USDINR
On Wednesday, The Rupee very much likely to commence between 78.65-78.75 levels against greenback as US dollar strengthened sharply as remarks by U.S. Federal Reserve officials hinted that more interest rate hikes are coming in the near term.
The Reserve Bank of India will hike its key interest rate on Friday, economists polled by Reuters said, but there was no consensus on the size of the move given the absence of any clear guidance from the central bank.
On Tuesday, In Asian session Indian rupee hit more than a five-week high, as under-hedged exporters dashed to cover their positions, while falling U.S. Treasury yields kept the dollar in check amid recession fears.
Zomato, the Indian food delivery company backed by China's Ant Group, is considering reorganising its management so that each of its individual businesses would have its own CEO, while the parent company would be renamed "Eternal", an internal company memo seen by Reuters said.
THE DOLLAR INDEX
On Wednesday, The U.S. dollar remained elevated following its biggest surge in three weeks against major peers overnight, with Federal Reserve officials talking up the potential for further, aggressive interest rate hikes.
U.S. Treasury yields also rebounded after House Speaker Nancy Pelosi's arrival in Taiwan was met with a strong, but not off-the-scale response by China.
USA ON TAIWAN
Pelosi's safe arrival in Taiwan, which China considers a breakaway province, prompted anger in Beijing, with warplanes buzzing the Taiwan Strait and the announcement of live-fire military drills.
GLOBAL HIGHLIGHTS
New Zealand job market tight, adding pressure for central bank
South Korea FX reserves increase in July after four months of decline
European Power Hits Record as Extreme Heat, Drought Parch Europe
U.S. job openings fall to nine-month low; labor market holds tight
China to launch 'targeted military operations' due to Pelosi visit
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 79.44 (78.97 – 78.49) 78.02
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