INR 83.31-0.06
EUR 1.08234
POUND 1.26328
JPY 151.303
CHF 0.9047
AUD 0.65376
CNY 7.2247
Gold 2194.62
Silver 24.66
BRENT CRUDE 86.57
DOLLEX 104.3294
3M USD SOFR 5.30191
6M USD SOFR 5.22404
1Y USD SOFR 5.01214
Range for the day: 83.00 – 83.50
INR is expected to trade under pressure as Fed officials’ hawkish comment paved way for the dollar to flourish once again. In his speech yesterday, Fed official Christopher Waller indicated the recent inflation figures affirms that the US Federal Reserve will hold off cutting it’s short term interest interest rate target. This has once again boosted the dollar index above 104 levels, pressuring major crosses and especially the Asian peers, citing calls for intervention. The oil prices withstanding above $85/barrel despite an increase in US crude inventories mounts pressure on the rupee. The fear of rupee breaking 83.50 still persists. However, unwinding of long positions ahead of long weekend and RBI’s timely intervention shall floor any sharp depreciation in the currency.