THURSDAY FX OUTLOOKS:- RUPEE WEAKER, FED HAWKISH!!

USDINR

On Thursday , USDINR likely to commence between 83.15 – 83.25 level as dollar edged higher after the Federal Reserve held interest rates steady but stiffened its hawkish stance with a further rate increase projected by the end of the year.

USDINR TECHNICAL

Day Trend: - HOLD

Weekly Trend: - HOLD

INTRADAY RANGE – 83.44 (83.23 – 83.01) 82.80

THE FED

Fed Chair Jerome Powell said that while some things are out of the central bank's control, there is a good chance the Fed's aggressive rate hikes will not send the economy into a downturn.

Fed policymakers at the median still see the central bank's benchmark overnight interest rate peaking this year in the 5.50%-5.75% range, just a quarter of a percentage point above the current range.

But from there, the Fed's updated quarterly projections show rates falling only half a percentage point in 2024 compared with the full percentage point of cuts anticipated at the meeting in June.

Interest rate sensitive two-year Treasury yields hit 17-year highs on Wednesday after the Fed decision.