USD/INR • USDINR Dec futures closed 45 paise higher at 76 | Trade News

USD/INR

• USDINR Dec futures closed 45 paise higher at 76.40, a 20-month high.

• Sell-off in equity markets and carry trade unwinding caused USDINR to inch towards 76.50 levels.

• All eyes on tonight’s US FOMC. Traders are betting on an ultra-hawkish US Fed.

• Volatility will be high post FOMC, tomorrow. If Fed can remain very hawkish by signaling 2/3 hikes and faster taper, then it can push USDINR towards all time highs near 76.90 levels on spot.

• Technically, bias remains upward. Support is near 76.00 levels and resistance is near 76.90/77.00 levels.


EUR/INR

• EURINR Dec futures closed 12 paise higher at 86.05.

• A strong USDINR offset the weakness in EURUSD. EURUSD remained under pressure ahead of the US Fed rate decision. US retail sales were weaker than expectation but that should not be much impactful as the entire focus remains trained on US FOMC.

• Tomorrow we can see a big gap at the open. Depending on the outcome from FOMC, we will decide on the upcoming trades.



GBP/INR

• GBPINR Dec futures closed 72 paise higher at 100.20.

• After a strong labour market report yesterday, today’s CPI inflation report was much more than expected. Strong jobs market and high inflation could become the trigger for BOE to sound hawkish. This expectation pushed GBPINR higher.

• Tomorrow GBPINR can gap at the open and volatility can remain high.



JPY/INR

• JPYINR Dec futures closed 26 paise higher at 67.10.

• JPYINR was pulled higher by rising USDINR, offsetting the negative impact from a firm USDJPY.

• Tomorrow, JPYINR can see large swings.