WEDNESDAY MARKET OUTLOOKS:- USDINR IN RANGE, DOLLAR HOLD, YEN UP!!

USDINR

USDINR is most likely to commence Wednesday's session between 82.25 – 82.35 levels as the dollar holds correction, shaking off some of the weakness of the previous session, but a revival in risk appetite in global financial markets kept a lid on its gains.

• Last trading session Rupee tries to deliver some constructive gain and try to hit below 82.00 levels against the greenback which is in correcting momentum but the pair get a strong bid near 82.0250/82.0350 and rally intraday up to 82.37/38 levels.

USDINR INTRADAY

Day Trend: - BUY ON DIP

Weekly Trend: - UPSIDE SELL

INTRADAY RANGE – 82.59 (82.47 – 82.13) 81.90

THE OIL

On Tuesday, U.S. President Joe Biden confirmed plans to release 15 million barrels of oil from the Strategic Petroleum Reserve (SPR) and said that the government plans to begin refilling the reserve only when crude prices fall significantly from current levels.

THE DOLLAR

The dollar found some support after data showed production at U.S. factories rising in September, led by output gains in durable and nondurable goods, indicating that the manufacturing sector remains on a reasonable footing despite the Federal Reserve's efforts to limit demand through higher interest rates.

THE UK

On Tuesday, The Bank of England said it would go ahead with plans to start selling some of its huge stock of government bonds with the first sale due on Nov. 1, a day later than previously planned to avoid clashing with a government fiscal statement.

• The British finance minister's decision to reverse most of the government's "mini-budget" prompted investors to reassess the outlook for UK interest rates.

THE YEN

The Japanese yen traded near a 32-year trough to the dollar at 149 yen, putting the major psychological barrier of 150 in focus and raising the possibility of the Bank of Japan doing more to support the battered currency after its first yen-buying intervention since 1998 on Sept. 22.

Nothing is permanent, happy trading