USDINR
The Rupee most likely to commence between 79.95 – 80.05 levels against greenback as dollar bounce back ahead of ECB monetary policy. The rupee has lost over 7% of its value in 2022 and weakened past the psychological level of 80 per U.S. dollar, but the source said the fall would have been far bigger if the Reserve Bank of India (RBI) had not stepped in to stem the decline.
India's central bank is prepared to sell a sixth of its foreign exchange reserves to defend the rupee against a rapid depreciation after it plumbed record lows in recent weeks, a senior source aware of the central bank's thinking told Reuters.
THE DOLLAR
On Thursday, The U.S. dollar rose against the euro , but its gains were capped as traders were hesitant to drive big moves ahead of a crucial European Central Bank policy decision later on the day.
EUROPE AND RUSSIA
The European Union told member states to cut gas usage by 15% until March as an emergency step after President Vladimir Putin warned that Russian supplies sent via the biggest pipeline to Europe could be reduced further and might even stop.
THE ITALY
The Italian Prime Minister Mario Draghi won a confidence motion in the upper house Senate on Wednesday, but three main coalition parties refused to take part in the vote, effectively torpedoing his administration.
THE CRYPTO
The Bitcoin was about 0.36% higher at $23,340 on pace for its third straight day of gains, as traders bet the recent bout of weakness that had engulfed the market was over.
USDINR TECHNICAL
Day Trend: - BUY ON DIP (Short Term)
Weekly Trend: - HOLD
INTRADAY RANGE – 80.35 (80.11 – 79.95) 79.86
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