest rates higher for longer to tame inflation.
THE JPY
USD/JPY 131.06, with the yen handing back gains after climbing to a seven-month high against the dollar following the Bank of Japan's decision last month to raise its bond-yield cap.
Governor Haruhiko Kuroda has dismissed the chance of a near-term exit from the ultra-loose monetary policy, but the central bank was forced to support the yen late last year as it weakened to a 32-year low against the dollar as the U.S. Federal Reserve aggressively tightened to combat inflation.
THE EURO
EUR/USD fell 1.0563, ahead of the release of key German inflation data, which is expected to show a reduction in annual inflation to 9.1% in December, from 10.0% the prior month.
THE OIL
Oil bears thus far as tumbling China factory activity and IMF warnings of a global recession signalled pain at least in the near term for those long on the crude trade.
U.S. WTI crude for delivery in February settled down $3.33, or 4%, at $76.90 per barrel, after dropping to as low as $76.6 earlier. WTI, as the U.S. crude benchmark is known, finished 2022 up 6.7%.
HAPPY NEW YEAR🎉🎊🎇
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