USDINR 23-06-2022

USDINR does not seem to come down with global inflation and Russia Ukraine war going on. With Fed Chair Powel testimony on 22-06-2022, he has clearly said that recession should not be provoked. It means that though inflation in US is on higher side Fed is highly unlikely to increase interest rate by 100 bps. According to a poll by Reuters experts see a similar rate hike next month (75 bps) followed by 50 bps in September. If we see the technical side of USDINR, today again it hit all time high. If market makes higher high and sustain above 78.17 we can go for long or if it sustain below 77.95 we can go for short but with small targets.