USDINR
On Wednesday, The domestic unit (Rupee) is most likely to commence firm note between 82.60-82.70 levels against the greenback as the dollar weakened in the early Asian session as traders weighed the likelihood that the Federal Reserve signals a less aggressive interest rate tightening path at the end of its latest policy meeting.
USDINR INTRADAY
Day Trend: - BUY ON DIP
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 82.89 (82.79 – 82.60) 82.50
THE FED
The Fed is widely expected to deliver another 75 basis point rate hike after the conclusion of its latest policy-setting meeting on Wednesday, its fourth such increase in a row.
THE BANK OF CANADA
The Bank of Canada unexpectedly slowed its pace of rate increases last week, lifting its benchmark overnight lending rate by 50 basis points, instead of the three-quarter move expected.
THE RBA
The Reserve Bank of Australia raised interest rates by just 25 basis points earlier Tuesday, even as it hiked its inflation forecast and trimmed its GDP outlook.
THE EUROPE
EUR/USD rose 0.20% to 0.9884, with pressure remaining on the European Central Bank to continue raising interest rates, following last week’s 75 basis points hike, after Monday’s data showed Eurozone inflation came in at 10.7% in October, a new record.
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