4/13/2023 0 Comments Usd to rupee![]() If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author will not be held responsible for information that is found at the end of links posted on this page. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. It also does not guarantee that this information is of a timely nature. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. You should do your own thorough research before making any investment decisions. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. ![]() Information on these pages contains forward-looking statements that involve risks and uncertainties. Technical analysisĪ clear downside break of the 50-DMA, around 79.65 by the press time, directs USD/INR bears towards the monthly low marked in the last week near 79.28. Moving on, the last lot of Fedspeak ahead of the blackout period, starting from this weekend, will be important to watch for USD/INR traders for clear directions. ![]() It should be noted that India’s BSE Sensex also rises 0.50% to please bulls. That said, WTI crude oil prices rise 1.25% to $83.35 during the two-day rebound from the eight-month low.Īmid these plays, the US 10-year Treasury yields remain sidelined near 3.32%, after a positive day, whereas the S&P 500 Futures traces Wall Street’s gains around 4,010. In addition to the hawkish central bank plays, firmer oil prices also challenge the USD/INR bears due to India’s heavy reliance on oil imports. Also hawkish was the European Central Bank (ECB) which announced a 0.75% rate hike and President Christine Lagarde showed readiness for more such moves to tame inflation. On the same line was Chicago Fed Chairman Charles Evans who favored a 0.75% rate hike for September. "We think by our policy moves we will be able to put growth below trend and get labor market back into better balance," added Fed’s Powell. On the contrary, the Wall Street Journal’s (WSJ) piece challenges the optimism a bit by suggesting further hardships for China’s technology companies.įed Chairman Jerome Powell said on Thursday that they need to act forthrightly and strongly on inflation, as reported by Reuters. Recently firmer US data and hopes that the global central bankers will be able to overcome inflation-led blow with a holistic approach and higher rates also seemed to have favored the market’s mood. In doing so, the greenback gauge fails to cheer hawkish comments from Fed Chair Jerome Powell, published the previous day, while justifying the market’s firmer sentiment.Ĭomments from US Treasury Secretary Janet Yellen, signaling likely positive change in the US-China trade ties, seemed to have helped the market sentiment of late. That said, the US Dollar Index (DXY) prints the biggest daily loss in a month while refreshing the one-week bottom around 108.75 by the press time. In doing so, the Indian rupee (INR) pair cheers the broad US dollar weakness, as well as upbeat sentiment in Asia. USD/INR takes offers to refresh the weekly low around 79.57 during the initial hour of the Indian trading session on Friday. Recovery in oil prices, hawkish Fedspeak could restrict downside moves amid a light calendar. ![]()
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