top of page

WEDNESDAY USDINR & GLOBAL OUTLOOKS:- RUPEE IN RANGE, DOLLAR DOWN, RUSSIA ECONOMY, OIL UP!!

Writer's picture: fxmethodsfxmethods

USDINR

Welcome to Wednesday session of Indian Forex market, USDINR pair stuck in range bound near all-time high from couple of days, We expect pair likely to commence session with mild weaker note between 79.75 – 79.85 levels as dollar edged back from a fresh two-decade high against the euro after data showed U.S. private sector activity was weaker than expected in August, prompting bets the Federal Reserve may be less aggressive in its rate hiking cycle.

  • On Tuesday , Indian shares closed higher swinging between gains and losses through the session, while IT stocks continued to weigh on sentiment.

  • On Tuesday, Indian billionaire Gautam Adani's conglomerate said it seeks to control a majority stake in the popular New Delhi Television (NDTV), a move the TV news group said was executed without its consent.

USDINR TECHNICAL

Day Trend: - BUY ON DIPS

Weekly Trend: - HOLD

INTRADAY RANGE – 80.01 (79.92 – 79.81) 79.71

THE EURO

The euro was up 0.15% against the greenback at $0.9952, rising off a fresh two-decade low of $0.99005 hit earlier in the session on renewed concerns that an energy shock continue to stoke inflation, making it more likely that Europe will fall into a recession.


THE RUSSIA

The economy of Russia's federation has avoided the meltdown many predicted after Moscow sent its forces into Ukraine six months ago, with higher prices for its oil exports cushioning the impact of Western sanctions, but hardships are emerging for some Russians.

  • Market expected at one point that the economy would shrink more than 12% this year, exceeding the falls in output seen after the Soviet Union collapsed and during the 1998 financial crisis, the economy ministry now expects a 4.2% contraction.

THE OIL

On Wednesday, Oil prices fell slightly on early Asian trade , but hovered near two-week highs as signs of improving U.S. demand offset weak economic readings, while the prospect of supply cuts by Saudi Arabia kept the outlook upbeat.


HAPPY TRADING


Comments


bottom of page