Daily FX Trends - Commentaries

USD/INR EURO/USD GBP/USD USD/JPY USD/CHF
Macro Support-Resistance Levels 88.50-92.50 1.1250-1.2100 1.2800-1.3700 42.00-159.00 0.7600-0.8300
Sentiment against USD Negative Negative Negative Positive Neutral
Forecast for the day 90.00-91.10 1.1675-1.1780 1.3350-1.3450 154.25-155.40 0.7930-0.7970

Rupee appreciated sharply this morning to 89.98 levels, amid RBI intervention through state-owned banks in early morning trading, reversing the rupee's recent slide from record lows near 91.07 levels, amid ongoing pressures from FII outflows and trade imbalances. Uptick in local unit was supported due to easing crude prices, which fell sharply as chances of Russia-Ukraine peace deal prospects improved. Equity market benchmarks are trading flat.


DXY is trading at 98.30 level. US labor market data for October and November painted a clear picture of weakness. Payrolls plunged by -105k in October, the sharpest monthly decline since late 2020. November delivered a rebound of 64k jobs, beating expectations, but the gain was far too small to offset the prior month’s contraction, leaving overall payroll growth effectively flat since April.


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