Market Commentary

Currency Evening Update - March 14, 2023 - Reliance Securities

Posted On : 2023-03-14 19:03:25( TIMEZONE : IST )

Currency Evening Update - March 14, 2023 - Reliance Securities

Mr.Jatin Gohil, Technical & Derivative Analyst at Reliance Securities

The Indian Rupee depreciated against the Dollar on Tuesday as the collapse of Silicon Valley Bank raised concerns about a broader financial and economic crisis.

The Rupee settled at 82.4900 per dollar weaker by 0.49%, after settling at 82.1225 on Monday.

Investors also added to the dollar long positions ahead of the U.S. inflation data that could influence the Federal Reserve's monetary policy decision next week.

Meanwhile, most Asian currencies ended the session weaker and weighed on sentiments.

In the overseas markets, the U.S. Dollar Index was trading stronger this Tuesday afternoon in Asian trading ahead of the crucial inflation data.

The Euro fell on Tuesday afternoon in Asian trading tracking a broad recover of the greenback.

The U.S. Dollar's reaction to the February inflation data is likely to drive the pair's action later in the day.

Meanwhile, the Sterling eased marginally against the dollar after jumping 1.22% on Monday.

Data on Tuesday showed UK pay growth slowed in the three months to January which could prompt the BoE to go easy on future rate hikes.

The Japanese Yen weakened past 134 against the dollar ahead of crucial U.S. inflation report in the evening.

Source : Equity Bulls


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