![]() ![]() USDINR (Aug) is likely to trade in the range of 79.90-79.70.Īlso Read: Dollar liquidity, inflation among key drivers for Rupee check INR performance against major currencies However, sharp depreciation may not be there due to drop in crude oil prices. Further, rupee may be pressurised by weakness in domestic equities market. The pair is expected to continue trading in the same pattern and may surpass the hurdle of 80 to continue its upward trend towards the 80.20 this week.įor Monday, Rupee may depreciate amid strong US dollar index. USDINR is trading in resistance and support wedges by making higher high and lower low pattern. United States second quarter GDP is expected to remain unchanged at -0.90%. Investors will closely watch major economic data from the US to get more clarity. Further, sharp rise in US dollar may put some pressure on Rupee but persistent foreign funds inflow should ease out pressure. We expect rupee to depreciate and reach the level of 80.20 this week. Moreover, dollar was supported by rise in US 10 years bond yields. SBI, HDFC offer home loans at 8.Share Market HIGHLIGHTS: Sensex ends 491 pts up, Nifty at 17320 despite weak global cues Reliance gainsĪdditionally, the Philadelphia Fed manufacturing index in the US rose to 6.2 in August of 2022 from -12.3 in July, returning to positive territory after two consecutive negative readings and above market expectations of -5. ![]() #DOLLAR RUPEE PRO#Harrdy Sandhu checks out Samsung Galaxy Buds2 Pro.These new BOSS watches are wardrobe essentials.Diwali delight: Great offers on OnePlus phones. ![]() Retail inflation jumps to 5-month high of 7.41% in September.Reliance Retail collaborates with NBA to sell merchandise in India.Moonlighting a 'question of ethics', says Wipro CEO.Services, food boost US producer prices some relief could be on way.Nearly 8 months into Ukraine war, EU still biggest buyer of Russian oil.Brazil depreciated its reserve by $29 billion but saw a 2.1 % depreciation of the dollar against its real, the only currency on this list to have strengthened vis-a-vis the dollar in this period. The American dollar appreciated by 0.8% against the Hong Kong dollar. Hong Kong used $80.0 billion of its forex reserve, nearly the same as India, but managed to stabilise its currency to a far greater degree. Similarly, Switzerland and Singapore also depleted their forex reserves by more than a hundred billion dollars, but kept their currencies relatively stable - the dollar appreciated 4.7% against the Swiss franc and 2.1% against the Singapore dollar. During this same period, China used $177.2 billion (5.5%) of its forex reserve and witnessed a 5.5% appreciation of the American dollar against the yuan. The Indian rupee remained stronger than all these currencies, but it came at the cost of $80.3 billion (13.9%) of the forex reserves it had in August 2021. All the other countries - France, Germany, Italy, Spain, South Korea and South Africa - didn’t use their forex reserve either in absolute or percentage terms to the extent that India did to stabilise their currency. Similarly, the British pound, another currency that saw a higher appreciation of the American dollar than the Indian rupee, couldn’t find stability despite the depletion of 14.6% of the country’s forex reserves. Its central bank spent $121.7 billion (9.4%) of its reserve, but this intervention seems to have failed to arrest the yen’s fall. ![]() Japan led this list with a 23.1% appreciation of the dollar against its currency between August 2021 and August 2022. Among these 15 major economies - the world’s largest as well as those with the highest forex reserves - eight saw higher appreciation of the dollar against their domestic currency than the Indian rupee. ![]()
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