In the recent FOMC Monetary Policy, the US Feds raised its key rate by 25 bps as widely expected. The committee projected at least one additional interest rate increase of 25 basis points by the end of 2023. 

The Fed's dropped the forward guidance, mentioning that “some additional policy firming may be appropriate”, instead of “ongoing increases in the target range will be appropriate”. 

This led to a sharp fall in the US Dollar Index by almost 80 percent which in turn helped all other shared and emerging market currencies to rise.

However, the US Treasury Secretary Yellen’s comments on deposit insurance favored some USD rebound. She ruled out considering “blanket insurance” for bank deposits. 

USDINR Spot is likely to trade in a bearish manner today towards 82.40 levels at least for the initial part of the trading day. Later, there is a possibility that the fall may be obstructed due to sour mood in the global markets post Yellen’s comments. Moreover, a dollar liquidity crunch may also add to the woes. 

Likely range for USDINR Spot today is 82.40 - 82.80 levels.