Rupee : Weaker opening on card as Bond Markets Disappointed by Powell’s comments - HDFC Securities
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/03/005b21c57eabb8e99b0be5ae614c9536.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Rupee : Weaker opening on card as Bond Markets Disappointed by Powell’s comments - HDFC Securities
* Indian rupee expected to open with dip cut following overnight gain in dollar index and bond yields after Fed’s Chair Powell disappoint bond market. So far this year, federal reserve has lost control of the yield curve and the term structure of interest rates. The yield on the 10 year US Treasury note has surged almost 50 bps since start of the 2021 without comment from Federal Chairman Powell.
* The one month forward is suggesting 30 paise higher opening of USDINR at domestic bourses. The momentum could shift to dollar bulls following rebound in dollar index, higher yields and risk-off sentiments.
* A gauge of the dollar’s strength climbed to a three-month high after Federal Reserve Chair Jerome Powell refrained from pushing back against the recent rise in U.S. yields. Fed chair Jerome Powell’s declarations that “we will be patient,” and “we’re still a long way from our goals” threw a scare into an already jittery rates market, as the 10- and 30-year Treasury yields each rose to fresh one-year highs at 1.55% and 2.31%, respectively. Dollar index, basket of six currencies last quoted at 91.70 from overnight closing of 91.63. Safe haven currency USDJPY reached 108.01, highest since July 1 and last quoted at 107.87.
* Elsewhere, WTI crude jumped above $64 for its best finish since 2019 following a surprise OPEC decision to maintain current production levels, gold sank below $1,700 an ounce for the first time since last spring.
* Federal Reserves balance sheet show a $45 billion sequential decrease in bank credit left interest bearing assets to $7.507 trillion. Despite that weekly downtick, the annualized threemonth growth rate rose to 18.6% from 17.5% on Feb. 27.
Technical Observations:
USDINR March futures fell for the forth day in row and filled the gap.
The pair closed below short term moving averages. It has took support of descending trend line support at 72.81.
Momentum oscillators remain bullish on daily chart.
Directional movement index remains bullish as +DI is placed above –DI while ADX line placed around centre line.
We expect rebound in USDINR March futures in today’s session. The pair has resistance at 73.25 and support at 72.80.
USDINR March Daily Chart
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Indiateam57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/munishakhatwal57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/tatapower57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/MP Ahammed.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Fintech Pre-budget expectation.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/uttarpradesh57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget_3.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Cyberpeace.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/5f8722dc5cfdcb05d0a567e0df6a967e.jpg)
EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
![Euro remained under pressure on Thursday amid weaker set of economic numbers from Euro zone - ICICI Direct](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c49d5573f54fd1fe07309fbce5369a52.jpg)
![USDINR is trading near all time low and we might see some RBI intervention but as long as 82.80 - Tradebulls Securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/0732326f21b0692a41afc4432d1a7a56.jpg)
![GBPINR broke down below its 100 DMA yesterday and closed with a big bearish candle around 103.82 - Swastika Investmart](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/842b8e5254d53919452a82c7f06190bd.jpg)
More News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/04/f20bfbcf0cbe1b3c45a9d50817acf1d3.jpg)
USDINR trading range for the day is 81.62-82.12 - Kedia Advisory
![The GBP/INR futures pair has support at 99.90 levels - Monarch Networth Capital](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/02/7c8c28c0ae259808dddbe4f6e9f3f1df.jpg)
![The USD/INR futures pair has support at 81.90 levels whereas resistance is placed at 82.40 levels - Monarch Networth Capital](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/07/9337450af22e55a76c2c3919d299cbdd.jpg)
![USDINR is consolidating in the range of 74.80-75.25 where move above 75.25 - Swastika Investmart](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/02/b964380195f255533ec9543df7a75a30.jpg)