FX TUESDAY:- RUPEE WEAKER, DOLLAR DOWN, EURO UP, STERLING STABLE!!

USDINR

On Tuesday, USDINR likely to commence session within between 81.40 – 81.50 levels as Indian government will borrow a record $198 billion in the fiscal year to March 2024, according to a Reuter’s poll of economists, who said infrastructure spending and fiscal discipline ought to be its highest budget priorities.

USDINR TECHNICAL

Day Trend: - BUY ON DIP

Weekly Trend: - BUY FOR LONG TERM

INTRADAY RANGE – 82.34 (81.73 – 81.12) 80.51

THE DOLLAR

The dollar slipped against the euro, at one point hitting a fresh 9-month low, as the common currency found support from European Central Bank officials' comments signalling additional jumbo interest rate rises in Europe.

THE ECB

The ECB will keep raising interest rates quickly to slow inflation which remains far too high, ECB President Christine Lagarde said, largely repeating the bank's most recent policy guidance.

• The euro's early gains were aided by comments from European Central Bank governing council members Klaas Knot and Peter Kazimir, who both advocated for two more 50 basis point hikes at meetings in February and March.

THE STERLING

Sterling retreated from a seven-month high against the dollar hit having been helped last week by data showing the British economy was performing better than feared, which also drove expectations of more interest rate hikes.

THE BITCOIN

The Bitcoin was little changed on the day at $22,849, steadying after having jumped by about a third in value since early January, as investors shook off pessimism following the high-profile collapse of the FTX crypto exchange FTX.