USDINR
On Friday, The Rupee is likely to commence the session with a weaker note between 76.20 -76.30 levels after yesterday's smart move up to 76.0850-76.0950 levels against the greenback. USDINR pair seems to find some support after the dollar rose from a one-week low after Federal Reserve Chair Jerome Powell all but confirmed a half a percentage-point tightening at the policy meeting next month, including consecutive rate increases this year.
THE POWELL (FED)
Powell said a half-point interest rate increase will be "on the table" when the Fed meets on May 3-4 to approve the next in what is expected to be a series of rate increases this year.
Fed funds futures have started to price in bets of three straight 50 basis-point hikes starting with next month's policy meeting, with an implied rate of about 2.71% in December.
THE ECB
The euro slid from a more than one-week high after European Central Bank President Christine Lagarde said the ECB may need to cut its growth outlook further as the fallout from Russia's invasion of Ukraine weighs on households and businesses.
Money markets, which had eased rate hike bets following last Thursday's ECB meeting, were now pricing in a more than 20 basis-point (bps) rise by July and over nearly 80 bps of tightening by year-end.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 76.62 (76.34 – 76.06) 75.78
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