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The dollar pared earlier losses on Thursday after the U.S. Federal Reserve sounded close to calling time on interest rate hikes, while the Swiss National Bank and Bank of England pushed ahead with further rate increases.

The Fed raised its benchmark funds rate 25 basis points on Wednesday, but dropped language about "ongoing increases" being needed in favor of "some additional" rises.

The Fed's hike was notable given that financial markets have been roiled by wavering confidence in banks globally following a run on Silicon Valley Bank two weeks ago and the sudden demise of Credit Suisse.

The dollar index, which measures the currency against six major peers, was last up 0.078% at 102.510, set for its first winning day after five straight days of losses.

Markets are betting on just one more quarter-point hike from the Fed, in contrast to Europe where markets see around 50 bps of further tightening.

The gap sent the euro surging to a seven-week high of $1.0930, before moving downward. It was last at $1.08480.

The Bank of England raised borrowing costs by 25 bps on Thursday, in line with expectations, and said further tightening would be required if there were evidence of more persistent price pressures.

The Swiss National Bank (SNB) also raised its policy rate by 50 basis points as the central bank sought to balance tackling inflation with concerns about financial market turmoil. At present, USDINR has taken resistance at the upper band of the ascending triangle on the daily chart.

Breakdown below 82, could push the USDINR March Future towards next support of 81 A level of 83.10 seems to have become ceiling for the short term in USDINR

USDINR

Technical Observations:

USDINR March futures has broken down below previous four session consolidation.

The pair is trading in the ascending triangle on the daily chart

Breakout from the pattern will be confirmed once it surpasses the 83.10 resistance At present, it seems that pair has taken resistance at the upper band of the triangle.

Short term support is seen at 82 odd levels

Existing longs should be squared off in today’s trade Highest OI in Calls stands at 83 strike price, therefore it is expected to act as a strong resistance

Breakdown below 82, could push the pair towards nextsupport of 81

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