Indian Rupees fell sharply on Monday and touched the 80 sign against the US dollar after Hawkish’s speech Federal Reserve Jerome Powell.

At 11 am, Rupee was traded on 80.04, compared to 79.86 closed in the previous trading session against the US dollar.

Rupees weakened to the lowest 80.14 per US dollar in the first few minutes of trading on Monday because the US dollar index strengthened far through the 109 sign.

A previous lifetime for Rupee was 80.06 per dollar on July 19.Hawkish Jerome Powell’s speech from the Federal Reserve has sent an offer to the US dollar and sent a lower global equity and the results of the bonds. .

On Friday, Chairman of Federal Reserve Jerome Powell hinted that the US Central Bank would likely maintain hiking interest rates and keep them high to tame inflation.

Restoring price stability will likely require to maintain a limiting policy attitude for some time,” Powell said, “The historical note warned very much of the premature coating policy.”

In a note, CR Forex said: “After Hawkish’s speech, the possibility of an increase of 75 bps Fed in September next jumped up to 70 percent. The Pasar Kecmos led by Powell’s speech cut the wealth of US billionaires of $ 78 billion on Friday. , US Dxy tested the highest 20 years, Euro and Pound fell near the lowest record. Asian currency was traded with a loss of 0.30 percent- 0.50 percent. Yuan tested the lowest 2 years and thus Rupee would open the lowest record 80, 10. The possible range for that day is 79.70 to 80.30. “

The dollar index, which measures the strength of the greenback to the six -main currency basket is at 109,370.

Sodhani added that considering the sustainability of high bond results, Dxy could test 109.77 levels, with EURUSD it could test the level of 0.9860 and GBPUSD moved towards the level of 1,1680.

The price of Brent crude also seems rather sticky, unable to survive at a lower level. Considering the factors above, Usdinr can find strong support at 79.50 while resting level 80.06, will affect sellers who reach their stops and let the USDinr pair move towards the 80.60 level.